|
Laxman Pai, Opalesque Asia: Deutsche Bank's asset management arm DWS Group has acquired 24.9% stake in a UK technology firm Arabesque AI Lt making use of artificial intelligence (AI) to attempt to predict stock price movements.
Terms of the deal were not disclosed. Both parties have agreed to maintain confidentiality on the price of the transaction and further financial details. Closing of the transaction has already taken place.
Through the deal, DWS, which has EUR 704bn ($782bn) assets under management, also seeks to strengthen its active management capability with a stock prediction engine, which combines big data, machine learning, and high-performance computing.
Besides, both companies have agreed on a strategic partnership to enhance the capabilities of the AI engine and to develop sophisticated AI-based investment solutions.
"The strategic partnership with Arabesque AI is the next step towards the digitalization of DWS. It will strengthen our digital capabilities and, in particular, our Artificial Intelligence know-how. We will be able to harness disruptive technology within the asset management industry for our advantage", said Asoka Woehrmann, CEO of DWS.
He added, "In the future, the AI engine will deliver innovative signals that will help us identify additional alpha sources, and will enable us to make smarter decisions."
Dr. Yasin Rosowsky, Co-CEO of Arabesque AI, said, "Artificial Intelligence is rapidly shaping global asset management, with...................... To view our full article Click here
|
RSS
