Financial technology firm Avaloq’s subsidiary B-Source is taking over operational responsibility for the wealth management operations back-office of Deutsche Bank (Switzerland) from 1 July 2013.

The affected part of Deutsche Bank includes 80 employees in Geneva. The transformation of the core-banking platform to the integrated Avaloq Banking Suite is scheduled for the summer of next year.

"Our continuously increasing community corresponds clearly to our growth path. This confirms us to be on the right track with our strategy of offering highly industrialised services that let banks concentrate on their core business and generate future growth,” Markus Gröninger, chief executive of B-Source, said.

Avaloq, with its headquarters in Switzerland, has branches in Berlin, Frankfurt, Geneva, Leipzig, London, Luxembourg, Paris, Vienna, Zurich, Hong Kong, Singapore and Sydney. It has two development centres, one in Zurich and one in Edinburgh, as well as a development support centre in Manila.