Victorian Funds Management (VFMC), a government-owned investment specialist in the Australian state of Victoria, has partnered with BNY Mellon to drive data transformation programme.

VFMC has selected BNY Mellon’s Eagle Data Management product for its data and IT transformation strategy. The solutions are hosted in a private cloud, called Eagle ACCESS.

BNY Mellon also signed a managed services agreement with VFMC to integrate, enrich and validate multiple investment data sources into one centralised location.

BNY Mellon Asia Pacific head of asset servicing Rohan Singh said: “For investment managers like VFMC to thrive in today’s environment, it requires comprehensive technology solutions that allow investment professionals to focus on their core business, and not be weighed down by legacy systems.

“We’re proud to welcome VFMC and build on our established team in Sydney by expanding our presence in Melbourne to support VFMC and continued growth in Australia and Victoria.”

With more than $65bn assets under management, VFMC provides investment and funds-management services to 29 local public authorities and other organisations.

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Commenting on the partnership, VFMC CEO Lisa Gray said: “It was essential for us to find a strategic partner who could enable and support an uplift in our investment decision making and insights.

“We wanted to centralise and enrich our data, uplift exposure intelligence and enhanced analytics, facilitate stronger governance and deliver enhanced reporting.”

BNY Mellon, as a global investments company, supports its clients in managing financial assets.

As of 30 September 2019, BNY Mellon had $1.9trn in assets under management.

Recently, the company signed an agreement to integrate its custody business with SimCorp Dimension, an investment management system.