25 July 2009
ADCB Leads the Industry with Early Adoption of SAGE's Prospero
Abu Dhabi, 25 July, 2009: Abu Dhabi Commercial Bank (ADCB) announced its new partnership with SAGE, the Swiss IT firm specialized in the development of financial systems, through which ADCB’s Wealth Management Group has acquired and released Prospero as its end-to-end wealth management and fund administration system. SAGE’s Prospero was best-suited to facilitate the delivery of true portfolio management services and fund accounting, increase operational efficiencies, as well as improve internal and external reporting and communications.
“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,” notes Ahmed Barakat, Head of ADCB’s Wealth Management Group. “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.”
Tarek Hamdan, CMO of SAGE conveys: “We are very proud that ADCB went live with Prospero as this is the 1st in 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.”
In addition to serving as the primary client relationship management tool, Prospero will be used to automate administrative and compliance functions, such as order placement utilizing live market price feeds from integrated systems such as Bloomberg® and Reuters®. Prospero has been designed to facilitate trading with online compliance checks and tracking, back-office administration and accounting for all ADCB-managed funds, flexible workflow management and financial settlement.
SAGE and ADCB will continue to work hand-in-hand to deliver value to the bank’s clients and stakeholders, launching Phase Two of the Prospero implementation later this month. “We look forward to continuing our development partnership throughout the year 2009, as ADCB further leverages Prospero’s embedded customer relationship management functionality, fine tunes and enhances client reporting capabilities and optimizes our direct systems trading link to Al Dhabi Brokerage.” Barakat concludes.
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