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HESTA awards investment data mandate

The $56 billion super fund has partnered with a New York-based software company to support its strategic investment decisions and funds management.

HESTA has selected GoldenSource Nexus to overhaul its investment data management, set to help the super fund focus on managing investments in-house, delivering improved data-backed investment decisions and reporting, and assisting the super fund to use a greater variety of data sources.

The data management service is to be set up in under six months, and will bring together data from HESTA's middle and back offices and investment consulting providers, as well as the fund's more than 100 external fund managers.

"Key features, including management of complex fund structures and extensive drill through and look through capabilities, will support asset allocation decision-making, portfolio/fund sector analysis, portfolio risk management, performance attribution reporting, expense management, reconciliations, NAV oversight and board reporting," GoldenSource said.

The software company underwent a rigorous selection process, it said, to beat out its competitors for the mandate.

HESTA executive of investment execution Gerard Brown said the incorporation of GoldenSource technology will help future-proof the super fund.

"We look forward to working with GoldenSource to help us deliver outstanding execution and real time data to support investment decision making," he said.

"We are growing rapidly and need a scalable system to provide timely data insights.

"Selecting GoldenSource is the first step in transforming and future-proofing our entire data infrastructure that helps to deliver strong, long-term investment performance for HESTA members."

The software company's service includes a data store for security, entity and price data, as well as a storage and reporting hub for bi-temporal historical data.

"With all data types managed centrally, data quality, consistency and availability will be improved for all business functions and responsibilities across the firm," GoldenSource said.

"Having data natively interlinked and cross referenced will also support future growth and support oversight and risk management functions."

GoldenSource chief executive John Eley said demand for data driven management solutions had risen with increased regulatory pressure in the country.

"Due to increased regulatory pressure and an industry-wide drive for automation and efficiency we are seeing a significant rise in the number of superannuation and investment funds looking for a full data management platform as a service, fit to support their growth and maturity," he said.

"We are pleased to be working with HESTA to support them through their strategic transformation."

Read more: HESTAGoldenSource NexusGerard BrownJohn Eley
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