Accenture buys global wealth management provider Orbium

10 January 2019 Authored by Consultancy.eu

Weeks after splashing millions for deals in the US, Australia, Brazil and Italy, Accenture has now completed a major global acquisition. The bolt-on of Orbium, a consultancy and technology services provider to the financial services industry, adds a 500-strong team to Accenture’s ranks, and strengthens the firm’s capabilities for clients in the private banking and wealth management industries. 

Despite being positive about the industry’s fortunes, asset and wealth managers are facing a range of trends that are reshaping the face of the industry. Digital is at the forefront of the change – according to a study by Alpha FMC, based on a survey of leaders at asset management firms collectively holding over £7 trillion in assets under management (AUM), more than 7 out of 10 respondents said that digitalisation is already top priority or gaining importance.

“The wealth management industry is moving from high-cost, inflexible in-house and legacy solutions to packaged core platforms, software-as-a-service and business process outsourcing, which provide the modern open architectures required to deliver the new digital services the industry demands,” explained Michael Spellacy, senior managing director and head of Accenture’s global capital markets practice.

Accenture buys global wealth management provider OrbiumFounded in 2004, Orbium specialises in helping wealth management players – tier-one banks, premium wealth managers and private banks – with their digital journeys. The firm is the globe’s largest services provider of consultancy and technology services for the Avaloq Banking Suite – a leader in digital and core banking software for the industry, used by more than 150 banks and wealth managers worldwide. According to Samir Gherbi, a partner at Orbium, the firm has triple the number of Avaloq-certified specialists of any other company. The software helps private banks and wealth managers improve their performance by aligning their business strategy with their operating model and technology architecture.

“Orbium has a unique combination of management consultancy, technology and programme-management resources and capabilities that will enable us to accelerate and scale our services to the wealth management industry globally.”

Headquartered in Switzerland, still the world's largest hub for wealth management, Orbium has more than 500 employees and offices in more than a dozen cities across Europe, Asia-Pacific and the United States. 

Gherbi: “We are tremendously excited about the new opportunities that we will be able to bring to our clients and our people by becoming part of Accenture. In leveraging Accenture’s leading-edge capabilities, we will be able to significantly expand the reach and scope of our market solutions.” 

Accenture’s move comes shortly after it acquired Enaxis Consulting and Adaptly in the United States, PrimeQ in Australia, New Content in Brazil and SEC Servizi in Italy – all deals were announced in the past two months. See the page Accenture | Mergers & Acquisitions on Consultancy.org for an overview of all deals closed by Accenture worldwide. 

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