Brewin Dolphin, one of the UK’s largest wealth managers, has selected Avaloq to transform its back-office infrastructure through Avaloq’s Software as a Service (SaaS) solution, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).
The project aims to enhance Brewin Dolphin’s digital capabilities to address the rising competition, says the wealth manager, which claims to have £34.9 billion ($45.5 billion) in discretionary funds under management.
Avaloq was awarded the contract after “an extensive selection process” by Brewin Dolphin. The appointment follows a collaboration with UK wealth manager Smith and Williamson which chose Avaloq’s SaaS solution, and complements other UK clients such as Coutts and Canaccord Genuity Wealth Management.
“We have created a high-calibre team who have built a detailed implementation plan to deliver this programme,” said Grant Parkinson, COO of Brewin Dolphin. “It gives us significant opportunity to increase straight-through-processing, improve the efficiency of handling client accounts and reduce operational risk.”
The tech supplier says it experienced strong results for 2018 driven by the 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 CHF579 million ($579 million), a year-on-year rise of 6% on an underlying basis.
New wealth management clients and projects either won or completed in 2018 included Pictet Group, Intesa Sanpaolo Private Bank Suisse, Deutsche Bank Luxembourg, Edmond de Rothschild and Smith & Williamson.
Avaloq demonstrated its technology at FinovateAsia 2018, winning Best of Show honors for its double marketplace that enables fintechs and FIs to take an “app store” approach to discovering and integrating new solutions. Headquartered in Zurich, Switzerland, the company was founded in 1985.