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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, , , , , , ,

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, , , , , , , , , , ,

HSBC in China JV talks with Industrial Securities

HONG KONG -(Dow Jones)- HSBC Holdings PLC (HBC) is in advanced talks to set up an investment banking joint venture in China with Industrial Securities Co., a person familiar with the situation said Wednesday.

The UK-listed HSBC, which already has a wide-reaching presence in China, is seeking to join the handful of foreign firms with a presence in the mainland’s lucrative underwriting and advisory markets.

The person familiar with the situation said it is difficult to say when HSBC and Industrial Securities will agree on a deal, and declined to elaborate.

Industrial Securities is a Fujian-based brokerage with a registered capital of CNY1.93 billion, according to its website. It provides a full-range of services in China, including broking, advisory, and new listing underwriting.

The Apple Daily reported Wednesday, citing unnamed sources, that the two sides may strike a deal by the end of this year to set up the venture, subject to agreeing on the terms and regulatory approval.

HSBC wants management rights over the entity, a model that UBS AG (UBS) and Goldman Sachs Group Inc. (GS) used when setting up their Sino-foreign brokerage joint ventures, according to the report in the Chinese-language newspaper. China has capped the maximum stake foreign banks can have in a Chinese brokerage venture at 33%, though a few of the tie-ups have accorded management control to the foreign firm.

If its venture is approved, HSBC would be joining a list of just a handful of foreign brokers that have set up shop in the mainland through joint ventures in recent years.

In December, the Chinese government ended an almost two-year moratorium on approving new joint ventures, as it shielded its domestic brokerages from foreign competition. Since then, China has approved ventures by Credit Suisse Group and Deutsche Bank AG (DB), though those tie-ups are only allowed to underwrite and sponsor deals domestic securities and debt deals, and not the trading of Chinese-listed shares.

But the list of foreign firms seeking entry is long, especially with China’s stock market being one of the world’s best performers this year. Many Shanghai-listings also registered gains of more than 90% on their first-day of trade.

Australia’s Macquarie Group Ltd. (MQG.AU) has signed a memorandum of understanding with Inner Mongolia-based Hengtai Securities Co. on setting up an investment banking joint venture, while South Korea’s Samsung Securities Co. (016360.SE) said earlier it was finalizing which domestic partner it is going to team up with.

Citigroup Inc. (C) and Morgan Stanley (MS) are also awaiting regulatory approval for their China joint ventures. Morgan Stanley has a stake in China International Capital Corp, but it is a passive financial investor.

“I’m not surprised to hear of more joint-venture acquisitions by HSBC in local financial institutions rather than in banks,” said Dominic Chan, an analyst at BNP Paribas.

“I think HSBC has been focusing on mainland China and Asia, and this deal is part of its ongoing program to divert effort and capital from Europe and America back to Asia,” he said.

A brokerage in China would add another crucial leg to the bank’s already dominant presence in the country. In China, HSBC has an 18.6% stake in Bank of Communications Co., the nation’s fifth-largest lender by assets; a 16.7% holding in Ping An Insurance (Group) Co. of China Ltd.; 8% ownership of Bank of Shanghai Co., and a 49% stake in HSBC Jintrust Co, a Shanghai-based fund company. HSBC’s 50-50 life insurance joint venture with Beijing-based financial services provider National Trust Ltd. was approved by regulators recently and is set to be up and running in the third quarter.

The lender has also hired investment bankers to advise it on listing on the Shanghai bourse next year, in potentially the country’s first listing by a foreign company. Although based in the U.K., HSBC made a quarter or around US$2.98 billion of its first-half pre-tax earnings from China.

Source: Dow-Jones, 19.08.2009

Filed under: Asia, Banking, China, News, Services, , , , , , , , , , , , , , , ,

Nomura Seeks Partner in China

Last week Nomura Holdings Inc. announced its search for a partner in China to help it establish an equity underwriting business. The brokerage house, Japan’s largest, also declared its goal to take in 50% of revenue from outside Japan by 2011, up from 30%.

These announcements come just as the equities market in China is starting to heat back up. Two weeks ago we discussed in the ChinaVest newsletter the re-introduction of IPOs to the Chinese markets. This week, Guilin Sanjin Pharmaceutical Co received bids for 584 times the number of shares available in the electronic traunche for China’s first IPO in 2009.

The Shanghai Composite Index, the world’s second-best performing major benchmark, is up 70% since January. Some projections indicate that Chinese companies could raise up to US$2.5 billion in local equity offerings in the second half of 2009. Nomura’s announcement indicates their desire for a piece of that US$2.5 billion dollar pie. “We want to be able to underwrite equity transactions in China, so we’re looking for joint venture partners. It’s a very important agenda,” commented a Nomura spokesman.

Nomura is not alone in their desire to take advantage of the apparent renaissance of China’s equity market. Both Credit Suisse and Deutsche Bank recently received approvals for securities ventures that can underwrite offerings in Shanghai and Shenzhen.

Source: chinavest.com, 10.07.2009

Filed under: Asia, Banking, China, Japan, News, Services, , , , , , , ,