Allianz Global Investors' artificial intelligence (AI) fund has passed the €1bn (£880m) assets under management mark 18 months after its launch.
The Global Artificial Intelligence Fund, which was launched in March last year, invests in companies developing AI systems in a bid to benefit from rapid advancements in disruptive technology such as Big Data analysis, machine learning, self-driving cars and the Internet of Things.
The European fund is an expansion of a strategy established for Japanese investors in September 2016 as a partnership between Tokyo-headquartered Sumitomo Mitsui Asset Management and Nikko Asset Management.
“We are pleased with the interest investors have shown in the Global Artificial Intelligence Fund. We believe artificial intelligence is a transformative technology that has the potential to reshape the global economy and disrupt existing industry structures," said senior portfolio manager Sebastian Thomas.
“Our strategy looks to invest across all sectors and around the globe for innovative companies developing or leveraging AI technology and is not managed to a typical technology index that is heavily weighted to mega cap tech stocks. The fund usually has above 75% active share versus most global tech funds.
“We are just scratching the surface of what AI can achieve and seeing an accelerating pace of innovation. We believe the impacts will compound over the years to come as AI becomes even more woven into the fabric of our lives.”