British wealth manager Brewin Dolphin has struck a £35m agreement with Avaloq UK to replace its custody and settlement system.
Under the agreement, Avaloq will be responsible for its installation, ongoing support as well as maintenance.
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The agreement spans 10 years.
The wealth manager believes that the new system will “significantly enhance” its technology infrastructure.
Commenting on the development, Brewin Dolphin COO Grant Parkinson said: “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.
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By GlobalData“It will also be the basis from which we will deliver future client propositions.”
Brewin Dolphin, which manages £34.9bn in assets, first unveiled plans for the system upgrade last November in its results presentation.
According to the wealth manager, the move is “a key component of the strategic investment” aimed at enhancing its services.
Avaloq UK is part of Swiss technology provider Avaloq.
Nearly 160 wealth managers and banks worldwide leverage Avaloq’s technology currently to manage assets worth CHF4 trillion.
Earlier this year, Raiffeisen went live with the Avaloq core banking system at 900 of its banking sites in Switzerland.
Liechtenstein-based LGT also deployed the Avaloq Banking Suite for its Austrian operations recently.
