Behind the "AI Fund Manager" One-Day Tour: Who will be responsible for investment losses?

China-Singapore Jingwei, June 6 (Zhou Yihang and Xue Yufei) Recently, the private equity fund company Beijing Zhiyu Zhishan Investment Management Co., Ltd. (hereinafter referred to as Zhiyu Zhishan) introduced an AI robot as a fund manager, which has attracted attention in the industry. Some netizens said that "fund managers are one step closer to unemployment."

However, just one day later, the company also claimed that the AI ​​robot was not mainly used for trading. What happened?

In addition, in recent years, some public and private equity fund companies have conducted AI stock selection and strategy training. Can AI robots replace fund managers? Who should be held responsible for trading losses?

One-day trip to "AI Fund Manager"?

Recently, "Zhizhizhishan" published an article on its official account stating that it plans to arrange for four of the company's researchers and one artificial intelligence-based robot (tentatively named Cybertron) to independently manage five different private equity funds. fund. The AI ​​robot Cybertron independently manages the Zhishan No. 1 private equity fund products and is supervised by the company's general manager.

“Cybotron” becomes the AI ​​fund manager Source: Zhiyu Zhishan Investment Official Account

However, just one day later, "Zhizhi Zhizhi" once again posted on the public account, stating that the true significance of Cybertron (AI) lies in the reshaping and integration of the company's existing value investment system, rather than the reshaping and integration of the company's existing value investment system. It is mainly used for transactions. From first principles, gaming transactions are not the main source of profit for value investments. In the future, Cybertron (AI) will be directly applied to all funds under management of the company.

In just one day, Cybertron has transformed from a "separate fund manager" to an "investment research system applied to all funds under management of the company." This has caused many investors to wonder, what is the origin of the so-called "Cybertron"?

In response to the above changes, on the 5th, He Li, general manager of Zhizhishan, told Sino-Singapore Jingwei that Cybertron’s main body is still monitored and managed by humans. It can be understood as using AI technologies such as large models to reshape the company's value investment system (including the total system, research system, trading system and risk control system), and then apply it to the specific investment decision-making process.

"In the past, what we envisioned was that people would monitor and guide, and Cybertron would execute strategies and transactions." He Li stressed that now it seems that the essence of Cybertron is the company's strategic investment system, which belongs to The construction process of the investment research system is not just a program, but a trading strategy that penetrates into multiple processes such as investment research and risk control transactions.

In fact, because AI technology can use machine learning, knowledge mapping and other technical means to judge and analyze market trends, In recent years, some public and private equity fund companies have carried out stock selection and strategy training for AI. Analyze individual stocks from multiple dimensions such as policy, fundamentals, and technology to improve accuracy and intelligence.

In this regard, Xuan Jiyou, general manager of Shanghai Qianmen Private Equity Fund, believes that the application of AI technology in fund management and stock selection strategies is not new. The use of artificial intelligence and the development of models have already been applied to several large-scale private equity funds in China. In the management and decision-making of funds, large public and private equity companies will be deeply integrated with AI in the future.

"Recently, AI technology has made breakthroughs in the fields of large language models and generative models, forming new application points." Huang Song, an AI algorithm expert and serial entrepreneur, pointed out to Sino-Singapore Jingwei that before this, including automated trading Technologies including market-making strategies, public opinion information and research report analysis and mining, multi-factor quantitative stock selection models, and various timing trading strategy models have been widely used in the field of fund investment. The AI ​​robot "Cybotron" that strives for perfection is likely to use a combination of the above technologies.

Talking about the connection between "AI fund managers" and the past "quantitative trading" and "robot investment advisory", Xuan Jiyou believes that AI technology can be understood as the past "quantitative trading" and "robot investment advisory" extension. "Quantitative trading and intelligent investment advisory are mainly based on the research and development of their own programs and cannot participate too much in self-learning. However, AI has the ability to learn independently, and there are more possibilities." Xuan Jiyou added road.

Who will be held responsible if AI makes mistakes in judgment?

It is worth noting that AI technology is developing rapidly, and many investors are also worried - if investors suffer losses due to AI mistakes, who should bear the relevant responsibility?

In this regard, He Li, general manager of Zhiyu Zhishan, told Sino-Singapore Jingwei that the relevant responsibilities must be borne by the company itself. "Although the addition of AI makes it difficult to divide relevant responsibilities, after all, Cybertron still focuses on humans, so the company should bear the responsibility for the consequences of this situation."

As for the application level of AI technology in the financial field, angel investor and Internet expert Guo Tao believes that with the current technical level of artificial intelligence, it is still impossible to accurately predict market trends. A more feasible method is to adopt a "human-machine cooperation" model. , that is, machines are good at calculation and analysis, and parts such as model building that machines are not good at are supplemented by humans.

The above proves from multiple dimensions that fund managers will not be replaced in a short time - in addition to the uncertainty of the above-mentioned AI investment strategy, Whether it is from the legal responsibility level or the emotional level, it is necessary to Human fund managers assume corresponding roles, and artificial intelligence only assists.

"The so-called AI robot can be regarded as a trading tool and cannot replace human decision-making." Zhang Xiaorong, director of the Deepin Technology Research Institute, said in an interview with China-Singapore Jingwei.

"There is no possibility of fund managers being replaced in recent years." Xuan Jiyou said that with the development of AI technology, human management products and machine management products will become neck-and-neck. From another perspective, It can play a role in accelerating the iteration of fund managers. (China-Singapore Jingwei APP)

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