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Transforming Investment Operations with a Powerful Data Platform
Transforming Investment Operations with a Powerful Data Platform
TIME TO READ: 4 MINUTES
As an Australian state-owned investment entity dedicated to investing for the future of Victoria, the Victorian Funds Management Corporation (VFMC) manages approximately $62 billion ($A95 billion) in capital. In 2019, VFMC’s independent board of directors recognized that data would be central to its evolving investment strategy. Facing growing complexity across asset classes, VFMC identified the need to reposition data as a strategic asset — one that could underpin a more agile, insight-driven approach to portfolio management.
To enable this shift, VFMC initiated a comprehensive data transformation, and selected BNY as its technology partner to build an advanced data platform capable of supporting its redefined business strategy. This included standing up a dedicated data and analytics practice, signaling a serious commitment to embedding data at the heart of decision-making. The platform was designed to support the transition to total portfolio management, enabling more timely, transparent and informed investment decisions.
“We knew we had an opportunity to modernize our data infrastructure to continue to stay relevant and deliver for our clients,” said Lucy Carr, Chief Operating Officer at VFMC. “Our goal was to leverage a platform that could scale with us, adapt to market changes and empower our teams with better informed decision-making. The right partner was key to making that vision real.”
The platform needed to help identify, analyze and mitigate total portfolio risk faster, align decisions with fiduciary and stewardship goals, and scale alongside the business to keep pace with ongoing technological advancements.
VFMC Data Transformation Highlights
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VFMC selected BNY as its technology partner to build an advanced data platform designed to help enable more timely, transparent and informed investment decisions.
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BNY's data management solution helped VFMC achieve a total portfolio view encompassing:
- listed and unlisted assets
- active monitoring of liquidity, currency and risk
- investment reporting integration
- board updates
- audit workflows
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VFMC unlocked over 800 days of productivity across 16 teams, reduced technical debt by 80%, and realized cost savings by retiring legacy systems and automating reporting.
Empowering VFMC's Data Infrastructure
VFMC selected BNY to support a full-scale, data-centric transformation and lay the foundation for long-term growth. The collaboration was grounded in shared values: Transparency, resilience and a commitment to long-term outcomes.
“BNY stood out for its mix of proven infrastructure, institutional experience, and local insights and presence built over 50 years in Australia” said Tim Smith, Head of Data and Advanced Analytics, VFMC. “They understood the governance and delivery expectations we operate under, and their ongoing investment in regional talent and technology gave us confidence they could generate an immediate impact while continuing to grow alongside with us.”
As an Australian state-owned investment entity dedicated to investing for the future of Victoria, the Victorian Funds Management Corporation (VFMC) manages approximately $62 billion ($A95 billion) in capital. In 2019, VFMC’s independent board of directors recognized that data would be central to its evolving investment strategy. Facing growing complexity across asset classes, VFMC identified the need to reposition data as a strategic asset — one that could underpin a more agile, insight-driven approach to portfolio management.
To enable this shift, VFMC initiated a comprehensive data transformation, and selected BNY as its technology partner to build an advanced data platform capable of supporting its redefined business strategy. This included standing up a dedicated data and analytics practice, signaling a serious commitment to embedding data at the heart of decision-making. The platform was designed to support the transition to total portfolio management, enabling more timely, transparent and informed investment decisions.
After formally kicking off implementation in early 2020, a fully operational, cloud-based platform was in place in nine months, making it the first complete implementation of BNY’s data capabilities to be delivered with all team members working remotely due to the COVID-19 pandemic.
The first major test of the platform came with the outbreak of the Russia-Ukraine war, when VFMC’s board needed rapid exposure analysis. VFMC’s team consolidated fragmented data into an exposure analytics dashboard — a process that previously would have taken weeks and multiple spreadsheets was accomplished in seconds, providing clarity and enabling swift decision-making.
“Previously, our teams faced delays in assessing geopolitical risk exposure due to fragmented data and manual processes,” said Ben Graetzer, Head of Portfolio Risk & Solutions at VFMC. “Now, with integrated exposure intelligence, we can rapidly identify and mitigate risks across the entire portfolio.”
The Power of a Unified Data Model
By 2023, BNY’s data management solution was fully embedded within VFMC’s investment technology stack. This enabled a total portfolio view across listed and unlisted assets, active monitoring of liquidity, currency, and risk, and seamless integration with investment reporting, board updates and audit workflows.
With this data foundation, VFMC can now leverage emerging technologies such as AI and Python notebooks. Teams can begin applying automation, statistical modeling and advanced visualizations to accelerate insight generation, scenario planning and decision-making.
“Today, investment firms are dealing with more data than ever, which is changing how they operate. To keep up with fast-moving technologies and rising investor expectations, they need flexible operating models that help them adapt quickly,” said Julie Gerdeman, Global Head of Data and Analytics at BNY. “Just as we did for VFMC, our team is focused on staying ahead of client needs and delivering simple, scalable solutions that generate powerful insights to support smart decisions, spark innovation and drive growth.”
Established
1994
Headquarters
Victoria, Australia
Assets Under Management
$A98.8 billion, as of Sept. 30, 2025
Client Since
2019
The Results
Achieving the data-centric transformation, helped modernize workflows, changed the way VFMC operates and has delivered tangible outcomes.
With nearly 75% of teams using the platform, VFMC unlocked over 800 days of productivity across 16 teams. The shift to self-service tools also empowered business and investment users to act on high-quality data independently, freeing up internal teams to focus on strategic priorities.
“Our unified platform has allowed us to standardize risk metrics, automate reporting and deliver tailored dashboards to stakeholders across the business,” said Ben Graetzer, Head of Portfolio Risk and Solutions at VFMC. “The time saved on manual data curation has been redirected toward deeper analysis and strategic engagement.”
Technical debt has been reduced by 80%, and significant cost savings have been realized by retiring legacy systems and streamlining change development.
By the numbers
MEASURABLE IMPACT
16
teams using the platform
800
days of productivity unlocked
80%
reduction in technical debt
Looking Ahead
Going forward, VFMC is focusing on scaling cloud-based data-sharing with key stakeholders, expanding external manager data capabilities, and enabling business users to build and explore independently. VFMC is also exploring BNY’s suite of AI-enabled solutions to further enhance its data strategy.
VFMC is targeting a 50% reduction in manual tasks across critical processes, and BNY remains a long-term partner in that journey.
“VFMC is on a mission to become a more data-centric, insight-driven organization, and our role is to support that transformation,” said Marian Azer, Australia Country Executive at BNY. “That means not only being present and responsive locally but also bringing global ideas to their doorstep — helping them think through what’s possible and translating that into real, applicable outcomes for their business.”
As VFMC continues to evolve, data remains at the heart of its strategy, helping drive better informed decision-making, more efficient execution and stronger outcomes for the State of Victoria.
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