The Asia-Pacific wealth management market proved an important driver of the Swiss firm's growth last year.

Avaloq, the banking and wealth management software firm, reported a year-on-year rise in 2019 revenues of SFr609 million ($625.7 million), with adjusted earnings of SFr97 million, rising from SFr91 million a year before.

The Switzerland-based firm, which works with a raft of private banks and wealth management houses, said that a significant number of businesses went live with its systems last year, with particular strong growth in the Asian wealth management arena. Among its 12 new clients and renewals in 2019 were Brewin Dolphin, DBS, Bank Mandiri, Maybank Premier and Deutsche Apotheker- und Ärztebank. A “go-live” event last year included 900 separate branches of the Raiffeisen Group on one platform serving,

“2019 was another exceptional year in Avaloq’s growth story, marked at the beginning by the go-live of all Raiffeisen banks in Switzerland and our announcement in December of a significantly expanded relationship with DBS Bank,” Juerg Hunziker, Avaloq’s chief executive, said. 

Avaloq maintained its B credit rating with Standard & Poor’s and B2 with Moody’s in 2019, both with a stable outlook.