Investment Group Looks to AI for Managing Financial Portfolio
The world’s largest investment group, BlackRock, created an AI lab in Palo Alto, CA, which it discussed in an internal memo, according to the Financial Times.
With $6.3 billion in assets, the financial group manages funds for major groups, including Japan’s Government Pension Investment Fund, the world’s biggest manager of retirement savings.
“The asset management industry is particularly interested in the area, as they try to improve the performance of their fund managers, automate back-office functions to cut costs and enhance their client outreach by analysing vast amounts of internal and external data,” according to the Financial Times article.
BlackRock’s “Tech 2020” plan includes creating a “Data Science Core” as it seeks to become a leader in using technology in the investment world.