India’s tech workforce is already seeing the adverse impact of AI. Next up could be India’s financial analysts and fund managers. This Bloomberg article highlights how Blackrock has created a bot which does what conventional equity analysts do:
“BlackRock Inc. is planning for artificial intelligence to have a much bigger role in investing.
The world’s largest asset manager has built an AI research platform dubbed “Asimov” and is using it now in the firm’s fundamental equity business, Chief Operating Officer Rob Goldstein said Thursday at the firm’s investor day in New York.
“This is a virtual investment analyst,” Goldstein said. “While everyone else is sleeping at night, we have these virtual AI agents that are scanning research notes, company filings, emails, to generate portfolio insights.”
Goldstein said that he expects by the next investor day — the last one was two years ago — Asimov will be used across the firm to “scale our people.”
Fund managers have been using AI models for tasks ranging from simple ones like routine data collection to more sophisticated functions such as making investment decisions.
Hedge fund billionaire Paul Tudor Jones told Bloomberg this week that while he’s concerned about the social impact of AI, fund managers will have to embrace it. He said the tool is already changing global macro and quantitative funds like the one he runs and called it “the most disruptive technology in the history of mankind.””
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