3 November, 2017
BlackRock Cofounder: Artificial intelligence Won’t Replace Humans
The cofounder and president of asset management giant BlackRock believes artificial intelligence will never fully replace humans in the investment world.
Rob Kapito said on Thursday: “We’re moving into an era — probably half of you here have look at your iPhone 15 times since I walked up on stage — where everyone is using technology. Why shouldn’t technology play a very big role in the financial services?”
Earlier this year BlackRock announced plans to consolidate some actively managed mutual funds into more automated funds, with 36 people leaving the company as a result. The New York Times headlined the news: “At BlackRock, Machines Are Rising Over Managers to Pick Stocks.”