Portuguese finance group increases Lux presence

Espírito Santo Financière Luxembourg (ESFIL), a fully owned subsidiary of the Espírito Santo Financial Group (ESFG) and ADEPA Asset Management (ADEPA) has taken a 40% stake in ADEPA through a capital increase, extending its Luxembourg presence

The Luxembourg arm of Portuguese financial group ESFG is seeking a greater presence in the jurisdiction, a lynchpin of fund administration and investor services in Europe.

“The participation in ADEPA is a new and clear commitment towards this country and its financial centre,” said ESFIL Chairman and ESFG director Bernard Basecqz.
Espírito Santo Group has been in Luxembourg since 1975. The Group covers commercial, investment and private banking, insurance, asset management and private healthcare.

From the Luxembourg base, ESFG plans to launch new projects across Europe, it said.

ADEPA meanwhile will capitalise on increased market opportunities for its fund administration and investor services in Luxembourg following the partnership, it said.

Carlos Alberto Morales López and Javier Valls Martinez, shareholders and promoters of ADEPA, continue to lead its operations.

“This new partnership will allow our Company to achieve the objectives established in our ambitious strategic plan for the coming 7 years which foresees a significant growth and a strong international expansion.

“At the same time, such a prestigious shareholder as ESFG, through ESFIL, will help us preserve our quality standards; the basis of the success achieved so far,” said López.

Headquartered in Luxembourg, ADEPA offers investment fund, corporate, private equity and real estate administration services to institutional and professional investors.

The firm was advised by London based specialist corporate finance house Novitas Partners LLP. ESFIL was advised by Mandel Partners in Paris. The transaction is subject to customary legal and regulatory approvals.

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