9 April 2019
Brewin Dolphin Holdings PLC
("Brewin Dolphin" or the "Company" or the "Group")
Contract for the replacement of custody and settlement system
Brewin Dolphin announces that its subsidiary, Brewin Dolphin Limited, has signed an Agreement with Avaloq UK Limited ("Avaloq") to replace its core custody and settlement system. This follows the Group's results presentation in November 2018 where it announced its intention to replace the current system. The contract is for an initial 10-year term and covers installation, ongoing support and maintenance. This contract forms part of an overall programme with costs estimated at circa £35m, which will be amortised over 10 years.
The implementation of Avaloq software will significantly enhance Brewin Dolphin's technology infrastructure and is a key component of the strategic investment that the Group is making to enrich its services and client proposition.
Avaloq is a pre-eminent provider of core software and digital technology to banks and wealth managers. Its robust and scalable software is used by around 160 wealth managers and banks globally to manage CHF 4 trillion in assets.
Grant Parkinson, COO of Brewin Dolphin said "We have created a high-calibre team who have built a detailed implementation plan to deliver this programme. The Avaloq system will provide us with a solid foundation for future growth. It gives us significant opportunity to increase straight-through-processing, improve the efficiency of handling client accounts and reduce operational risk. It will also be the basis from which we will deliver future client propositions."
For further information:
Brewin Dolphin Holdings PLC
Grant Parkinson, COO Tel: +44 (0) 20 7248 4400
Ben Woodford Tel. +44 (0) 20 3781 8333
Notes to Editors
About Brewin Dolphin
Brewin Dolphin is one of the UK's leading independent providers of discretionary wealth management.
We continue to focus on discretionary investment management and we manage £34.9 billion on a discretionary basis. In line with the premium we place on personal relationships, we have built a network of offices across the UK, Channel Islands and the Republic of Ireland, staffed by qualified investment managers and financial planners. We are committed to the most exacting standards of client service, with long-term thinking and absolute focus on our clients' needs at the core.
The Company's LEI number is 213800PS7FS5UYOWAC49
Avaloq UK Limited is a subsidiary of Avaloq Group AG, headquartered in Switzerland, one of the world's leading financial technology firms specialising in Software as a Service (SaaS), Business Process as a Service (BPaaS), and on premise solutions for financial institutions. Around 160 banks and wealth managers - with more than CHF 4,000bn in assets worldwide - trust Avaloq and its solutions to transform their front-, middle- and back office infrastructure with the latest technology and digital processes. In addition, Avaloq has actively created one of the largest, most collaborative fintech ecosystems in the world, providing its clients with an unparalleled range of solutions and enabling a truly differentiated customer proposition.
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