Smith & Williamson to launch artificial intelligence fund – Citywire.co.uk

Independent financial services group Smith & Williamson is launching an investment fund looking to tap into the rise of robots and artificial intelligence (AI).

The Smith & Williamson Artificial Intelligence fund will be co-run by Chris Ford and Tim Day, who joined the groups asset management arm in 2015 from Pictet, where they headed its global equity team.

The pair will run the global fund as a high conviction portfolio of 30-35 stocks, with no reference to a stock market benchmark. The company says the fund will be diversified both geographically and by sector, although around half of its holdings will be in the US.

Besides targeting companies that derive a significant proportion of their revenues from AI, the managers will also have the freedom to invest in related subsectors, such as robotics.

The fund is set for a June launch, subject to regulatory approval.

Ford said: AI is powering the fastest growing areas in the global economy and companies are increasingly seeking to capitalise on the opportunities this brings. The influence of AI will continue to grow and it will not be limited to one sector of the economy or to one global region.

The Smith & Williamson Artificial Intelligence fund will seek to fully capture this opportunity by gaining exposure to the companies around the world which derive significant competitive advantages from their superior ability to harness AI.

Head of funds Ed Rosengarten added: The opportunity in artificial intelligence is compelling and in Chris and Tim we have a team with the expertise and track record to manage a thematic fund targeting the worlds leading AI-driven companies.

As one of the leading global AI hubs, London is the ideal place from which to manage the fund and we look forward to offering investors access to one of the most exciting structural growth opportunities in world equity markets today.

The launch comes hot on the heels of Allianz Global Investors bringing a Global Artificial Intelligence Equity fund to market last month,which it claimed was the first dedicated AI fund to be launched in Europe.

See more here:

Smith & Williamson to launch artificial intelligence fund - Citywire.co.uk