Advent Software, Inc. ( NASDAQ : ADVS ), a leading provider of software and services for the global investment management industry, today announced that Emirates NBD Bank PJSC, one of the largest banking groups in the Middle East, has expanded its use of Advent's platform for asset and wealth management1 for its private banking and asset management businesses to its operations in Singapore.
Emirates NBD was formed as a result of the merger between Emirates Bank and National Bank of Dubai in 2007. Emirates NBD Private Banking provides bespoke wealth management services encompassing investments across all asset classes, real estate advisory, trusts and a range of Shari'a-compliant services. Emirates NBD Asset Management offers investment products, structured on either a Shari'a-compliant or conventional basis. Its Asian expansion is a strategic part of its private banking growth.
As Emirates Bank and the National Bank of Dubai merged, Emirates NBD wanted to consolidate systems and processes onto a global platform to create an integrated and automated infrastructure. They trusted Advent's platform for asset and wealth management to help streamline the consolidation during their expansion into Asia, allowing them to have a single platform across their global operations and to service the needs of each local market. The Singapore operations of Emirates NBD are now live on Advent's solutions.
"Advent's Middle Eastern and international presence, as well as its proven track record, made Advent the clear choice to support our growing business," said Pierre Pissaloux, General Manager, Wealth Management at Emirates NBD. "We are confident in its mix of world-class technology and regional industry knowledge to help us meet our business needs across geographies, and we will continue to roll out Advent's solutions in our offices in Riyadh and London."
"This announcement is another example of how Advent is helping to eliminate boundaries in the financial services industry. As an industry leader, we are focused on setting the standard for the global asset management and private banking sectors, and are proud to have been chosen to support the ambitious international expansion plans of one of the leading Middle Eastern banks," said Håkan Valberg, Senior Vice President and General Manager, Advent Software EMEA. "Emirates NBD's implementation of our solutions to support their growth strategy is a testament to our ongoing commitment to excellence and innovation."