Capco, a global provider of consulting and managed services to the financial services industry, today named Alvi Abuaf to Partner and Leader of its North America Wealth & Investment Management Group.
“Alvi Abuaf brings an immense amount of industry knowledge in wealth management, investment management and investment services to Capco,” said Capco Chief Operating Officer and North American Practice Leader Tom McKelvey. “Alvi has deep insight on the market forces that are influencing the financial investment space. Under his leadership, Capco’s Wealth & Investment Management Group will continue to provide our clients with deep strategic insight and capabilities to build their business.”
Mr. Abuaf brings nearly two decades of consulting experience in wealth management, consumer and commercial banking, capital markets, real estate and insurance. He has deep experience with wealth managers, investment managers, hedge funds, mutual funds, consumer banks, prime brokers, correspondent clearing and custodians and has worked with many of the world’s leading financial institutions. His experience spans the entire service spectrum from strategy, to operations to technology implementations to outsourcing. Prior to joining Capco, Mr. Abuaf was investor, president and CEO of CPM Braxis USA. Earlier in his career he was Managing Director at Citi; Vice President and FSI practice lead at Capgemini; and Partner at Ernst & Young.
“The industry is at an inflection point as we come out of the financial crisis,” said Capco Partner Alvi Abuaf. “New focus on growth, regulatory changes and ever increasing innovation represent significant opportunities for the financial services industry and consequently for consulting. Capco has world class talent and deep expertise and therefore is uniquely positioned to serve this sector.”
One of the largest challenges facing the wealth services industry is retention as many investors have decided to move from large institutions to smaller firms promising more personalized financial strategies, higher transparency and improved services to meet their needs,” added Abuaf. “After the devastating financial crisis, we’ve seen an emergence of smaller independent brokerage and investment advisory firms taking hold which confirms a trend that investors are aligning with individual advisors.”
Mr. Abuaf sees several trends and issues that will impact the Wealth Management sector:
- Emerging Market High Net Worth Individuals: There is a major growth opportunity for large wealth advisors as the number of affluent individuals increase in emerging countries. We will see a trend with large wealth advisors expanding their local presence to capture market share.
- Opposing Forces: As financial institutions centralize, rationalize, “variablize” and consolidate their operations and technology to reduce costs and improve efficiencies, some key talent is leaving larger firms for smaller entities to innovate new products and services. Stay tuned for an innovation wave in the Wealth sector.
- Regulatory Pressures: Because of the financial crisis the government is set to enact many new regulations on the industry. Although their impact is uncertain, it comes at a time when assets under management have decreased and financial institutions are under significant fee pressure. As a result, we are likely to see new fee and relationship models emerge and product sales promoting investor protection, suitability and fiduciary duty.
Capco’s Wealth & Investment Management Group addresses key trends influencing the Wealth Management sector through white papers, research and surveys.
The Group provides consulting services and solutions in: Change Management; Open Architecture; Product Strategy; Competitive Analysis; Operating Model Design and Transformation; Outsourcing Strategy and Implementation; Clearing Platform Technology Evaluation; Software Package Selection and Integration Testing; Back and Middle Office Processing; and Merger Integration. With offices across North America, the Wealth & Investment Management Group leverages the skills of Capco’s integrated, full-service team. Capco attracts the industry’s top professionals who have an average of 16 years of first-hand industry and consulting experience in financial services.
Capco is a leading global provider of integrated consulting, technology and transformation services dedicated solely to the financial services industry. Our professionals combine innovative thinking with our unrivalled first-hand industry knowledge to offer our clients consulting expertise, complex technology and package integration, and managed services to move their organizations forward. Through our collaborative and efficient approach, we help our clients successfully increase revenue, manage risk and regulatory change, reduce costs and enhance control. In North America, we specialize in Banking; Capital Markets; Wealth and Investment Management; Finance, Risk & Compliance and Technology with offices in Chicago, D.C., New York, San Francisco and Toronto. To learn more, contact us at + 1 212-284-8600 (+32 3 740 10 00 from outside the United States or Canada), or visit our Web site at www.capco.com .