CFS partners with USYD to support sector-aligned AI development

Colonial First State (CFS) has formed a strategic partnership with the University of Sydney (USYD) to launch a PhD internship program to support the development of AI solutions in the wealth management sector.

The use of AI in the advice industry has accelerated rapidly over the last several years as practices look to technology as a means of improving efficiency, increasing adviser capacity, and achieving scale.

With so many AI solutions now flooding the market, however, ensuring they are cyber-secure and meet the needs of advisers is essential.

To support this, CFS has partnered with USYD Business School to launch the CFS Future AI PhD Internship Program to accelerate the “responsible development” of AI solutions and drive innovation in the sector.

The program will see USYD doctoral candidates embedded within CFS teams, exposing them to a combination of academic research and industry expertise, while allowing them to prototype and test AI tools. 

Candidates will also be required to contribute to four projects spanning investment, human resources, risk and compliance, and technical advisory.

CFS said that this partnership is part of the firm’s AI strategy to improve experiences for employees, members, and financial advisers, building on the work of its existing initiatives, including the AI Centre of Excellence and the Ignite AI Talent Program. 

Speaking on the announcement, Professor Leisa Sargent, dean of USYD Business School, said PhD internships are crucial in fostering learning and innovation for candidates, allowing them to collaborate directly with industry members on business projects.

“These projects emphasise the human-centered application of AI, effectively bridging the gap between theoretical research and practical business applications,” Sargent said.

In a similar vein, Professor Eliza Wu, associate dean, research education, at USYD Business School, said internships provide PhD students with key insight into complex issues, presenting a “great developmental opportunity for our doctoral researchers to grasp how their research can be applied to deliver tremendous impact on business practice”.

For CFS, Shenaz Waples, group executive of people and culture, said this partnership reflects the firm’s commitment to fostering a future-ready workforce.

“By investing in emerging talent and exposing our people to cutting-edge research, we’re creating an AI-ready culture that will enable our teams to develop new capabilities which will lead to improved outcomes for our members and the financial advisers we work with,” Waples said.

CFS group executive of transformation, technology, and operations, Jeroen Buwalda, added: “AI and cloud technologies are pivotal in our mission to help Australians achieve financial freedom. Our partnership with the University of Sydney brings deep technical capability into our teams. It’s about moving fast, solving real problems, and scaling innovation responsibly.”