The emergence of Warburg Pincus as a major shareholder in Avaloq has boosted the banking software's leadership. A new advisory body is abundantly stocked with prominent industry names.
As finews.com reported exclusively earlier in the day, private equity house Warburg Pincus is taking a 35 percent stake in Zurich-based Avaloq, which the company later confirmed in a statement.
The banking software said it will set up an European advisory board to support its strategy and growth – including private equity executives.
The most prominent member of the body is Jacques Aigrain, who stepped down as Chief Executive of Swiss Re after a badly-timed pushed outside of insurance and into more risk ended badly when the financial crisis of 2008/09 unfolded.
Dual Chairman-CEO Role
Aigrain is now a Warburg Pincus senior advisor and chairman of Europe's largest securities clearing house LCH.Clearnet.
Other advisors include Stefan Krause, former finance chief of Deutsche Bank and also a senior advisor to the New York-based investor; Javier Marin, former CEO of Banco Santander, and Stefano Boccadoro, former head of Cassa Lombarda Bank and head of Santander in Italy.
Avaloq is also making board-level changes as a result of the move: CEO and majority shareholder Francisco Fernandez will also act as chairman, a role that has until now been held by business lawyer Didier Sangiorgio.
