Smith & Williamson is launching a global thematic equity fund looking to tap into the rise of artificial intelligence (AI).
The Smith & Williamson Artificial Intelligence fund will be co-run by Chris Ford and Tim Day, who joined the group’s asset management arm in 2015 from Pictet, where they headed its global equity team.
The pair will run the fund as a high conviction portfolio of 30-35 stocks, which will be unconstrained by benchmark. It will be diversified both geographically and by sector, with around half of its holdings being ex-US.
Besides targeting companies that derive a significant proportion of their revenues from AI, the managers will also have the freedom to invest in related subsectors, such as robotics.
The fund is set for a June launch, subject to regulatory approval.
Ford said: ‘AI is powering the fastest growing areas in the global economy and companies are increasingly seeking to capitalise on the opportunities this brings. The influence of AI will continue to grow and it will not be limited to one sector of the economy or to one global region.
‘The Smith & Williamson Artificial Intelligence fund will seek to fully capture this opportunity by gaining exposure to the companies around the world which derive significant competitive advantages from their superior ability to harness AI.’
Head of funds Ed Rosengarten added: ‘The opportunity in artificial intelligence is compelling and in Chris and Tim we have a team with the expertise and track record to manage a thematic fund targeting the world’s leading AI-driven companies.
‘As one of the leading global AI hubs, London is the ideal place from which to manage the Fund and we look forward to offering investors access to one of the most exciting structural growth opportunities in world equity markets today.’
The launch comes hot on the heels of Allianz Global Investors bringing a Global Artificial Intelligence Equity fund to market last month, which the group claimed was the first dedicated AI fund to be launched in Europe.