Avaloq, a subsidiary of NEC Corporation, and BlackRock, through its Aladdin Wealth business, have formed a strategic partnership aimed at enhancing their investment technology solutions for wealth managers and private banks. As part of the strategic partnership, BlackRock is making a minority investment in Avaloq.
This collaboration aims to enable wealth managers and private banks to enhance their operations throughout the entire client journey, encompassing onboarding, portfolio construction, client reporting, and risk management. By combining Avaloq’s core banking, client relationship management, and mobile banking services with the Aladdin Wealth platform’s risk analytics and portfolio management capabilities, the two firms aim to deliver an advanced technology offering to the wealth industry.
“Avaloq is excited to enter into this strategic partnership with BlackRock. Through our relationship with BlackRock and the integration of their Aladdin Wealth capabilities, Avaloq is further solidifying our commitment to providing innovative investment technology solutions for the wealth management industry,” says Martin Greweldinger, co-CEO of Avaloq. “This partnership will help us empower our clients to streamline processes, enhance risk analytics, and make more informed portfolio decisions, ultimately delivering greater value to their clients.”
“BlackRock and Avaloq joining forces will help clients reduce the complexity and friction inherent in many of today’s digital transformations. Our combined offering will make it extremely convenient for clients to implement and adopt Aladdin Wealth’s industry leading capabilities as it will be deeply integrated with Avaloq’s core banking solutions,” says Venu Krishnamurthy, Global Head of Aladdin Wealth Tech.
Wealth management clients in Europe and Asia will be able to access an integrated wealth tech platform, including:
· Digital portals
· Client reporting, onboarding, and risk profiling tools
· Scaled portfolio construction capability and portfolio analytics
· A unified data model that aims to provide consistency
“We are delighted to have BlackRock’s investment in Avaloq as it demonstrates their recognition of the value and potential of Avaloq’s wealth management technology solutions,” says Tomoki Kubo, Chairman at Avaloq, as well as Corporate SVP and Head of the Digital Finance Global Business Unit. “This collaboration will not only fortify NEC’s strengthened position in the realm of digital finance but also reinforce its unwavering commitment to orchestrating a brighter world. NEC looks forward to working with BlackRock to grow the Avaloq business.”