Brewin Dolphin has earmarked £35m to invest in an infrastructure system that will replace its core custody and settlements system, after signing an agreement with software provider Avaloq UK.
The wealth manager, which manages around £34.9bn in assets, said in its results in November 2018 it was planning to upgrade the system, which the group said will "significantly enhance" its technology infrastructure.
Avaloq's contract covers installation, ongoing support and maintenance over an initial ten-year period and is estimated to cost circa £35m.
It is part of Brewin's plans to "enrich its services and client proposition".
Grant Parkinson, COO of Brewin Dolphin, said: "We have created a high-calibre team who have built a detailed implementation plan to deliver this programme.
"The Avaloq system will provide us with a solid foundation for future growth. It gives us significant opportunity to increase straight-through-processing, improve the efficiency of handling client accounts and reduce operational risk. It will also be the basis from which we will deliver future client propositions."
Avaloq UK is a subsidiary of the Swiss firm Avaloq Group. Its software and digital technology is used by about 160 wealth managers and banks globally managing CHF4trn in AUM.