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Avaloq reports progress with core software projects in France and UK

Switzerland-based private banking software specialist, Avaloq, has gained its first non-banking live site in the UK and completes a major tech overhaul at a private bank in France.

Canaccord Genuity Wealth Management (CGWM) has given Avaloq a foot in the door in the UK’s non-banking wealth and investment management space. CGWM has gone live with Avaloq Banking Suite in a project that was initiated in late 2013. The new platform has replaced CGWM’s legacy back office system, Flagship (supplied by 3i Infotech), and a portfolio management system from a UK-based specialist supplier, Pulse Software Systems.

Avaloq has been vocal about its intentions to enter the much fragmented non-banking wealth management space in the UK. It took the vendor two years to clinch the contract with CGWM. The wealth manager went through a change of ownership in the course of the system selection – the entity was known as Collins Stewart Wealth Management, and was acquired by Canada’s Canaccord Financial in late 2011 – so the initial project was put on hold and later the process started from scratch.

The scope of the deal covers Canaccord’s onshore and offshore operations in London, Guernsey, Jersey, Isle of Man and Switzerland. Avaloq Banking Suite covers front-to-back office functionality.

CGWM manages £11 billion of assets on behalf of 12,000 clients.

Meanwhile, SwissLife Banque Privée (SLBP) in France has completed its transition to the Avaloq Banking Suite, also front-to-back office. The new platform supports the bank’s private banking and securities holding activities. It has replaced the V.bank system from a French developer, Viveo, that was acquired by Temenos in late 2009.

SLBP selected V.bank in 2008, but was forced to look for the alternative a few years later as Temenos sunsetted the system. The vendor did offer T24 as a replacement route for the Viveo customers, but the uptake was minimal.

SLBP opted for Avaloq in 2012. The vendor’s long-standing integrator, Orbium, worked on the project. IBS exclusively reported on the project progress in mid-2013 as the bank was six months into its 20-month schedule. The go-live at the time was planned for October 2014.

By Tanya Andreasyan.

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