Goldman Sachs Asset Management launches AI investment platform: Report
Goldman Sachs Asset Management has launched AlphaAI, an artificial intelligence investment platform focused on generating returns from the AI space, Reuters reported based on an
Goldman Sachs Asset Management has launched AlphaAI, an artificial intelligence investment platform focused on generating returns from the AI space, Reuters reported based on an internal memo of the company.Lou DâAmbrosio will lead the platform as chairman of Artificial Intelligence for Asset Management, the report cited the memo as saying. "We believe AI is both reshaping â industries and â acting as a force multiplier in how we invest,â Marc Nachmann, global head of Goldmanâs asset and wealth management division, said as per the report.DâAmbrosio founded and led the Value Accelerator in 2018, chairs the firmâs AI Investing Leadership Council, and has previously served as chief executive of both private and publicly traded companies.He told Reuters that they expect âAI to drive greater dispersion within sectors, not just across themâ, and this wasnât necessarily reflected in the prices. AlphaAI has been designed to identify this, drawing on insights from Goldmanâs public and private markets businesses and more than 100 AI applications already operating at scale within its portfolio companies.Darius Adamczyk will take over as global head of the Value Accelerator, a Goldman Sachs unit he previously co-led.Exchange-traded funds targeting artificial intelligence are rapidly gaining ground, despite continued uncertainty over which companies will ultimately dominate the evolving technology landscape.US-domiciled mutual funds and ETFs with an AI-focused investment strategy collectively oversee $40.5 billion in assets, the report said citing Morningstar data.The Defiance Quantum ETF is among the largest funds in the sector, managing $4.88 billion in assets invested across quantum computing, machine learning and related enabling technologies, it said.(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
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