Funds Management News
Future Fund to hire less as data project goes live
Investment Magazine
The Future Fund has launched its new investment data management platform, capping an initial three-year project to upgrade the $210 billion sovereign wealth fund’s technology capabilities. While still in the production phase, the platform centralises both public and private markets data across the fund to cut down on the “thousands” of active spreadsheets in use by the investment team. Chief executive officer David Neal said that while no jobs would be lost, the technology did mean that they would not need to hire as many people in the future.
“We should have started a little earlier with the amount of money we have got,” Neal conceded at a recent Investment Magazine conference. “We calculated that we had many person hours being done on data management that was embedded in teams, so we just wanted to remove it. It was insane that there are so many spreadsheets in regular use and that cannot be a good thing.”
The rest of this article can be found at investmentmagazine.com.au.