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Chinese fund managers turn to AI and machine learning to pick stocks
- Friday | 21st May, 2021
SHANGHAI (Reuters) – Chinese fund managers, grappling with a rapidly-growing list of publicly-traded securities and mountains of data, are rapidly embracing machine learning and other types of artificial intelligence (AI) to boost efficiency and bolster returns. Last week, Zheshang Fund Management Co launched a fund that uses robots to predict the market outlook and select stocks. It came after China Asset Management Co (ChinaAMC) announced its partnership with Toronto-based AI company Boosted.ai. ABC Fintech counts asset managers such as China Universal Asset Management and Hwabao WP Fund Management Co as clients, and serves as their data factory, Yu said. “That’s hardly acceptable to regulators.”As learning algorithms are increasingly used in trading rooms, local fund managers are working with regulators to try to design new standards for the industry.
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