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09 Apr 2019 | 07:29

Brewin Dolphin to fork out about £35m over 10 years to replace current settlement system

Brewin Dolphin signed an agreement with Avaloq to replace its core custody and settlement system.

The contract was for an initial 10-year term and covered installation, ongoing support and maintenance. This contract formed part of an overall programme with costs estimated at circa £35m, which would be amortised over 10 years, the company said. The implementation of Avaloq software would significantly enhance Brewin Dolphin's technology infrastructure and was a key component of the strategic investment that the group was making to enrich its services and client proposition.

The group in November last year announced its intention to replace the current system.

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