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.

The Austrian unit of LGT, the international private banking and asset management group owned by the Princely House of Liechtenstein, has gone live with the Avaloq Banking Suite, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).

The roll-out complements similar activation projects for LGT with Avaloq in Liechtenstein, Switzerland, Singapore and Hong Kong, meaning that all of the group’s core markets now use the same banking system.

The LGT deal with Avaloq dates back to 2006 – the company has been rolling out the core banking system across LGT locations over the years, and Austria is the last site to join. The project in Austria started in 2016.

Jürg Hunziker, CEO of Avaloq, said: “Avaloq is now able to support Austrian banks as the sector increasingly looks to digitise its infrastructure.”

Dietmar Baumgartner, co-CEO of LGT in Austria, added: “The integration of Austria into LGT’s group-wide core banking system makes it possible to benefit from synergies and further simplifies internal processes.”

LGT is a financial services group that has been controlled by the Liechtenstein Princely Family for over 80 years. With Avaloq’s adoption, it aims to strengthen its client-centric sales and service model.

The solution addresses market needs specific to Austria, such as the local tax system and current and future financial regulations. This means that the bank’s advisers automatically meet regulatory requirements.

The going live marks the market entry of Avaloq in Austria. Its scalable solution is now also available to other private as well as retail banks.

Back in 2017, FinTech Futures reported that LGT was implementing the vendor’s OneSumX platform for the regulatory reporting and risk management of its Asian operations – in Singapore and Hong Kong.

Avaloq demonstrated its “double marketplace” that brings the app store concept to banking, at FinovateAsia 2018, winning Best of Show. The Zurich, Switzerland based firm was founded in 1985.