BlackRock, the world’s largest asset manager, is stepping up its AI game.
Background
- BlackRock is looking to build out its AI team
- The management is set to focus on hiring engineers and data experts for its iHubs
- Typically, the firm’s iHubs work on complementary products and services
- They fall within the brackets of investment research, risk management, financial engineering, business operations, and data analytics
- Notably, several of these areas integrate AI
Why should you pay attention?
- The firm is reportedly looking to increase its team size by 1,200 people
- This will be done by expanding two of its support hubs (iHubs) in India
- To accommodate more employees and support future growth, BlackRock has leased additional office space via a $45.9 million deal
Who said what?
- Executives at BlackRock believe AI is one of the key structural forces reshaping the investment landscape
- Vikek Paul, Global Head of Portfolio Research and UK Chief Investment Strategist, said,
“What this means is that, effectively, we are going to have greater adoption. We are going to see more of those next phase winners come early and I think that has to be the overall reaction”
- With the US and China moving in different directions, Paul brought to light the geopolitical shifts and underlined how this creates significant opportunities for India
Tether joins the AI bandwagon too
- USDT stablecoin issuer Tether has also been in the news of late, pertaining to AI-related developments
- The team is working on several AI-powered services
- That includes a translator, voice assistant, and Bitcoin wallet assistant
- The team is also looking to launch an open-source AI SDK kit and a Brain operating system (OS)
