The head of one of the world’s largest hedge funds says systems artificial intelligence are unlikely to replace traders any time soon.
London-based Man Group, whose assets under management hit a record high of $178.2 billion in the first six months of the year, makes money by charging investors management and performance fees.
That number grew by 54% between 2018 and 2023, even though the company’s average headcount only grew by 30% – thanks in part to the use of technology.
Robyn was excited about developments in artificial intelligence
Robyn Grew, the first woman to lead the 241-year-old hedge fund, told CNN in an interview earlier this month that she is excited about advances in artificial intelligence, noting that her investment managers have been using the technology “for certainly 10-plus years.”
However, she was willing to downplay the threat to jobs.
“I don’t think artificial intelligence will be making investment decisions any time soon,” Grew said. “I think the skill of knowing the power of this technology is knowing its limitations.”
The managing director, a lawyer who joined Man Group in 2010 and previously served as its chairman, he compared artificial intelligence to a tool used in surgery: “(Surgeons) now have this great equipment that allows them to have better margins, better visibility and more precision.”
Still, he added, “you wouldn’t want me to perform brain surgery on you, no matter how brilliant the tool is. And the same goes for technology… I can appreciate the capability and what this tool can offer, but you still want it in the hands of qualified people.”
Source: CNN