Avaloq Sourcing Asia Pacific (ASAP), the newly founded addition to Avaloq group’s global network of business process outsourcing (BPO) centers, will supply back office services for the Wealth Management business of Deutsche Asset & Wealth Management (DeAWM) in Singapore, according to an Avaloq statement.
ASAP will provide DeAWM, a division of Deutsche Bank Group, with full BPO services for its Wealth Management operations, including back office administration processes.
The Avaloq group is an international firm specializing in integrated and comprehensive banking solutions for wealth management, universal and retail banks.
DeAWM’s move to ASAP will unfold in two phases, the firm said. The first will take place in the third quarter of 2014 while the second – which encompasses the transfer of the core IT platform to Avaloq’s technology platform – is scheduled for 2015.
“Business process outsourcing is rapidly gaining in importance as financial institutions continue to free themselves of processes and operations that are not regarded as differentiating but are subject to volume efficiencies,” says Peter Scott, general manager for Avaloq Asia Pacific and chairman of the board for ASAP. “Following the successful establishment of BPO centers in Switzerland and Germany, we are now extending this business model to Singapore where we will be announcing the formal launch of a regional BPO center later this year.”
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