Avaloq Group, the international banking software developer, has strengthened its Australasian business with the appointment of a regional head.

Iain Dunstan is responsible for driving the company's expansion in the banking and wealth management markets in Australia and New Zealand. Dunstan brings over 20 years of IT and financial software industry experience and was previously the founder and managing director of Bravura Solutions. He now reports to Peter Scott, general manager for Asia-Pacific at Avaloq.

The wealth management industry in Australia has growth in the past years as the number of high net worth individuals continue to rise. According to the latest World Wealth Report by Capgemini, and RBC Wealth Management, HNW individuals in the country increased by 15.1 per cent over 2012 compared to 2011.

Avaloq is regionally headquartered in Singapore but opened an office in Sydney in February 2013 after signing its first major Australian client. Its global headquarters are located in Switzerland.