Allianz Global Investors is boasting that an artificial intelligence (AI) fund it launched in March this year has passed €1 billion of assets under management.
“Strong” demand for the Allianz Global Artificial Intelligence Fund, which invests in equities, was from retail and institutional investors, the firm said.
Allianz GI said the fund was the first of its kind when it launched in Europe.
The fund is an expansion of a strategy launched in Japan in September 2016 in partnership with Sumitomo Mitsui Asset Management and Nikko. In total, the strategy has more than $4 billion of assets globally.
Sebastian Thomas, senior portfolio manager, said: “We are just scratching the surface of what AI can achieve and seeing an accelerating pace of innovation. We believe the impacts will compound over the years to come as AI becomes even more woven into the fabric of our lives.”
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This article was originally published in Funds Europe.
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