Quilter Cheviot has dropped Quarrier, Quilter’s proprietary investment management system, in favour of third-party provider Figaro.
The move is part of the integration of Quilter and Cheviot, following last year’s merger, and will see Figaro support Quilter Cheviot’s range of direct services.
‘Having considered the commercial factors and which system would best support our business on an ongoing long term basis, we selected Figaro,’ marketing director Jane Seymour said. ‘It made more commercial sense to use the Figaro capability. It was a great platform for the Cheviot business and served them well.’
The business confirmed it would soon initiate the end-testing of the system, and was ‘on track’ to start the migration to the Figaro system later this year.
Meanwhile, rival Brewin Dolphin is facing a £32 million tech writedown after it ditched plans to implement the Figaro software system across its discretionary business, alongside £15 million in additional costs.