Some portfolio managers are resistant to using AI tools, perhaps because they feel threatened by them, but “an AI-enabled prime minister will be a winning manager,” says one executive at our Citywire CEO Summit 2024.
Another sticks her neck out and states that she doesn’t think anyone at the table thinks artificial intelligence will be “making investment decisions anytime soon.”
One thing is clear: AI will drive efficiency, which sounds “boring” but is “not stupid,” she says, adding that it is incredibly important.
For example, one executive talks about how AI is helping their asset management team answer requests for proposals (RFPs) that can sometimes contain up to 1,600 questions.
Vanguard is working to use artificial intelligence to improve the quality and consistency of all aspects of advisor recommendations. The company is currently doing this in the US, but the company will offer it in Europe, according to Vanguard’s Sean Hagerty.
The general consensus around the table was that AI allows everyone to focus on “higher value-added tasks.”
Six CEOs took part in the discussion:
- Matthew Beasley, CEO of Jupiter Fund Management.
- Erich Gehrt, CEO of RBC BlueBay Asset Management.
- Robin Grew, CEO of Man Group.
- Sean Hagerty, Managing Director, Vanguard Europe.
- Christelle Rendu de Lint, co-CEO and head of investments at Vontobel.
- Hanneke Smits, Global Head of Investment Management at BNY Mellon.
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