Barclays’ wealth management arm has enlisted the Indian IT services firm as part of its banking technology focus.

Barclays Wealth has entered into a global strategic relationship with Tech Mahindra, an India-based firm.

As part of the deal, Sofgen, the banking systems specialist that is part of Tech Mahindra, will provide Barclays Wealth with global application delivery of Avaloq’s banking software platform, which the bank has been using for some years, and Charles River’s front- and middle-office investment management system. 

Sofgen said in a statement that it had been signed up by Barclays Wealth for “in excess of 10 years”. Tech Mahindra will become a “preferred partner” of Barclays Wealth and has onboarded Barclays' Singapore-based Avaloq Banking System and Charles River global centres of excellence.

“We welcome the Barclays team transferring to Tech Mahindra and will assure their seamless integration,” said André Israel, chief executive of Sofgen. 

“This engagement strengthens Tech Mahindra's capabilities in wealth management and financial services globally.”

Tech Mahindra is a $4 billion IT services group, part of the $17.8 billion Indian Mahindra & Mahindra conglomerate.