Smith & Williamson, the UK-based financial and professional services firm with £20.1 billion1 in funds under management and advice, has selected Avaloq to help enhance the delivery of investment management services to its clients and support the continued growth of the business. The move increases Avaloq’s footprint in the UK wealth management industry, a key growth market for the fintech firm.
Smith & Williamson is marked out from the rest of the market by the breadth and depth of services it provides for private clients and their business interests. This is supported by an absolute commitment to serving clients in a personalised manner and via a single, senior point of contact. Its 1,700 people support individuals and families, businesses and their owners, and professional advisers and trustees from 12 offices in the UK, Ireland and Jersey.
The Avaloq Banking Suite and related services span digital front-to-back technology, application management, IT infrastructure and operational solutions. It provides for a centralized and agile operating model which can bring significantly greater efficiencies and enhanced scalability to financial institutions and allow them to better accommodate new processes and innovations. The implementation of the Avaloq platform will be supported by Avaloq partners Orbium and Excelian.
The deal with Smith & Williamson increases Avaloq’s share of the UK wealth management community – other UK customers include Canaccord Genuity Wealth Management and Coutts. Avaloq, which was recently awarded Outstanding Wealth Management Technology Provider2, is targeting strong growth among the sector as all institutions increasingly look to undertake digitization projects, deliver a better client experience, cost effectively meet new compliance requirements and grow market share in a highly efficient manner.
Avaloq recently reported very strong earnings for 2017 driven by sustained demand for the firm’s banking and wealth management solutions. Its front-to-back-office solutions as well as its Software as a Service (SaaS) and Business Process as a Service (BPaaS) offerings continue to win new customers and deliver significant value for established customers as the digital transformation of the financial services sector, the need for flexible business models and increased automation drive the future of the market.
David Cobb, co-chief executive at Smith & Williamson, said: “Investing significantly in technology is a key pillar of our five-year strategy and will ensure we remain well positioned for continued growth. Avaloq’s solution will be fundamental in helping our people deliver more effectively, in a personalised manner, the investment management services our clients value. By reducing the amount of time our people spend on administration, we can increase the time they spend adding value to client relationships. Importantly, we trust Avaloq to deliver a solution of the scale that will underpin our digital agenda to support tomorrow’s business.”
Juerg Hunziker, Avaloq’s Group CEO, said: “Smith & Williamson is one of the most prestigious investment management brands in the UK and we are absolutely delighted to welcome the company as an Avaloq client. We will look to deliver a highly differentiated, value-added solution to the business that will support its aspirations for growth in the competitive investment management market.”
2 Named “Outstanding Wealth Management Technology Provider Middle & Back Office 2017” at the Private Banking International Awards held in Zurich in December 2017