FiNETIK – Asia and Latin America – Market News Network

Asia and Latin America News Network focusing on Financial Markets, Energy, Environment, Commodity and Risk, Trading and Data Management

Falcon Private Bank goes live with the B-Source Wealthmanagment Outsource Solution

B-Source successfully migrated Falcon Private Bank with its global locations to the B-Source Master at the beginning of the year. This will enable the established Swiss private bank to further optimize its processes and concentrate on its strategic expansion.

The successful migration of Falcon Private Bank to the B-Source Master means another Swiss financial institution has put its faith in B-Source’s reliable and innovative banking solution. Falcon Private Bank opted to outsource the operation of its banking platform and migrate it to the B-Source Master, an Avaloq-based banking application landscape using the ASP (application service provisioning) model. All three banking locations in Switzerland, Hong Kong and Singapore were migrated. The work was successfully completed within 15 months, a short period given the differing regional legal regulations. Orbium, a long-standing partner of B-Source, also played a decisive role in the successful project implementation.

By outsourcing its banking platform, Falcon Private Bank has a powerful, efficient and scalable banking solution that will allow it to focus on its strategic expansion in emerging markets. The bank chose B-Source in part due to its extensive expertise and long-standing experience not only in Switzerland but also with locations in other countries.

“The main reason behind our decision was B-Source’s experience in international outsourcing business, as we wanted to migrate several locations to the new banking system at the same time,” explains Tobias Unger, COO of Falcon Private Bank. “The migration of our banking platform to the B-Source Master creates the basis for optimal fulfilment both of our clients’ growing demands for higher quality service and of new regulatory requirements, and for pressing ahead with our global strategy and direction,” adds Unger.

“The migration of Falcon Private Bank to the B-Source Master is a further success for us, and we are proud to count another renowned first-class Swiss private bank among our clients in the shape of Falcon Private Bank. B-Source’s long-standing experience with international private banks enabled us to successfully implement this challenging project in a very short time and to a high level of quality,” says Markus Gröninger, CEO of B-Source AG.

Source: B-Source, 30.01.2013

Filed under: Data Management, News, , , , , , , , ,

Thomson Reuters Goes Live with Delta Data Factory

First Derivatives plc ,  is pleased to announce that Thomson Reuters (TR) pricing and reference data group (P&RDG) has selected and implemented FD’s Delta Data Factory (DDF) for use internally as a component in its multi-faceted forward-thinking data delivery strategy. This announcement follows FD’s recent launch of DDF, a hosted data factory service for reference data and also the formation of a dedicated data management division.

Thomson Reuters P&RDG client-centric focus and innovation approach makes use of Delta Data Factory as one element in a strategy to rapidly meet the formatting and workflow requirements of its clients. TR selected DDF as a managed service “data formatting factory” to assist in its strategy to offer TR clients speedy integration and adoption of reference and pricing data.

According to Tim Rice, MD of Global Pricing and Reference Data, “we selected FD’s Delta Data Factory because of the flexibility and rapid implementation speed, powerful data transformation engine, data knowledgeable team, reliable hosted infrastructure and global support model. Within TR’s data strategy, FD’s independence as a strong third party service provider supports and accelerates our plans allowing clients to leverage our data quickly. We’re now successfully live with a number of clients”.

For consumers of TR data, whether it be client-direct or third party application vendors, FD’s Delta Data Factory transforms the data into rapidly consumable formats for TR clients, third party applications partners, security master environments or EDM platform formats.

Dale Richards, President of FD US and Global Head of Data Management at FD commented, “We are very pleased to have TR as a client of DDF. The service is a powerful new model for the data industry and TR implementing and going live is a terrific endorsement of the capabilities”.

DDF is a managed service support model that includes software, expert data staff, support level management, infrastructure, customization tools, hosting and management. FD provides the factory working with clients to implement the best strategy. FD has been hosting and operating systems on behalf of clients for 15 years with ISO27001/SAS70 compliant operating centers.

In addition to data vendors and publishers, financial institutions use DDF to outsource the processing and normalization of multiple in-bound reference data sources into EDM or proprietary security master environments. FD’s also uses DDF to produce customized out-bound formats for their internal clients. Benefits include cost savings and decreased project timeframes.

Source: Bobsguide, 10.02.2012

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

Avaloq acquires a majority stake in B-Source from BSI

The Avaloq group, the reference for integrated and comprehensive banking solutions, has acquired a majority stake in B-Source AG, a leading banking business process outsourcer (BPO) in Switzerland. BSI, part of the Generali Group and original founders of B-Source, will remain a minority shareholder and an important customer of B-Source. BSI thereby ensures a forward-looking, growth-oriented ownership structure for its banking BPO subsidiary. The acquisition of B-Source means that Avaloq group extends its value chain and become the largest independent provider of comprehensive solutions for the execution of banking business. B-Source remains a legally independent entity forming part of the Avaloq group and will continue to operate under its own name. The Avaloq group will retain B-Source’s existing locations in Ticino, Zurich, Lucerne, Romandie as well as in other countries. The acquisition will not result in job losses.

Avaloq and B-Source see this move as a logical extension of the successful and long-standing cooperation between the two banking specialists. As a result of the acquisition, the Avaloq group offering will now extend beyond banking technology and consultancy services to include data centre services, application management services, and will be able to outsource banks’ entire back-office and IT operations. The group now employs more than 1,200 staff, generating an annual turnover of CHF 360 million (Swiss Francs) (2011E) and has customers in more than 20 countries. The acquisition of B-Source will not result in any job losses. The Avaloq group will retain both companies’ existing head offices and locations in Switzerland as well as in other countries. It is committed to Switzerland as a financial centre and centre of expertise, and plans to further grow at its Swiss locations.

Francisco Fernandez, Member of the Board of Directors of B-Source and CEO of Avaloq Group AG, says: “Acquiring the majority stake in B-Source makes the Avaloq group the leading independent provider of modular and fully integrated solutions for the execution of banking business. This applies to both large and small retail, wealth management and universal banks in Switzerland and around the world. Joining forces with B-Source will enable us to take further steps to address the growing complexity in operational, compliance, reporting and IT management. It will also enable our customers to wholly concentrate on providing excellent service to their clients, which ultimately sets them apart, allowing them to grow and become more profitable.”

B-Source will remain a legally independent entity forming part of the Avaloq group, and it will continue to operate under its own name. BSI AG will retain 49 percent of B-Source and will remain an important customer for
B-Source. The parties have agreed to keep the purchase price confidential. Avaloq and B-Source will continue to work with an extensive network of domestic and international technology, distribution and implementation partners, which will be expanded further following the acquisition.

Dr Alfredo Gysi (BSI CEO) is to remain Chairman of the Board of Directors of B-Source, and Gianni Aprile (Deputy CEO of BSI) will remain on the B-Source Board of Directors. They will be joined by new appointees, Dr Didier Sangiorgio (Chairman of Avaloq Group AG), Philipp E. Achermann (Member of the Board of Directors Avaloq Group AG) and Francisco Fernandez (CEO of Avaloq). The general management of B-Source is unchanged, consisting of CEO Markus Gröninger, Andrea Bosetti, Andrea Frei, Joseph M. Kaister, Rainer Link, Matteo Marini, Frank Müller Erkelenz and Benjamin Stäheli. The Avaloq Executive Board, consisting of Francisco Fernandez (CEO), Enrico Ardielli, Adrian Bult, Klaus Rausch, Mathias Schütz and Ronald Strässler, remains also unchanged.

Dr Alfredo Gysi, Chairman of the Board of Directors of B-Source and CEO of BSI, says: “As the founder and very first customer of B-Source, we have successfully grown and developed the company to become one of Switzerland’s leading providers of BPO services. Our objective was to secure an ownership structure for B-Source that would enable it to achieve sustained growth in an attractive market. The acquisition of a majority stake by our strong technology partner Avaloq will allow B-Source to seize even more opportunities in the BPO market. This strategic move will give BSI the freedom to concentrate more heavily on its core competences and enable it to benefit from improved standards of performance and quality and take advantage of a cost efficient structure.”

Markus Gröninger, B-Source CEO, says: “Merging Avaloq and B-Source will create benefits for customers that are demanding more integrated, high-performing IT and BPO solutions. The business rationale is undeniable and the new ownership of B-Source will accelerate growth in Switzerland and beyond.”
The Avaloq subsidiary, B-Source, already settles almost all domestic and international transactions for BSI in Switzerland, Singapore, Luxembourg, Nassau and Monaco. In Switzerland, Reichmuth & Co Privatbankiers, NBAD Private Bank (Suisse) SA and QNB Banque Privée (Suisse) SA, all use the cutting-edge B-Source Master “powered by Avaloq”.

Filed under: Banking, Data Management, News, , , , , , ,

Wall Street and cloud computing – Survey and Comments

The recession has spurred Wall street firms to investigate the use of new technology, particularly cloud computing, in a bid to overcome budgetary restrictions and skills shortages, according to a survey from IBM.

FiNETIK recommends:

Practise comment by Wiliam F.Gibson, 24.06.2009

When Cloud Computing Doesn’t Make Sense, NY Times 15.04.2009

IBM Demonstrates Cloud Computing Solutions and Record-breaking Low Latency Messaging Performance at SIFMA 2009, A-Team 24.06.2009

The poll of over 350 Wall Street IT professionals, conducted in conjunction with Sifma, shows that 32% predict cuts in their technology budgets in 2010, with 50% expecting them to remain the same or increase, a similar picture to last year.

This will contribute to a shift in technology use, with 46% of respondents predicting that cloud computing will force significant business change, up from 21% in 2008.

This makes it the top disruptive technology in the eyes of respondents, ahead of even operational risk modelling and mobile technologies.

IBM says cloud computing – where processing, storage, networking and applications are accessed as services over networks – has the potential to cut the costs, complexity and headaches of technology.

Ian Hurst, general manager, IBM Financial Services, says: “Firms need to capitalize on the latest technologies such as cloud computing to better manage all this data, operational risk modelling and analytics to assess it and turn it into market insight, and then mobile technologies to place it in the hands of the decision makers, wherever they are.”

IT spending on compliance continues to be important, with the survey revealing that systematic risk regulation, and risk and pricing transparency expected to have the greatest potential to impact technology spend.

Randy Snook, senior MD, Sifma, says: “Often clients or regulators will call our members firms about a trade that happened several months ago. New technologies will make this far easier. Cloud computing can allow firms to keeping vast amounts of data online indefinitely and mobile technologies can give brokers instant access from anywhere so that they can quickly answer such questions without having to pull out and search their data archives.”

Source: Finextra, 24.06.2009

Filed under: Data Management, News, , , ,

China, no more a low cost manufacturer, confronted by India and Mexico

China has lost its position as the world’s lowest-cost components manufacturer to India and Mexico, a study indicated on Wednesday, in a blow for the Asian giant as it fights the financial crisis.

Download: AlixPartners 2009 Manufacturing-Outsourcing Cost Index HIGHLIGHTS_2

The United States has also significantly closed the gap to the degree that China’s total manufacturing costs are now only 6 per cent below those of American factories, the study by AlixPartners business consultants indicated. “Gone are the days when companies could see cost savings of 30 per cent or more by making ‘no-brainer’ manufacturing-footprint and outsourcing decisions, to China in particular,” said Stephen Maurer, a managing director at the firm.

The company, which specialises in helping distressed businesses, compiled its Manufacturing-Outsourcing Cost Index by analysing a basket of manufactured components and assembled parts, ranging from small motors to die castings.

It compared the cost of making the items in China, India, Brazil and Mexico versus the US, tracking changes over three years in factors such as labour, overheads, exchange rates, transportation, and raw material costs. The index showed major shifts in costs over the past six months that pushed China down the rankings and Mexico now on top, the firm said in a statement.

It predicted China’s costs would improve in the second half of 2009, as more moderate oil prices and the economic slowdown reduced sea shipping costs, but added the country was unlikely to catch up with India and Mexico this year.

Manufacturing accounts for more than 40 per cent of the economy in China, which has been hit hard by evaporating demand for its products in key export markets such as the United States and Europe. But Chinese manufacturer activity has shown signs of expanding over the past two months after nine months of contraction.

Source: Business Times Singapore, 21.05.2009

Filed under: Asia, China, India, Latin America, Mexico, News, , , , , , , , , ,