CFS & University of Sydney launch AI PhD internships in wealth

Colonial First State is collaborating with the University of Sydney Business School to establish the CFS Future AI PhD Internship Programme targeting artificial intelligence development in wealth management.

The newly announced initiative will see doctoral candidates from the University of Sydney placed within Colonial First State (CFS) teams. The goal is to merge academic research and practical industry experience, enabling participants to design and assess AI tools that can support employees in adopting new technologies and working more efficiently.

PhD students will contribute to four distinct projects across investment, human resources, risk and compliance, and technical advisory functions. This cross-disciplinary approach is intended to help both students and CFS staff develop a deeper understanding of the practical implications of AI in a wealth management context.

Developing future capability

According to Shenaz Waples, Group Executive for People and Culture at CFS, the partnership is an important step towards equipping the workforce for technological change. Waples said:

"This partnership reflects our commitment to building 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."

This approach aligns with CFS's wider strategy to adopt responsible AI practices, focusing on employee, member and adviser experience through ongoing learning. Initiatives under this strategy include an AI Centre of Excellence and the Ignite AI Talent Programme, designed to give existing employees the skills needed to implement AI safely and effectively.

Bridging research and practice

Professor Leisa Sargent, Dean of the University of Sydney Business School, highlighted the importance of collaboration between academia and industry in driving real-world outcomes from advanced research. Sargent said:

"These PhD internships are pivotal in fostering both learning and innovation. They provide our graduate research students from the University of Sydney Business School a unique opportunity to collaborate directly with Colonial First State on complex business projects. These projects emphasize the human-centered application of AI, effectively bridging the gap between theoretical research and practical business applications."

The program aims to demonstrate how academic theory can translate into solutions for business challenges, with a focus on human-centred AI applications. The direct involvement of students in business-critical areas is intended to benefit both the educational and commercial sides of the partnership.

Enhancing technical capability

Jeroen Buwalda, Group Executive for Transformation, Technology and Operations at CFS, described the partnership as an accelerator for the firm's technical objectives. Buwalda said:

"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."

The combination of academic expertise and CFS's internal teams is seen as a way to develop and rapidly test potential technological solutions, supporting scalability while keeping responsible use at the centre.

Insights into business tasks

Professor Eliza Wu, Associate Dean (Research Education) at the University of Sydney Business School, outlined the benefits to doctoral researchers. Wu said:

"Internships like these are invaluable in providing our PhD scholars with new insights into complex issues facing business and society. They present a great developmental opportunity for our doctoral researchers to grasp how their research can be applied to deliver tremendous impact on business practice."

As the program is rolled out, both CFS and the University of Sydney will evaluate outcomes from the four initial projects to inform possible future collaboration and the broader application of these internship models across other industries and sectors.