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What is the best use of artificial intelligence for allocators? Try helping pension funds make investment decisions.
Asset owners are increasingly interested in AI, but its primary use is for administrative tasks. But that’s not the case with Massachusetts Pension Reserve Investment Management, a $22.2 billion investment fund that manages assets for several Bay State retirement plans. The fund has just announced plans to collect and manage investment data and develop artificial intelligence models to assist with administrative functions.
The AI model will be trained on decades of data from MassPRIM, commissioners said during the organization’s Jan. 30 meeting.
According to the 2024 goals set by the fund, it will explore “the embedding of AI into PRIM’s business processes and the evaluation of potential solutions” and “apply large-scale language models in investment analyst/monitoring processes”. ”.
At the meeting, staff said development of AI tools would continue throughout the year, but noted that these are only “baby steps” toward integrating artificial intelligence into the fund’s operations.
Some pension fund CIOs say they primarily use the technology to take notes and create meeting summaries, but interest in using AI to make investment decisions is growing. is increasing. MassPRIM’s Board of Directors now plans to address this issue in earnest.
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Tags: AI, Artificial Intelligence, Mass PRIM, Massachusetts Pension Reserve Investment Management
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