Saxo Bank (Schweiz), part of Danish banking group Saxo Bank,
has become the first bank in Switzerland
to adopt SunGard’s Ambit Private Banking system on an application service
provider basis, SunGard has said.

The bank had previously deployed the solution in-house,
prior to SunGard establishing a new ASP service in Switzerland last year, it said. Saxo
Bank has transferred its IT infrastructure and maintenance to SunGard, with the
aim of cutting its IT operational and hardware costs – a key issue at a time
when wealth managers are seeking to protect margins.

“The Swiss private banking industry continues to face
significant challenges in the form of new privacy and fiscal requirements which
is putting pressure on margins across the board,” Daniel Bardini, chief
operating officer at SunGard’s Ambit private banking business unit.

The SunGard offering covers functions including portfolio
management, integrated core banking front to back functions; reconciliation;
market data; trading and market connectivity; fund administration; risk
management; portfolio risk management; portfolio risk analysis; independent
valuations; data management and reporting.