Banque Privée Edmond de Rothschild in tech modernisation with Avaloq. Image source: Bloomberg News
Banque Privée Edmond de Rothschild (EDR) is implementing a new core banking solution, Avaloq Banking Suite. It will be provided on a hosted basis by Avaloq, supporting EDR’s operations in Switzerland, Luxembourg and Monaco.
Banking Technology understands that the contract was signed at the end of last year.
EDR specialises in private banking and asset management. It is also active in corporate finance, private equity and investment fund administration.
The group has its HQ in Geneva and operates in 33 countries through five international management groups (Frankfurt, Geneva, Luxembourg, Paris, Hong Kong). It has CHF 163 billion ($167 billion) assets under management and 2,700 people on the payroll.
A number of legacy solutions will be replaced by Avaloq Banking Suite at EDR, including SAB’s SAB AT and ERI’s Olympic core banking systems, Banking Technology understands.
As mentioned above, the solution will be provided on an outsourced basis, with Avaloq hosting it at its Swiss business process outsourcing (BPO) centre, Avaloq Sourcing Switzerland (formerly B-Source).
The vendor will also provide a digital front-end, application management and IT infrastructure and operation.
Ariane De Rothschild, CEO at EDR Group, hopes the partnership with Avaloq “will bring greater innovation into the group” as the vendor is “leading the way in banking technology”.