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Mon 27 Jul 2009 12:00 AM

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ADCB selects Sage's Prospero for wealth management

Abu Dhabi Commercial Bank rolls out Sage’s Prospero wealth management system to support its portfolio and wealth management services

ADCB selects Sage's Prospero for wealth management
The Prospero solution will support ADCBs expanding wealth management business says the bank.

Abu Dhabi Commercial Bank (ADCB) has rolled out Sage’s Prospero wealth management system to support its portfolio and wealth management services.

The deployment, the first of Prospero in the UAE, will give the bank’s Wealth Management Group a range of enhanced features to provide services to high net worth clients and to assist with management of client funds.

The Prospero solution will act as a primary banking solution for managers, to automate banking functions as well as tracking processes for administration and to ensure compliance. The solution will also allow managers to assess client risk and analyze the portfolio, as well as acting as a client relationship system.

Ahmed Barakat, Head of ADCB’s Wealth Management Group commented: “Holistic wealth management services are becoming increasingly important to mass affluent and high-net-worth clients specifically, as well as to the financial industry at large. Wealth management, by definition, incorporates financial planning along with specialist financial solutions into an advanced advisory discipline.

“By implementing Prospero as our primary banking system, we enable our Excellency Relationship Managers to efficiently build and analyze a client’s risk profile and portfolio, perform multi-level valuations against model portfolios, measure absolute performance and generate detailed reporting, enabling both the RM and the client to make financial decisions in today’s dynamic market,” he added.

Sage and ADCB are now set to implement a second stage of the deployment, which will roll out Prospero’s embedded CRM functionality, improve the client reporting capabilities and optimizes our direct systems trading link to Al Dhabi Brokerage.

Tarek Hamdan, CMO of SAGE said: “We are very proud that ADCB went live with Prospero as this is the first n the UAE and it also comes at a time of their new campaign on ambitions. We truly believe in ADCB’s strength and capabilities, and in their foresight. The whole world is traversing through rough roads but ADCB and SAGE saw it as a time to invest and restructure so that it will be stronger and prepared more than ever for the near and brighter future.”

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