An UCITS-compliant fund has been launched by Sanlam Investments, which will invest in companies that have the potential to "harness the power of artificial intelligence."
The Asia Pacific Artificial Intelligence Fund is managed by Chris Ford and Giles Worthington, and it will include its own bespoke artificial intelligence application, Orbit, as part of the investment process. Chris Ford and Giles Worthington are co-founders of Orbit.
The portfolio of the £800 million Sanlam C Fund, which is a sister fund, will be focused on companies in the Asia Pacific region where artificial intelligence is already embedded in everyday life, while employing the same investment approach.
Companies that are able to harness the power of artificial intelligence will enjoy "considerable competitive advantages," according to the team, which believes that "the world is at the beginning of the adoption" of artificial intelligence
According to the results of a survey, asset managers intend to increase their investment in artificial intelligence.
Ford said: "Asia is at the leading edge of the revolution so it was natural to launch a fund with the capability of targeting companies specifically in this geographic area, which we believe will enjoy considerable competitive advantages."
Added Chris Rodgers, Sanlam Investments' head of investment and risk management, "An investment in artificial intelligence is an investment in exceptionally strong businesses that are likely to remain relevant in the future, which is why we are extremely excited to bring this innovative fund to the marketplace."
For a limited period of time, the Ireland-domiciled UCITS fund will be available in a variety of share classes and at a reduced founder fee due to the fund's MSCI ESG rating of A, according to the firm.
By fLEXI tEAM