BILNet Wealth Services based on Triple’A Plus from Temenos equips Independent Financial Advisors with better portfolio monitoring and risk management capabilities
Banque Internationale à Luxembourg (BIL), Luxembourg’s oldest bank and one of the largest in the country, today launches BILNet Wealth Services, a new online platform opening up a set of functionality to external portfolio managers, investment advisors and family offices to help improve their portfolio management, advisory capabilities and overall performance. With the launch of BILNet Wealth Services, the bank seeks to strengthen its position with Independent Financial Advisors (IFAs), who are increasingly being used as intermediaries, in order to capture a larger share of this rapidly expanding business channel. The new platform provides IFAs with a fully serviced infrastructure which is powered by Triple’A Plus from Temenos (SIX: TEMN), and continuously maintained and supported by BIL.
Temenos’ Triple’A Plus is a leading portfolio management software, delivering sophisticated investment management functionality across modeling, performance attribution and risk. BIL has been using Triple’A Plus since 2010 across its private banking operations and decided to extend the use to support its IFA business. The project started in January and went live in under 6 months.
IFAs using BILNet Wealth Services are now able to benefit from state-of-the-art portfolio and position analytics giving them fast global monitoring across their entire book, as well as the ability to make faster and more detailed evaluations of cash flow, revenue and performance for each client portfolio. Based on the highly secure Citrix technology, the system provides IFAs with secure remote access to real-time information from any location at any time. This enables IFAs to evaluate more quickly the performance of their portfolios and the associated risks to make more informed investment decisions, and better demonstrate their investment performance to their end clients.
Eric Vandemoortele, head of IFA services, BIL, comments: “The independent advisory market is developing markedly throughout Europe. In Switzerland 18% of the private banking assets are managed by IFAs. In Luxembourg currently 6% of the assets are under an IFA mandate but the volume is expected to grow to at least 10% in the coming 4 or 5 years. With BILNet Wealth Services we have implemented a dedicated tool for IFAs, providing them with fast access and efficient tools so they can attract new customers and create more business opportunities to increase their share of wallet.”
“Temenos has been a strong, reliable and knowledgeable partner throughout the implementation process and we delivered business benefits to our users in less than 6 months. In the next step we are planning to integrate non-financial assets into the system to give our IFAs a true aggregated view of all client assets, enabling them to better evaluate investment risks and further enhance their level of service”, continues Eric Vandemoortele, BIL.
David Arnott, CEO, Temenos adds: "We are delighted to be supporting BIL in this new initiative as it seeks to capture a larger share of the growing IFA market. With its online platform based on Triple'A Plus, BIL is making available to independent asset managers, advisors and family offices, sophisticated and fully serviced portfolio management capabilities, which should help foster better service and performance for end customers."