Brewin Dolphin strengthens systems with Avaloq software agreement

9th Apr 2019 07:31

(Sharecast News) - Brewin Dolphin has signed an agreement with Avaloq UK to replace its core custody and settlement system, it announced on Tuesday.The FTSE 250 firm said the agreement followed its results in November, where it announced its intention to replace the current system.It said the contract was for an initial 10-year term, and covered installation, ongoing support and maintenance.The contract formed part of an overall programme with costs estimated at around £35m, which would be amortised over 10 years.Brewin Dolphin said the implementation of Avaloq software would "significantly enhance" its technology infrastructure, describing it as a "key component" of the strategic investment that the group was making to enrich its services and client proposition.It described Avaloq as a "pre-eminent provider" of core software and digital technology to banks and wealth managers, adding that its "robust and scalable" software was used by around 160 wealth managers and banks globally to manage CHF 4trn in assets."We have created a high-calibre team who have built a detailed implementation plan to deliver this programme," said Brewin Dolphin chief operating officer Grant Parkinson."The Avaloq system will provide us with a solid foundation for future growth."Parkinson said it gave the firm "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."