9th Apr 2019 08:16
LONDON (Alliance News) - Wealth manager Brewin Dolphin Holdings PLC has signed a contract to replace its current core custody and settlement system, it said on Tuesday.
Brewin, which had already said it planned to change system, has signed a 10-year deal with Avaloq UK Ltd.
The contract is part of an overall programme costing around GBP35 million, to be amortised over 10 years.
Avaloq, Brewin said, is a "pre-eminent" provider of software and digital technology to banks and wealth managers, with customers managing CHF4 trillion, or approximately GBP3.06 trillion, in assets.
Brewin Chief Operating Officer Grant Parkinson commented: "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."
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