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Investing.com -- BlackRock Inc (NYSE:BLK)., the world’s largest asset manager, has developed an artificial intelligence research platform called "Asimov" that is currently being used in the firm’s fundamental equity business.
Rob Goldstein, BlackRock’s Chief Operating Officer, revealed this development Thursday at the company’s investor day event in New York, as per Bloomberg. He described Asimov as a "virtual investment analyst" that works continuously to provide portfolio insights.
"While everyone else is sleeping at night, we have these virtual AI agents that are scanning research notes, company filings, emails, to generate portfolio insights," Goldstein said.
The company has ambitious plans for expanding Asimov’s role within the organization. Goldstein stated that he expects Asimov to be used across the entire firm by the next investor day, which would likely be in approximately two years, based on the timing of their previous investor day.
The goal of this expansion is to "scale our people," according to Goldstein, suggesting that the AI platform will enhance the capabilities of BlackRock’s human workforce rather than replace them.
This development represents a significant step in BlackRock’s strategy to incorporate artificial intelligence more deeply into its investment processes.
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