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Crestone goes live with Avaloq Banking Suite

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19 June 2016

Crestone, the former wealth management arm of UBS Australia, goes live on the Avaloq Banking Suite.

Crestone, which was established by client advisers, senior management and employees of UBS Wealth Management Australia Ltd, has opened its doors this week with the newly implemented Avaloq Banking Suite. Crestone uses the Avaloq Banking Suite’s fully integrated back, middle and front office banking functionalities combined with customised business solutions as the IT backbone of the Company.

Mike Chisholm, Chief Executive Officer for Crestone, says, “From the beginning, Avaloq’s innovative and scalable technology was a perfect fit for Crestone. We did a thorough review of the market before deciding on Avaloq as the best multi-asset, multi-currency front to back office advisory solution in the Australian market. Technology is such an integral part of wealth management and its importance is only going to increase. The appeal of working with Avaloq is its ability to support a genuine global investment universe. It is future ready technology and its commitment to continued development of the IT software. We fundamentally see technology as a driver towards providing the best client experience possible and becoming more efficient.

Peter Scott, General Manager Asia Pacific for Avaloq, says, “Crestone was one of the first users of a next generation model bank solution based on the Avaloq Banking Standards, which delivered excellent results, reducing implementation time to under nine months. We welcome Crestone to the Avaloq community and look forward to future growth in the Australasian wealth market.

Nick Frolich, Regional Director Avaloq Australia, continues, “We’re proud that, in addition to BT Financial Group, another Australian financial institution is now live on an Avaloq solution. We are confident that our technology will help Crestone to focus on its strategic business objectives and to offer current and prospective clients an enhanced service.”

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