Avaloq, a subsidiary of NEC Corporation, and BlackRock, through its Aladdin Wealth business, have formed a strategic partnership aimed at enhancing their investment technology solutions for wealth managers and private banks. As part of the strategic partnership, BlackRock is making a minority investment in Avaloq.
This collaboration will enable wealth managers and private banks to enhance their operations throughout the entire client journey, encompassing onboarding, portfolio construction, client reporting and risk management. By combining Avaloq’s leading core banking, client relationship management and mobile banking services with the Aladdin Wealth platform’s robust risk analytics and portfolio management capabilities, the two firms aim to deliver one of the most advanced technology offerings available to the wealth industry.
"Avaloq is excited to enter into this strategic partnership with BlackRock. Through our relationship with BlackRock and the integration of their Aladdin Wealth capabilities, Avaloq is further solidifying our commitment to providing innovative investment technology solutions for the wealth management industry,” said Martin Greweldinger, Co-CEO of Avaloq. “This partnership will help us empower our clients to streamline processes, enhance risk analytics, and make more informed portfolio decisions, ultimately delivering greater value to their clients.”
“BlackRock and Avaloq joining forces will help clients reduce the complexity and friction inherent in many of today's digital transformations. Our combined offering will make it extremely convenient for clients to implement and adopt Aladdin Wealth’s industry leading capabilities as it will be deeply integrated with Avaloq’s core banking solutions,” said Venu Krishnamurthy, Global Head of Aladdin Wealth Tech.
Wealth management clients in Europe and Asia will benefit from access to an integrated wealth tech platform that unlocks the entire value chain including:
Digital portals that enhance the client experience
Comprehensive client reporting, powerful onboarding, and risk profiling tools
Scaled portfolio construction capability and advanced portfolio analytics technology
Unified data model providing consistency throughout client journeys
Avaloq is an industry-leading provider of wealth management technology, offering best-in-class front-to-back software and services for financial institutions around the world. Its robust systems currently manage around $4 trillion of client assets. BlackRock’s Aladdin Wealth platform provides sophisticated risk analytics and portfolio management capabilities that help wealth management clients scale their business efficiently, manage risks, build better portfolios, and enrich the dialogue with clients around their investments.
"We are delighted to have BlackRock's investment in Avaloq as it demonstrates their recognition of the value and potential of Avaloq's wealth management technology solutions,” said Tomoki Kubo, Chairman at Avaloq, as well as Corporate SVP and Head of the Digital Finance Global Business Unit. “This collaboration will not only fortify NEC's strengthened position in the realm of digital finance but also reinforce its unwavering commitment to orchestrating a brighter world. NEC looks forward to working with BlackRock to grow the Avaloq business."
Bahamas-based Capital Union Bank has gone live with Avaloq’s Web Banking and is upgrading its core banking system with new modules and features based on joint innovation with Avaloq, a leading provider of wealth management technology. The new web banking (eBanking) solution will further improve client interaction and engagement while the enhanced Avaloq Core Platform will support the bank’s continued growth and the seamless roll-out of innovative products and services.
Vienna-based paybox Bank, a subsidiary of A1 Telekom Austria, is migrating its operations to the Avaloq Core Platform to drive the expansion of its business and to create a comprehensive suite of banking services. With this agreement, paybox Bank has the flexibility to expand into any business area as a licensed online bank, with the ability to efficiently scale as its client base continues to grow.
Banca dello Stato del Cantone Ticino (BancaStato) and its private banking affiliate Axion SWISS Bank (Axion) have extended their partnership with Avaloq for core banking and have successfully completed a major upgrade of their online banking channels. BancaStato is Switzerland’s first cantonal bank to go live with the latest version of Avaloq’s Web Banking and Mobile Banking solution.
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