Avaloq Sourcing Asia Pacific, the newly founded subsidiary of the Avaloq group, is to supply back-office services for the wealth management business of Deutsche Asset & Wealth Management in Singapore.
The new organisation will be part of Avaloq’s network of business process outsourcing (BPO) centres and will provide full BPO services to Deutsche Asset & Wealth Management.
The move to Avaloq Sourcing Asia Pacific is planned in two stages: the first in Q3 2014 and the second, which will include the transfer of the core IT platform to Avaloq’s technology platform – will take place in 2015, subject to compliance with local requirements.
Peter Scott, general manager for Avaloq Asia Pacific and chairman of the board for Avaloq Sourcing Asia Pacific, said: “BPO is rapidly gaining in importance as financial institutions continue to free themselves of processes and operations that are not regarded as differentiating but are subjected to volume efficiencies.”
“Following the successful establishment of BPO centres 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 centre later this year.”
