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Davy Selects Odyssey’s WealthManager As Management Platform for Private Clients

Odyssey Financial Technologies, a global provider of Private Wealth and Asset Management solutions and services, is pleased to announce that Irish financial services group Davy has selected Odyssey’s WealthManager as its wealth management platform in a multimillion euro deal.

Davy is the first company in Europe to employ Odyssey’s leading wealth management technology. Odyssey’s WealthManager is widely used by a range of blue chip firms in the US and Canada.

As Ireland's leading institutional, corporate and private client broker, Davy has expanded its range of wealth management services in recent years to provide access to global investment opportunities in property, private equity and alternative asset classes. Davy Private Clients, its wealth management division, has in excess of €10 billion of funds under management and now employs 250 people.

Davy’s relationship managers will manage both the relationships and portfolios of their private clients with WealthManager. Davy will also use the WealthManager platform to manage the investment needs of individuals, charities, families, and foundations by creating tailored investment strategies, leveraging the expertise of the group and its world-class investment specialists. Odyssey’s WealthManager was chosen after an extensive search for an application that would deliver these services through a single Wealth and Relationship Management portal.

Commenting on the deal, Eamonn Doyle, chief operations officer in Davy, said: “As Ireland’s economy has been transformed over the last decade, Davy Private Clients has experienced dramatic growth in demand for wealth management services. We see further significant growth in the wealth management arena in Ireland in the coming years and that is why we are now making such a substantial investment in our technology.

“Client relationships are at the core of any wealth management offering so we are delighted to be able to team up with Odyssey whose WealthManager will enable Davy to effectively manage complex and diversified portfolios on behalf of our clients.’’

In January 2008, Odyssey Financial Technologies announced the acquisition of Xeye, a leading provider of wealth management technology in the North American market whose products included WealthManager.

Commenting on the deal with Davy, Steve D’Souza, General Manager, Northern Europe, Odyssey Financial Technologies said: “We are extremely pleased to have Davy as our newest client in the region. The WealthManager platform will increase the amount of time relationship managers can spend with their clients, thereby improving the Davy client experience. We look forward to a long partnership with Davy as they grow their business, improve the quality of the client interaction, and support the use of ‘best practices’ by their portfolio managers.”