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.