UK fund management giant Schroders is encouraging its global workforce to experiment with Genie, its in-house artificial intelligence (AI) system. Genie, which has been available to all Schroders employees since April, aims to find innovative applications for AI within the company while safeguarding confidential information. CEO Peter Harrison believes that empowering employees to explore AI initiatives can drive bottom-up change. Some ideas proposed by Schroders employees include using AI to automate financial advice and improve client reporting, potentially reducing costs such as the £2.5 million spent annually on language translation. However, the combination of AI and blockchain technology represents a potential game changer. Schroders purchased a minority stake in Forteus, a blockchain and digital assets firm, with the goal of offering tokenised funds. The company is also participating in a project exploring a tokenised vehicle for variable capital companies. Harrison believes that blockchain has the potential to revolutionize asset management in a similar way to how the internet transformed information. Schroders’ focus on AI aligns with wider trends in the financial services industry. Hedge fund Man Group has developed its own AI tool, ManGPT, while PGIM and investment banks such as Goldman Sachs, Deutsche Bank, and HSBC are also exploring the use of AI technology.

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