Recent sales to HSBC and Canaccord drive expansion in wealth management sector – Orbium appointed as first UK implementation partner to increase services capabilities
The Avaloq group, an international leader in integrated and comprehensive solutions for wealth management, universal and retail banks, has significantly increased its UK headcount since opening its London branch in early 2011. Following recent contract signings with HSBC Private Bank and Canaccord Genuity, Avaloq plans to further expand and invest in its local presence and aims to become the leading UK solutions provider for wealth management.
In line with increasing demand for its solutions in the UK, Avaloq is significantly extending its local presence. Avaloq’s engagement in the UK began in 2011, when its local subsidiary in London was established. The company has recently moved to new permanent offices in the heart of the City to accommodate the increase in headcount. Avaloq also operates a development centre in Edinburgh. Overall, 100 staff are currently employed in the UK, and further recruitment for both offices is in the pipeline.
Avaloq’s London based UK market operations are led by Managing Director Chris Longden who joined Avaloq permanently in the second half of 2013 having previously assumed a strategic advisory role. Chris Longden has held management board level positions within several leading international financial software companies before joining Avaloq. Appointing Chris to the role of UK Managing Director underlines the importance Avaloq places on the development of the UK market and signals its intent to grow its business significantly.
“Our anchor clients such as Coutts, Barclays, and Rothschild have helped us lay the best possible foundations for the growth of our UK business. With the market leading Avaloq Banking Suite now fully adapted to UK market practice, and with a strong local team in place with in depth market knowledge, I am convinced that we will be able to establish a leading position in the UK wealth management sector”, says Chris Longden. In December 2013, Avaloq announced contract signings with Canaccord Genuity and HSBC Private Bank.
Avaloq as one of the major independent full scope BPO providers is also laying the ground work for a new BPO centre in the UK to be founded this year. Given the strong demand and vast market potential, Avaloq considers the UK as strategic location to be added to the worldwide network of BPO centres.
Chris Longden: “Winning HSBC Private Bank and Canaccord provides further demonstration of the ideal fit of our solutions for the wealth management segment. Together with our broadened BPO offering, we see great potential for the expansion of Avaloq’s UK business.”
In order to meet the growing services demand, Avaloq has officially appointed Orbium, a business and IT consulting company focusing exclusively on the financial services industry, as Avaloq’s first fully accredited UK implementation partner. Orbium will play an integral role in ensuring timely and high quality delivery, and is already playing a major role in the implementation project at Canaccord Genuity.
“We are delighted to support Avaloq’s growing presence in the UK market as we see banks seeking to overcome legacy technology issues. Our experience in business transformation projects supported by a strong and growing local team with specific UK expertise, will help to maintain the 100% track record in delivery of Avaloq solutions and ensure that we meet the future needs of our clients”, says Olivier Vuichard, Orbium UK Country Manager.