Japan – BlackRock and Avaloq Unveil Strategic Partnership to Provide Integrated Technology Solutions, Meeting Evolving Needs of Wealth Managers

Jun 15, 2023 | Business

Avaloq, a subsidiary of NEC Corporation, and BlackRock, through its Aladdin Wealth business, have formed a strategic partnership aimed at enhancing their investment technology solutions for wealth managers and private banks. As part of the strategic partnership, BlackRock is making a minority investment in Avaloq.

This collaboration will enable wealth managers and private banks to enhance their operations throughout the entire client journey, encompassing onboarding, portfolio construction, client reporting and risk management. By combining Avaloq’s leading core banking, client relationship management and mobile banking services with the Aladdin Wealth platform’s robust risk analytics and portfolio management capabilities, the two firms aim to deliver one of the most advanced technology offerings available to the wealth industry.

“Avaloq is excited to enter into this strategic partnership with BlackRock. Through our relationship with BlackRock and the integration of their Aladdin Wealth capabilities, Avaloq is further solidifying our commitment to providing innovative investment technology solutions for the wealth management industry,” said Martin Greweldinger, Co-CEO of Avaloq. “This partnership will help us empower our clients to streamline processes, enhance risk analytics, and make more informed portfolio decisions, ultimately delivering greater value to their clients.”

“BlackRock and Avaloq joining forces will help clients reduce the complexity and friction inherent in many of today’s digital transformations. Our combined offering will make it extremely convenient for clients to implement and adopt Aladdin Wealth’s industry leading capabilities as it will be deeply integrated with Avaloq’s core banking solutions,” said Venu Krishnamurthy, Global Head of Aladdin Wealth Tech.

Wealth management clients in Europe and Asia will benefit from access to an integrated wealth tech platform that unlocks the entire value chain including:

– Digital portals that enhance the client experience
– Comprehensive client reporting, powerful onboarding, and risk profiling tools
– Scaled portfolio construction capability and advanced portfolio analytics technology
– Unified data model providing consistency throughout client journeys

Avaloq is an industry-leading provider of wealth management technology, offering best-in-class front-to-back software and services for financial institutions around the world. Its robust systems currently manage around $4 trillion of client assets. BlackRock’s Aladdin Wealth platform provides sophisticated risk analytics and portfolio management capabilities that help wealth management clients scale their business efficiently, manage risks, build better portfolios, and enrich the dialogue with clients around their investments.

“We are delighted to have BlackRock’s investment in Avaloq as it demonstrates their recognition of the value and potential of Avaloq’s wealth management technology solutions,” said Tomoki Kubo, Chairman at Avaloq, as well as Corporate SVP and Head of the Digital Finance Global Business Unit at NEC Corporation. “This collaboration will not only fortify NEC’s strengthened position in the realm of digital finance but also reinforce its unwavering commitment to orchestrating a brighter world. NEC looks forward to working with BlackRock to grow the Avaloq business.”

About Avaloq

Avaloq is a premium provider of front-to-back software and services for financial institutions around the world. Our clients include private banks, wealth managers and investment managers, as well as retail and neo banks. We develop software that can be deployed flexibly through cloud-based Software as a Service (SaaS) or on-premises, and we offer Banking Operations through our Business Process as a Service (BPaaS) model. Avaloq is a subsidiary of NEC Corporation, a global leader in the integration of IT and network technologies. www.avaloq.com

About BlackRock

BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate

About NEC Corporation

NEC Corporation has established itself as a leader in the integration of IT and network technologies while promoting the brand statement of “Orchestrating a brighter world.” NEC enables businesses and communities to adapt to rapid changes taking place in both society and the market as it provides for the social values of safety, security, fairness and efficiency to promote a more sustainable world where everyone has the chance to reach their full potential. For more information, visit NEC at www.nec.com.

Copyright ©2023 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.

Japan – Avaloq Goes Live with First Client in Taiwan

Apr 21, 2022 | Business

Avaloq, a subsidiary of NEC Corporation, has successfully implemented its core banking system at Cathay United Bank to support the bank’s continued growth. The Avaloq Core Platform will cater to the increasing demand for private banking services by onshore Taiwanese high-net-worth individuals (HNWIs).

This go-live marks a key milestone for Avaloq and the bank following a relaxation of Taiwan’s wealth management regulations in 2020, which has permitted select financial institutions to offer a broader range of financial products and services to domestic clients. The new rules aim to increase the competitiveness and scale of Taiwan’s private banking industry.

Avaloq’s modern and flexible core banking system covers a comprehensive set of financial products, from securities and ETFs to forex and lending, while ensuring regulatory compliance across multiple jurisdictions through a single application. The Avaloq Core Platform enables banks and wealth managers to streamline their back and middle office by efficiently managing key business processes, including trades, corporate actions and reporting.

Pascal Wengi, Managing Director for North Asia at Avaloq, said: “The successful go-live of the Avaloq Core Platform creates a solid foundation for Cathay United Bank to transform its private banking business. And as Taiwan’s onshore private banking market continues to mature, we look forward to supporting banks and wealth managers in catering to this growing client segment.”

Robert Fuh, Chief Executive Officer of Private Banking at Cathay United Bank, said: “Avaloq’s core banking system will support our continued growth by efficiently processing sophisticated financial products and monitoring compliance in our various growth markets. This will help us to create a one-stop service for our clients in Taiwan and allow us to focus even more on providing highly personalized investment advice.”

About Avaloq

Avaloq is a global leader in digital banking solutions. Its core banking platform and wealth management technology are delivered through Software as a Service (SaaS) and on-premises models. Avaloq’s Business Process as a Service (BPaaS) offers a high degree of automation to boost back-office efficiency. More than 150 banks and wealth managers worldwide trust Avaloq for its innovative products and reliable services. Avaloq is a subsidiary of NEC Corporation, a global leader in the integration of IT and network technologies. new windowwww.avaloq.com

About NEC Corporation

NEC Corporation has established itself as a leader in the integration of IT and network technologies while promoting the brand statement of “Orchestrating a brighter world.” NEC enables businesses and communities to adapt to rapid changes taking place in both society and the market as it provides for the social values of safety, security, fairness and efficiency to promote a more sustainable world where everyone has the chance to reach their full potential. For more information, visit NEC at https://www.nec.com.

Copyright ©2022 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.