Market Report: Investment Management and Project Delivery – May 2026

This report provides a high-level snapshot of recent market activity across project delivery in the Investment Management space in Australia.

Current Project Trends

• AI Transformation programs are being set up across the industry, many are still in their infancy so no meaningful transformation in most instances, more focused on reviewing use cases and running pilots

• Several front office system implementations are happening across the market, primarily with vendors such as Charles River (CRD) and Aladdin. Some of these projects have a regional and global focus.

• There are a range of investment data initiatives being delivered across the industry, including the implementation of new data platforms and evaluation of data vendors

• The State Street Alpha/CRD solution continues to drive significant activity and operating model changes for investment managers and many of these initiatives are at later stages

• Some of the super fund mergers completed over recent years are now entering the next phase of integration and optimisation across operating models, platforms and processes, generating several large-scale transformation projects

  
  

Employment Market Trends across Investment Management

• For the moment, overall, it’s an employer’s market. However there are niche skill-sets where it is hard to find good talent, particularly risk and front office expertise across projects.

• The conditions are tight for senior candidates, who often find themselves competing against multiple high-calibre operators.

• We have observed more organisations offering fixed term and permanent contracts rather than day rates. This does become more prevalent when it’s an employer’s market. It will be interesting to see if this turns around when/if the market improves.

M&A Activity / Strategic Partnerships (Recent Announcements or Discussions)

• Bain acquisition of Perpetual

• EQT is acquiring Coller Capital

• Brookfield is considering selling La Trobe for $2.5bn–$3bn

• IFM has finalised its purchase of ISPT

• Completion of merger between Aware and TelstraSuper

• CareSuper is set to merge with Meat Industry Employees Superannuation Fund

• CC Capital made a non-binding indicative proposal for Insignia Financial

Watch This Space – Key Questions Moving Forward

• We’re seeing signs of recovery. With more activity across the board, we may see the market shift in 2026, moving away from an employer’s market.

• While this is promising, expectations should remain tempered given macroeconomic conditions and the uncertainty surrounding the conflict in Iran coupled with the global supply chain, which continue to create volatility for fund managers.

• AI programs are becoming more common. Will this become the norm as we start to see a higher concentration of people involved across these programs? Will the heightened focus on AI deliver meaningful change and realised benefits for organisations? Or will we continue to see more micro productivity gains.

• Are investment firms genuinely prepared for CPS 230, operational resilience and accountability for incidents involving outsourced providers?

If you'd like to discuss any of the above or have a general chat about the market, call Steve Ash on 0439 441 758.