Crestone, the company acquiring the domestic wealth management arm of UBS Australia, is set to implement Avaloq Banking Suite to support its business growth plans.
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Under the partnership, Crestone will launch the Avaloq Banking Suite as its fully integrated back, middle and front office banking functionalities combined with customised business solutions.
Crestone said that it aims to implement a powerful IT set-up to ensure high efficiency from the outset, while also providing the flexibility to support future growth.
Crestone, which was set up by client advisors, senior management and employees of UBS Wealth Management Australia in May 2015, intends to close the purchase of UBS Wealth Management Australia by the end of March 2016.
Crestone CEO Mike Chisholm said: "Strategic partnerships such as the one we established in June with Avaloq will enable us to offer our clients wealth management advice and portfolio management solutions that are both agile and scalable, covering a wide range of asset classes both locally and internationally."
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By GlobalData"Crestone’s early engagement with Avaloq during the business set-up is critical to us offering a great client experience. Over time we will build on the foundations available to us in Avaloq and enhance this experience in a digital sense. We are investing in a solution to guarantee high efficiency and boost profitability."
Avaloq general manager Asia Pacific Peter Scott said: "We are delighted to be supporting Crestone’s extensive and strategic business growth plans from day one and welcome them into our international community."
Avaloq Australia regional director Nick Frolich said: "By implementing an industry standard solution to deal with such regulation, valuable time, energy and money can be saved, enabling that resource to be directed toward client service and business growth."
