Smith & Williamson in tech overhaul with Avaloq
Smith & Williamson in tech revamp
EXCLUSIVE: Smith & Williamson, a UK-based investment, tax and accountancy services firm, is believed to have concluded its system selection.
The contract has been awarded to Avaloq, FinTech Futures understands. Avaloq declined to comment on the deal.
Smith & Williamson went to market for a new core processing system in H2 2016. Local consultancy Goodacre assisted with the selection.
It is understood banking tech firms such as Temenos with its T24 system and ERI with Olympic were evaluated alongside the Avaloq Banking Suite.
Smith & Williamson is the UK’s eighth largest accountancy firm, with revenues of £244.6 million for the year ending 30 April 2016, and 1,700 people on the payroll.
It provides accountancy, tax, financial advisory, investment management and private banking services to a range of clients, from individuals and families to entrepreneurial businesses, mid-large corporates, professional practices and non-profit organisations.
Avaloq already has a number of clients in the UK, including Barclays Wealth, Canaccord Genuity Wealth Management, RBS’s private banking subsidiaries Coutts and Adam & Co, and also Rothschild Private Banking & Trust.
