Irish financial services outfit Davy has become the first company in Europe to utilise the Odyssey WealthManager platform under a multi-million euro deal.
Davy's staff will use WealthManager to handle the relationships and portfolios of their private clients. The platform will also help Davy manage the investment needs of individuals, charities, families, and foundations by creating tailored investment strategies, says Odyssey.
The firm's wealth management unit, Davy Private Clients, has over EUR10 billion of funds under management and employs 250 people. Davy says it has expanded its range of wealth management services recently to provide access to global investment opportunities in property, private equity and alternative asset classes.
Commenting on the deal, Eamonn Doyle, COO, Davy, says: "We see further significant growth in the wealth management arena in Ireland in the coming years and that is why we are now making such a substantial investment in our technology. Client relationships are at the core of any wealth management offering so we are delighted to be able to team up with Odyssey whose WealthManager will enable Davy to effectively manage complex and diversified portfolios on behalf of our clients."
Luxembourg-based Odyssey acquired the WealthManager platform when it bought Canadian vendor Xeye in January. The vendor says the platform is used by a number of blue chip firms in Canada and the US but Davy will be the first European outfit to deploy the technology.