Brewin Dolphin Securities  

Brewin Dolphin agrees £35m tech deal

Brewin Dolphin agrees £35m tech deal

Brewin Dolphin has committed £35m to overhauling its technology, replacing its custody and settlements system. 

The wealth manager signed an agreement with software provider Avaloq UK for an initial 10-year period which covers installation, ongoing support and maintenance. 

Avaloq UK Limited is a subsidiary of Avaloq Group AG, headquartered in Switzerland. It provides core software and digital technology to about 160 banks and wealth managers to manage CHF4trn (£3trn) in assets. 

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In its results in November 2018, Brewin Dolphin stated it planned to "enrich its services and client proposition" and announced its intention to replace the existing system. 

Grant Parkinson, chief operating officer 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."