Technology
Brewin Dolphin Inks Avaloq Contract
The contract is initially for 10 years.
Brewin
Dolphin, the UK-listed wealth firm overseeing £34.9 billion
($45.6 billion) of client assets, has signed up to Avaloq’s core
custody and settlement system under a 10-year contract, after the
business announced last November that it was considering
replacing its tech infrastructure.
Avaloq’s software-as-a-service solution replaces Brewin Dolphin’s
older system provided by the firm Fiscal. This had worked well
for the wealth manager but Brewin Dolphin decided to have a
replacement system because it wanted new capabilities, this
publication understands.
The contract is initially for 10 years and covers installation,
ongoing support and maintenance. This contract forms part of an
overall programme with costs estimated at about £35 million,
which will be amortised over 10 years, Brewin Dolphin said in a
statement yesterday.
“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," Grant Parkinson, chief
operating officer of Brewin Dolphin, said.
The move is another win for Avaloq, which has about 160 wealth
managers as clients, collectively running SFr4 trillion (about
$4.0 trillion) of assets.