According to a recently released report, the majority of asset managers now use artificial intelligence (AI) in their investment process; however, only a small percentage use the technology for more complex jobs.
According to a recently released report, the majority of asset managers now use artificial intelligence (AI) in their investment process; however, only a small percentage use the technology for more complex jobs.
According to a Mercer Investments analysis, up to 91% of asset managers either use artificial intelligence in their asset class research or investing strategy.
However, its application has been restricted to comparatively easy jobs like idea generating and data analysis. A far lesser percentage use AI for more intricate tasks like rebalancing or portoflio development.
Regarding the application of AI, the analysis confirms a pattern observed in the financial services industry elsewhere. Until yet, decision-making has not occupied the majority of use cases; instead, labor-saving procedures like data analysis have.
Mercer's research indicates that this might be changing, though. According to the survey, 21% of the participating organizations intend to introduce AI-powered investment strategies within the next 12 months.
The transition from using AI to improve savings to the application of more complicated aspects of investment management will be "key to AI becoming truly transformative," according to Jo Holden, global head of investments research at Mercer.
One hundred fifty investment managers were interviewed for the study.
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