ZAO Raffeisenbank said that they felt the time was right to move from the proprietary solution they had been using for portfolio accounting and management to an enterprise-ready, purpose-built system that would enable them to improve service level and operational efficiency.

Svetlana Grigorian, head of private banking at ZAO Raffeisenbank, said, "Thanks to the increased levels of automation, we expect the Advent solution will help us improve client service levels, productivity, risk management and overall performance."

"Advent continually works to gain insights into our clients’ specific business needs so that we can develop solutions that significantly improve operational efficiency," said Hakan Valberg, senior vice president and general manager, Advent Software EMEA.

Commenting on ZAO Raffeisenbank’s decision to select Advent’s wealth management solutin, he said "We see great potential in the Russian market and, that one of Russia’s top banks has chosen Advent as a partner for growth is testament to our increased focus on the region."

Advent Software, established in 1983, is a provider of software and services for the global investment management industry.