Can AI trade stocks?

Can AI robots manage funds instead of fund managers?

A private equity company announced that it will arrange for four researchers and an AI robot named Cybertron to jointly manage five funds.

One stone stirs up a thousand waves. While some people lament the rapid changes in technology, some people in the quantitative investment industry bluntly say that this is just a marketing gimmick. Technically speaking, the current possibility of AI robots replacing fund managers does not exist. In addition, from a legal perspective, AI robots cannot bear the legal responsibilities that fund managers should bear.

AI robot to manage funds

On June 1st, Zhiyu Zhishan Investment announced on its official WeChat public account that it plans to arrange for four researchers from the company and an artificial intelligence-based robot (tentatively named Cybertron) to independently manage 5 Just different private equity funds.

Zhiyu Zhishan Investment said: “All researchers and robots will share our investment research stock pool. This move is expected to allow each researcher to directly participate in investment practice and have a positive impact on future research work. Form a virtuous cycle and promote the company's performance to continue to improve (non-commitment)."

Zhizhishan Investment also emphasized that it has fully communicated with all the above-mentioned fund investors and received affirmation. Starting from the second half of this year, we will start the appointment of new fund managers and carry out association registration. Now we have started various real transactions for nearly half a year (backtest data since the establishment of the company in 2016), and some funds have been led by new fund managers. Formal management (such as Zhishan Black Pearl No. 1), and the effect is good.

The official website of the Asset Management Association of China shows that Zhiyu Zhishan Investment was established in March 2016 and is a private securities investment fund manager. Its current management scale ranges from 0 to 500 million. Private Equity Ranking Network includes 14 of its managed fund products.

The "cross-border" of AI robots is not an isolated case

The powerful functions of AI robots have always amazed people, and there has been heated discussion about whether AI robots can replace humans.

The financial industry has become one of the important choices for AI robots to "cross-border". Previously, Gu Jia, chief analyst of China Merchants Securities Media, said that China Merchants Securities has created a digital clone for him, and his virtual people will soon come out in "hundreds and thousands" for one-on-one communication and road shows.

It is reported that the AI ​​virtual human can be "operated" around the clock and appear at road shows, conference calls and other scenes.

Yu Jianing, executive director of the Yuan Universe Industry Committee of the China Mobile Communications Federation, believes that AI digital human analysts can use powerful data analysis capabilities to provide more comprehensive and accurate data and analysis results, allowing human analysts to be more capable Have a good understanding of the market and investment opportunities.

In addition to the financial industry, many industries have also seen the application potential of AI robots. For example, "AI Stefanie Sun", "AI Jay Chou" and so on were previously popular on the Internet.

Is it a technological advancement or a marketing gimmick?

Can AI robots replace fund managers?

The reporter interviewed many people in the quantitative investment industry. Industry insiders said that at present, technically speaking, the possibility of AI robots replacing fund managers does not exist. An AI robot is essentially just a piece of code written by a human.

A quantitative private equity fund manager in Shanghai said that from the investment field, AI is a powerful tool that can help quantitative fund managers conduct data analysis, automated transactions, optimize position portfolios, predict market trends, etc., but the construction of the model And adjustments still need to be done by people. In addition, quantitative research needs to constantly look for characteristic values ​​in transaction data. The mining of these characteristic values ​​currently requires humans to realize it. The replacement of AI in this aspect cannot be seen in the short term.

"AI as a fund manager is more gimmick than substance." Sang Tian, ​​a lawyer at Shanghai Dehe Hantong Law Firm, said, “AI can be used by people as an auxiliary decision-making tool, but AI cannot bear the legal liability that fund managers should bear. No matter what tool is used to form investment decisions, the relationship between funds and investors remains the same. The legal relationship between them requires the participation of the responsible person, and AI decision-making still needs to be subject to human judgment and supervision.

Sangtian added that some lawyers in the United States had previously used AI to assist court trials and found that AI would fabricate cases to support arguments. It can be seen that based on the current development of AI, it can only exist as an empowering tool for fund managers.

Yu Jianing, executive director of the Metaverse Industry Committee of the China Mobile Communications Federation, said that the current development of artificial intelligence is still in the weak artificial intelligence stage, but it has also had a certain ethical impact on society and the environment. Take the financial industry as an example. As a profit-driven industry, the development and business model of the financial industry are often restricted and restricted by interests, ethics, laws, etc.

Source: Shanghai Securities News

WeChat on duty: Yao Kun

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