Smith & Williamson has selected Avaloq for its investment management services, with the aim of continuing the business’ growth. The implementation of the platform will be supported by Avaloq partners Orbium and Excelian.
The deal with Smith & Williamson is Avaloq’s latest in the UK wealth management community, the firm’s other customers include Canaccord Genuity Wealth Management and Coutts. Avalog aims to help institutions undertake digitisation projects and to deliver a better client experience, which is cost effective and meets new compliance requirements.
The Avaloq Banking Suite and related services cover digital front-to-back technology, application management, IT infrastructure and operational solutions. The aim is to provide a centralised operating model to bring efficiencies and scalability to financial institutions, allowing them to better accommodate new processes and innovations.
Avaloq’s front-to-back-office solutions as well as its software as a service (SaaS) and business process as a service (BPaaS) are part of the wealth management sector’s attraction to the firm.
David Cobb, co-chief executive at Smith & Williamson, said: “Investing significantly in technology is a key pillar of our five-year strategy and will ensure we remain well positioned for continued growth. Avaloq’s solution will be fundamental in helping our people deliver more effectively, in a personalised manner, the investment management services our clients value.”
Juerg Hunziker, Avaloq’s group chief executive, said: “We will look to deliver a highly differentiated, value-added solution to the business that will support its aspirations for growth in the competitive investment management market.”
Smith & Williamson is a UK-based financial and professional services firm with £20.1 billion in funds under management and advice, as recorded in their 2018 annual report. The firm has 1,700 employees in 12 offices in the UK and Ireland