Narayan AmmachchiFrench IT consultancy Capgemini has picked up a 20% stake in Azqore, an IT services unit from Indosuez Wealth Management.
Azqore provides technology outsourcing services to several large wealth management firms, stated Capgemini, without disclosing the financial details of the deal.
With Capgemini’s backing, Azqore will focus on increasing the functional capabilities of its proprietary S2i platform, in addition to expanding its offerings to new services such as training and specialized consulting.
“The combination of our banking expertise, notably in processing transactions and risk management, with Capgemini’s expertise in digital and technology services, will allow us to deploy effective and innovative solutions,” stated Jacques Prost, Chief Executive Officer of Indosuez Wealth Management, in a press release.
The news comes barely months after Capgemini stated in one of its research reports that large technology companies – such as Amazon, Google, and Alibaba – could gain control on trillions of dollars in wealth if they offer wealth management services.
Considering Capgemini’s own prediction, the technology outsourcing and banking transactions market for wealth management companies and private banks is expected to grow by more than 30% by 2020.
Globally, the wealth of high net worth individuals’ (HNWI) expanded by 10.6% in 2017, breaking the US$70 trillion mark for the first time.
Capgemni is not new to the wealth management sector. On its website, the company claims that its technology solutions have helped several wealth managers increase their advisory productivity by up to 20%.
The French consultancy may even leverage the contacts and the network of Indosuez, which has operations across the world, including Brazil and Uruguay.
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