NEC Corporation subsidiary Avaloq and BlackRock, through its Aladdin Wealth business, have partnered to enhance investment technology for wealth managers and private banks.
BlackRock reported that it is making an undisclosed minority investment in Avaloq as part of the strategic partnership.
The firms said that the collaboration will enable wealth managers and private banks to enhance their operations throughout the entire client journey, encompassing onboarding, portfolio construction, client reporting and risk management.
They also said that the combination of Avaloq’s core banking, client relationship management and mobile banking services with the Aladdin Wealth platform’s risk analytics and portfolio-management capabilities would deliver “one of the most advanced technology offerings available to the wealth industry”.
Martin Greweldinger, co-chief executive at Avaloq, said: “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,” added Venu Krishnamurthy, global head of Aladdin Wealth Tech.