Geneva-based Pictet Asset Management has launched a global equities fund that will use artificial intelligence for stock selection.
The Luxembourg-domiciled Pictet-Quest AI Driven Global Equities “enhanced” index fund will target an annual return before fees of 1.5% above the MSCI World index, with a management fee of 20 basis points.
David Wright, co-head of quantitative equity strategies, said: “The rapid expansion of machine learning and AI, combined with improved market data quality, now makes it possible to systematically add incremental outperformance that can have a profound effect in the long term.”
Stéphane Daul, lead portfolio manager, added: “We believe the existing quant factor investments offered by the broader industry have limitations, particularly when changes to the economic regime occur.
“Pictet’s privately owned status and long-term approach to investing has allowed our 20-strong team to take the time to diligently build, train and test machine-learning models that confidently deliver better outcomes for investors.”
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