Following the announcement of the newly founded subsidiary of Avaloq Group, Avaloq Sourcing has appointed Anantha Ayer as CEO of the planned Business Processing Outsourcing (BPO) unit in Singapore.
Ayer was most recently the Global Head of Wealth Management Operations at Deutsche Bank AG. He joins Avaloq following more than 20 years in distinguished leadership roles in Technology and Operations within the Asset & Wealth Management industry.
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Avaloq Sourcing Asia Pacific will be part of Avaloq’s global network of BPO centres to provide its first client bank Deutsche Asset and Wealth Management (DeAWM) with full BPO services for its Wealth Management back office operations in Singapore.
Migration of DeAWM back-office operations to the subsidiary will be implemented in two phases, with the transfer of the bank’s existing back office system to occur through Q3 2014, and the replacement of the entire system to the Avaloq Banking Suite in 2015.
The BPO subsidiary model has seen great success in European markets of Germany and Switzerland, incentivising the provider to replicate the service in Singapore. Cost efficiency in managing compliance operations for private banks, is a core component of Avaloq Sourcing value proposition, Ayer told PBI.
Ayer commented: "This is not a new model, and it has worked in European markets, we are just bringing it down to Asia. Avaloq is providing an industrial strength, not just from a software, but with process around it to reduce cost.
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By GlobalData"Compliance is not a differentiator and hence, such a system benefits the bank because you are removing the investment needed for that and rather invest where it is actually needed and will make a difference for the bank – be it on the client-side, advisory or research for instance. They won’t need to spend their investment dollar on compliance, and that is where it can make a difference for the bank."
In reflection of its European BPO model, Avaloq Sourcing intends to industrialise to provide this service across multiple private banks in the Asia region.
