18 December 2013
Canaccord Genuity signs up for Avaloq solution in the UK
The Avaloq group, an international leader in integrated and comprehensive banking solutions, announces its first customer win of a non-bank in the UK. Canaccord Genuity Wealth Management and Avaloq have signed contracts for the Avaloq Banking Suite. The solution is highly suited for the wealth management market and is localised to the specific requirements of the UK. Furthermore, the flexibility of the Avaloq Banking Suite supports Canaccord Genuity in realising its future growth plans.
The agreement marks Avaloq’s first deal in the UK with a non-bank, a pure wealth manager. Avaloq was awarded the contract following an extensive bidding process involving several other solution providers. Avaloq won the contract due to the solution’s high suitability for UK wealth managers, its extensive experience in the financial industry and its outstanding customer references. Canaccord Genuity will join a community of more than 100 leading financial institutions worldwide. The Avaloq solution will support on- and offshore operations in London, Guernsey, Jersey, Isle of Man and Switzerland.
During the sales process Avaloq had to clearly demonstrate its ability to meet the requirements of the very demanding wealth management sector. The functionality and flexibility within the Avaloq Banking Suite together with Avaloq’s partnership approach were key factors in Canaccord Genuity’s decision making process.
“Avaloq provides our offshore and onshore wealth management business with enhanced internal support from a single platform,” explains Brad Kotush, Executive Vice President and Chief Financial Officer of Canaccord Genuity Group Inc. “This new infrastructure will enable us to expand our business and add scale to our operational capabilities, while delivering first class client service.”
Mathias Schütz, General Manager of Western & Southern Europe, comments: "Signing contracts with the first UK wealth manager is a big step for us. With Canaccord Genuity we are breaking into a new business segment with great potential. Our solution addresses this market perfectly. I am delighted that we will be working with Canaccord Genuity in the future and will be able to demonstrate how we can bring them substantial business benefits. Both Canaccord Genuity and Avaloq are convinced that this project will set a new standard for wealth management.”