UK wealth manager Brewin Dolphin has selected Avaloq to transform its back-office infrastructure through Avaloq’s Software as a Service (SaaS) solution. The project will enhance Brewin Dolphin’s digital capabilities at a time of increasing market competition and a need by all financial institutions to capitalise on the powerful benefits that cloud-based SaaS technologies can deliver.
Avaloq was awarded the contract after an extensive selection process by Brewin Dolphin, which has £34.9 billion (US$45.59 billion) in discretionary funds under management, and further underscores the Swiss-based fintech’s ability to work with large, sophisticated wealth management firms and private banks to transform their technological infrastructure across the back, middle and front office. The appointment follows the recently intensified collaboration with UK wealth manager Smith & Williamson which chose Avaloq’s SaaS solution, and complements other UK clients such as Coutts and Canaccord Genuity Wealth Management.
Avaloq is a global provider of SaaS and Business Process as a Service (BPaaS) solutions to financial services institutions such as private banks and wealth managers. With SaaS, Avaloq delivers its software at scale, using its experience of working with more than 150 institutions globally to refine and adjust a standard set of industrial-grade, best-in-class, compliance-ready processes that can be made available to institutions that need them, based on a single consistent data model.
Grant Parkinson, Chief Operating Officer of Brewin Dolphin, said, “We have created a high-calibre team who have built a detailed implementation plan to deliver this programme. The Avaloq system will provide us with a solid foundation for future growth. It gives us significant opportunity to increase straight-through-processing, improve the efficiency of handling client accounts and reduce operational risk. It will also be the basis from which we will deliver future client propositions.”
Paco Hauser, general manager EMEA at Avaloq, said: “We are delighted to announce Brewin Dolphin as our latest UK wealth management client. This illustrates again our ability to work with large, tier 1 institutions as they look to truly benefit from solutions such as SaaS and BPaaS in a rapidly changing market environment.”
“We believe our understanding of the UK wealth management and private banking sector is second to none. Our SaaS solution will work seamlessly with Brewin Dolphin’s middle and front office technology, delivering efficiencies as well as faster processing, richer analytics and true service innovation,” adds Jonathan Davis, UK Managing Director at Avaloq.
Avaloq recently reported strong results for 2018 driven by continued demand for the firm’s SaaS, BPaaS and on-premise solutions from new and existing clients and accelerated growth in markets such as the UK and the wider EMEA region. Overall, the firm generated full-year revenues of 579 million Swiss francs (US$578.8 million), a year-on-year rise of 6% on an underlying basis. New wealth management clients and projects that were either won or completed in 2018 included Pictet Group, Intesa Sanpaolo Private Bank Suisse, Deutsche Bank Luxembourg, Edmond de Rothschild and Smith & Williamson.