The £34.9bn discretionary fund manager has signed a 10-year deal worth £35m with Swiss fintech firm Avaloq to overhaul its custody and settlement system, and maintain it on an ongoing basis.
Brewin Dolphin said in a statement: “The implementation of Avaloq software will significantly enhance Brewin Dolphin’s technology infrastructure and is a key component of the strategic investment that the group is making to enrich its services and client proposition.”
The firm announced its intention to replace its incumbent system in results published in November 2018.
Brewin Dolphin chief operating officer Grant Parkinson (pictured) added: “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.”
Avaloq provides software and digital technology to banks and wealth managers through its software as a service (Saas) and business process as a service (Bpaas) products. It currently supplies about 160 wealth managers and banks globally, covering CHF4trn (£3trn) in assets under management.
Smith & Williamson adopted Avaloq’s Saas product in February while in 2015 Canaccord Genuity Wealth Management used Avaloq to implement its UK wealth management platform. Coutts consolidated its users onto the Avaloq core banking platform in 2009.
Avaloq said in a press release its cloud-based software takes care of back office infrastructure, enabling firms to focus on front office duties such as channel and product innovation, client service, client trust and growth.
Avaloq general manager EMEA Paco Hauser said: “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.”