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86% of Hedge Funds Allow Staff Access to Gen AI #AIinFinance

86% of Hedge Funds Give Staff Access to Gen AI Tools

A new report by the Alternative Investment Management Association (AIMA) reveals that 86% of hedge fund managers are now using Generative Artificial Intelligence (Gen AI) tools to enhance their work. These tools are being used for marketing, research, and coding tasks, but challenges such as data security concerns and inconsistent responses still persist. The report is based on a survey of 157 hedge fund managers and interviews with Gen AI experts and industry leaders, showing a widespread embrace of Gen AI and its potential to transform operational efficiencies and drive innovation. The report also highlights the obstacles and opportunities for Gen AI in the hedge fund industry, with larger fund managers showing more enthusiasm and investment in building in-house Gen AI tools. Despite challenges, the report suggests that 2024 could be a breakthrough year for Gen AI in supporting investment management processes. AIMA’s Global Head of Research and Communications, Tom Kehoe, and Chair of AIMA’s Global Research Committee, Tess Shih, both emphasize the transformative role that Gen AI is poised to play across the hedge fund industry. The report is based on a global survey of 157 hedge fund managers and interviews with hedge fund managers and AI consultants to provide a comprehensive overview of the current landscape and future prospects of Gen AI in the hedge fund industry.

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Source link: https://www.tradersmagazine.com/xtra/86-of-hedge-funds-give-staff-access-to-gen-ai-tools/

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