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B-Source migrates Deutsche Bank (Switzerland) core banking platform to Avaloq Banking Suite

The Avaloq group has successfully completed the transformation project to exchange the core banking platform at the Wealth Management Operations Back Office of Deutsche Bank (Switzerland) Ltd to the B-Source Master, the Swiss Business Process Outsourcing (BPO) platform based on the Avaloq Banking Suite.

Deutsche Bank (Switzerland) Ltd today announced that the migration of its core banking platform to Avaloq’s Swiss BPO platform, the B-Source Master based on the Avaloq Banking Suite, has been completed. The transformation project was carried out within 13 months after the Avaloq group had taken over operational responsibility for the Wealth Management Operations Back Office of Deutsche Bank (Switzerland) Ltd.

Avaloq is the only independent provider for the financial industry to both develop and operate its own software. Business Process Outsourcing and Operations of the Avaloq Banking Suite for Deutsche Bank (Switzerland) Ltd are provided through B-Source, Avaloq’s BPO centre in Switzerland.

Marco Bizzozero, CEO Deutsche Bank (Switzerland) Ltd, said: “The migration of the operational platform and the outsourcing of support processes allow us to concentrate on our strengths and to free up resources for our core business: client advisory and investment management. With this Deutsche Bank (Switzerland) Ltd is further extending its leading position in international wealth management.”

B-Source CEO Markus Gröninger adds: “In a short period of time we successfully finalised the migration. Our highly industrialised services allow banks to fully concentrate on their core business and focus on generating future growth – I am delighted that Deutsche Bank (Switzerland) Ltd now profits from these advantages too.”

Francisco Fernandez, Avaloq group CEO, expressed his satisfaction with the going live: “I am pleased to welcome Deutsche Bank (Switzerland) Ltd as an important customer in our growing BPO community and consider this successful migration as a powerful reference for other tier one banks.”

Source: B-Source SA, 17.09.2014

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Filed under: Banking, BPO Business Process Outsourcing, Services, , , , , , ,

Avaloq Sourcing Asia Pacific adds CEO in Singapore

The Avaloq group, an international leader in integrated and comprehensive solutions for wealth management, universal and retail banks, announces the recruitment of Anantha Ayer. He will assume the position of CEO of the planned Business Process Outsourcing (BPO) centre in Singapore.

Anantha Ayer joins Avaloq following more than 20 years in distinguished leadership roles in Technology and Operations within the Asset & Wealth Management industry. He was most recently the interim Head of Wealth Management Operations (Global) at Deutsche Bank AG. Prior to that he has lead teams from Technology, Operations and large change initiatives across various financial centres.

“I am delighted to have Anantha joining Avaloq at this exciting time. Given our ambitious goals for the Asia Pacific market, we want to have the most talented people in senior management roles. Anantha brings a strong leadership in building organisations and his skills and experience in the banking operations and technology area will prove invaluable as Avaloq builds its presence in the Business Process Outsourcing (BPO) centre in Singapore for Asia Pacific”, comments Peter Scott, Chairman of the Board, Avaloq Sourcing Asia Pacific (Singapore) Pte. Ltd.

Commenting on his appointment, Anantha Ayer says: “I am very enthusiastic to be part of this exciting journey with Avaloq. I am convinced that the BPO offering from Avaloq provides benefits, advantages and opportunities to banks and wealth managers – not only a cutting edge technology platform but also an industrialised operational process to support the businesses.”

Source: Bobs Guide, 16.09.2014

Filed under: Asia, Banking, BPO Business Process Outsourcing, Services, Singapore, , , , , ,

Avaloq to supply Wealth Management BPO services to Deutsche Bank in Singapore and Global BPO Expansion

Avaloq Sourcing Asia Pacific (Singapore) Pte. Ltd., the newly founded subsidiary of the Avaloq group, will supply back office services for the Wealth Management business of Deutsche Asset & Wealth Management in Singapore. The new organisation will be part of Avaloq’s global network of Business Process Outsourcing (BPO) centres.

Avaloq Sourcing Asia Pacific (Singapore) Pte. Ltd. will provide Deutsche Asset & Wealth Management (DeAWM), a division of Deutsche Bank Group, with full BPO services for its Wealth Management back office operations in Singapore. These services include back office administration processes. The BPO provider is the newly founded subsidiary of the Avaloq group, an international leader in integrated and comprehensive banking solutions for wealth management, universal and retail banks. The new organisation will be part of Avaloq’s global network of BPO centres.

The move to Avaloq Sourcing Asia Pacific (Singapore) Pte. Ltd, a subsidiary of the Avaloq group, is planned in two phases: the first in Q3 2014 and the second – the transfer of the core IT platform to Avaloq’s technology platform – is planned to take place in 2015, subject to compliance with local requirements.

“Business process outsourcing is rapidly gaining in importance as financial institutions continue to free themselves of processes and operations that are not regarded as differentiating but are subject to volume efficiencies. Following the successful establishment of BPO centres in Switzerland and Germany, we are now extending this business model to Singapore where we will be announcing the formal launch of a regional BPO centre later this year”, comments Peter Scott, General Manager for Avaloq Asia Pacific and Chairman of the Board for Avaloq Sourcing Asia Pacific (Singapore).

Source: Bobsguide,02.09.2014

Avaloq adds Group Chief Acquisition Officer to expand Global BPO Strategies

The Avaloq group announces the appointment of Dr. Enrico Ardielli as Group Chief Acquisition Officer (CAO). His previous role as Group Chief Financial Officer (CFO) will be taken over by Markus Bertini.

In line with its market vision and growth plans, Avaloq will continue to execute its BPO strategy by creating a Global Processing Network (GPN). For the realisation of this international BPO centre network of excellence, new business will be added both organically and through acquisitions. Therefore, the Board of Directors of the Avaloq group has decided to create the new position of a Group CAO whose responsibility includes the successful handling of acquisitions at minimum risk. In addition, the Group CAO will be a member of the Board of Directors in the various Avaloq group subsidiaries.

The new position will be taken over by Enrico Ardielli, who has been with Avaloq for more than 12 years as Group CFO. Ardielli holds a Dr. oec. publ. degree as well as a degree in business and economics from the University of Zurich. His successor as Group CFO will be Markus Bertini, who joins the Avaloq Executive Board after having worked for Avaloq since May 2014. Prior to this, he successfully ran his own accountancy and consulting company serving multinational clients and worked as well as a lecturer at Zurich Business School. Enrico Ardielli and Markus Bertini assume their new positions on 1 September 2014.

Francisco Fernandez, Group CEO of Avaloq, comments: “I am glad that we could appoint two outstanding finance professionals for these key positions. Thanks to Enrico Ardielli’s extensive knowledge and his great achievements for the Avaloq group so far, I am convinced that the Group CAO position is perfectly filled and that he will further strengthen our business model and group strategy. At the same time, Markus Bertini’s passion for entrepreneurship and vast financial experience make him the best choice for the Group CFO position.”

Source: Bobsguide, 01.09.2014

Filed under: Banking, Data Management, Services, Singapore, Wealth Management, , , , , , ,

Avaloq Group and BIL announce plans for Business Process Outsourcing centre in Luxembourg

The Avaloq group and Banque Internationale à Luxembourg (BIL) intend to forge a new strategic partnership: The international provider of banking solutions and the bank are planning to join forces to establish the first independent provider of full Business Process Outsourcing (BPO) services in Luxembourg for the Benelux and the French market.

The bank and the international provider of banking solutions today announced that they are in advanced discussions for a joint project to establish, pending amongst other, the closing of the transaction and regulatory approval, the first independent provider of full Business Process Outsourcing (BPO) services in Luxembourg for private and universal banks in the target market Benelux and France. This follows BIL’s recent decision to choose the Avaloq Banking Suite as its new core banking system after a thorough selection process.

As Luxembourg’s oldest private bank, BIL has always played an active role in the development of Luxembourg’s economy and with this decision confirms its intention of actively contributing to the ongoing transformation of the local financial industry. Avaloq, whose presence in Luxembourg goes back to 2007, has always considered Luxembourg as a key market in its strategy. Luxembourg was the first country outside of Switzerland Avaloq set foot in. Today, Avaloq counts 11 customers in Luxembourg that are either using or currently implementing the Avaloq Banking Suite as their comprehensive banking solution.

The goal of the planned strategic partnership is to offer local and foreign private and universal banks a solution to standardise and automate back office processes and to have them operated by a seasoned specialist. As an industry leader in this area, Avaloq understands the importance of fully industrialising back office processes while at the same time driving innovation and differentiation in the advisory area. This enables banks to focus entirely on their front office activities and thus to make a difference in client interaction. The BPO model also serves as the ideal solution for foreign banks wishing to use Luxembourg as an entry point into the European financial market.

The Avaloq group has already successfully implemented this independent BPO model in Switzerland and Germany. BIL and Avaloq are now planning to join forces in order to adapt the business model to the market specific requirements of Benelux and France. Furthermore, Avaloq is currently in the process of building up an international network of BPO centres, which the new BPO centre in Luxembourg would be part of. Further announcements will be made later this year.

Source: Avaloq 05.06.2014

Filed under: BPO Business Process Outsourcing, News, , , , , , , ,

Reference Data: Tech Mahindra Details Global Data Utility Based on Acquired UBS Platform

Tech Mahindra, a business process outsourcing specialist and parent of London-based investment management technology consultancy Citisoft, has repositioned a reference data platform acquired from UBS Global Asset Management to offer an offshore reference data utility aimed at meeting market demand for lower cost, high quality data that can reduce risk and increase efficiency.

The global data utility has been introduced under the Tech Mahindra Managed Data Services brand and offers securities reference data across all asset types, reference data for corporate actions, tax information and end-of-day and intra-day validated pricing data. The utility handles data cleansing and validation, with clients buying licences to access the data.

Tech Mahindra suggests the utility differs from other offerings in the enterprise data management market as it is owned by the company and can be developed. It is also agnostic on data feeds, including 20 from vendors including SIX, Markit, Bloomberg, Thomson Reuters and DTCC.

The company’s first customer is UBS Fund Services in Luxembourg. Under the terms of a five-year services contract with UBS, Tech Mahindra will create and store golden copy data and provide multiple intra-day golden copies to the asset manager. As part of the acquisition and customer deal, Tech Mahindra, which is headquartered in Hyderabad, India, will take on some staff from UBS Global Asset Management who were working on the platform in Luxembourg, but most staff will be located in India.

As a repositioned platform, Tech Mahindra MDS already covers all time zones, markets and asset types, updates 2.5 million issuers on a daily base, receives 200,000 customer price requests and validates 75,000 prices. Some 20,000 corporate actions are checked every day, along with 1,800 tax figures. Looking forward, Tech Mahindra plans to extend these metrics and add reference data around indices and benchmarks, legal entity identifiers and clients.

While Tech Mahindra will lead sales of the service to the banking, financial services and insurance sectors, Citisoft will be able to provide consultancy as necessary. Steve Young, CEO of Citisoft, says Tech Mahindra MDS has been designed to improve data quality and drive down the total cost of data ownership, in turn reducing risk and increasing efficiency. To manage clients’ cost issues, the company has built a toolkit into the data management system that allows users to analyse the cost of owning data, including people, processes and technology. Data quality will be underpinned by service level agreements and key performance indicators will be added as more clients sign up for services and data volumes grow.

Reflecting on the data challenges faced by financial firms, Citisoft Group CEO Jonathan Clark, concludes: “Outsourcing models have evolved over time and attitudes are changing as firms acknowledge that there is a big difference between outsourcing and offshoring, and that captive outsourcing is not an efficient approach. The need is for a commercial relationship with a centralised data utility that can deliver high-quality, accurate data and a lower total cost of ownership.”

Source: Reference Data Review, 24.07.2013

Filed under: Corporate Action, Data Management, Data Vendor, Market Data, Reference Data, Standards, , , , , , , , , , , , , , , , ,

B-Source (Avaloq Group) takes over Wealth Management Operations of Back-Office of Deutsche Bank (Switzerland)

Avaloq subsidiary B-Source is taking over operational responsibility for the Wealth Management Operations Back-Office of the Deutsche Bank (Switzerland) Ltd with effect from July 1, 2013 and supports the bank in further concentrating on its core business.

With effect from July 1, 2013, B-Source, a member of the Avaloq group, is taking over operational responsibility for the Wealth Management Operations Back-Office of Deutsche Bank (Switzerland) Ltd, including 80 employees in Geneva. Transformation of the core-banking platform to the integrated Avaloq Banking Suite is scheduled for summer 2014.

Markus Gröninger, CEO of B-Source, said: “Our continuously increasing community corresponds clearly to our growth path. This confirms us to be on the right track with our strategy of offering highly industrialised services that let banks concentrate on their core business and generate future growth.”

Francisco Fernandez, CEO of Avaloq, is also very pleased with the new deal: “In migrating to the integrated Avaloq Banking Suite, our clients are setting the highest standards in terms of individualising processes and industrialising operations. We love challenges like that. This is how we generate maximum added value for our clients.”

Source: Avaloq 28.06.2013

Filed under: Data Management, Reference Data, Wealth Management, , , , , , , , , , ,

Outsourcing Reference Data Management: Cost Reduction and New Revenue Opportunities

The past 12 months has seen the emergence of new players offering Business Process Outsourcing (BPO) services for Reference Data Management. These new arrivals expand the range of options available to financial institutions for addressing the challenges of regulatory compliance, operational cost reduction and scalability.

But BPO has other benefits, and innovative adopters have benefited from using the model to create new value-added services. By catering to clients’ data management needs, these players have been able to transform what’s traditionally been considered a cost centre into a new and significant source of revenue.

This paper – from AIM Software – explores this exciting new trend, and describes how an established financial institution took advantage of BPO to turn its enterprise data management initiative into a new source of revenue and business growth.

Download the White Paper Now to Find Out More

Source: A-Team, March 2013

Filed under: Corporate Action, Data Management, Data Vendor, Library, Market Data, Reference Data, Standards, , , , , , , , , , , , , , ,