Business at the Avaloq London office is under the direction of Managing Director, JosÃ© Manuel Carro, and Senior Sales Manager, Peter Dingomal. JosÃ© Manuel Carro has been with Avaloq for 11 years as a banking and software specialist, whilst Peter Dingomal has been working in the UK banking software industry for 25 years. Avaloq UK has already hired 10 employees including experienced Avaloq consultants and newly recruited specialists, familiar with the UK market. Francisco Fernandez, CEO of Avaloq Evolution AG, is pleased to announce the market entry: "The UK has always been one of our most important target markets. The Avaloq Banking System now enables UK banks to offer new products and services with an unbeaten time to market and it substantially reduces a bankÂs operating expenses. Our presence in London will certainly influence British banksÂ choices when it comes to deciding about new banking software.Â The Avaloq Banking System is fully able to meet the needs of the UK market. Adaptations to local tax and payment systems, trust administration and special Tax Wrapper products have been implemented.
The first client to be supported by Avaloq in the UK is Adam & Company. The private bank went live with the Avaloq Banking System on 4 January and transferred its entire business onto the new system. Now, approximately 400 employees of Adam & Company are using the Avaloq Banking System in all of the companyÂs branch offices. Adam & Company's project is part of an overall contract signed with RBS Coutts which already uses the Avaloq system in many of its international locations. JÃ¼rgen Pulm, Chief Administration Officer, RBS Wealth Management, states: ÂWe have a very good experience of using Avaloq with our Swiss company RBS Coutts and therefore considered it as a core option for use with Adam & Company. It came out on top in our evaluation process and then lived up to its promises with a smooth transition process. Their system is one of the leading integrated banking software solutions.Â
The specialists of Avaloq UK are now preparing the implementation at Rothschild Private Banking & TrustÂ AvaloqÂs second UK customer.
The bank has significant growth plans and needed to invest in a new banking platform to help facilitate this growth. Rothschild is scheduled to go live with the Avaloq Banking System in spring 2012 and will implement all modules available. Veit de Maddalena, CEO of Rothschild Private Banking & Trust, is looking forward to working with Avaloq: ÂWe chose their System because it comes with a preconfigured model bank and because it covers all functionalities needed by a bank Â front to back. We are positive that the Avaloq Banking System will substantially reduce our operating risk and increase our ability to support new markets.Â At Rothschild more than 250 employees will be working with the Avaloq Banking System in the bankÂs Zurich and London branches.