'Humans are the most important part' of investing, says a fund manager whose firm makes every call with algorithms

Core Insights - The article highlights the early adoption of AI in finance by Miro Mitev, who recognized the potential of neural networks for financial forecasting as early as 1997 [1][2] - Mitev founded SmartWealth Asset Management, which operates entirely on AI systems, with its latest fund, IVAC, targeting $2 billion in assets under management and aiming for annualized returns of 14-15% [2] Company Overview - SmartWealth Asset Management is a firm that relies solely on AI for decision-making, indicating a significant shift in asset management practices [2] - The firm’s latest fund, IVAC, is positioned to attract substantial capital, reflecting confidence in AI-driven investment strategies [2] Industry Implications - The reliance on AI in financial forecasting suggests a transformative trend in the investment industry, where traditional human decision-making is being supplemented or replaced by advanced algorithms [1][3] - Mitev emphasizes the importance of human involvement in the AI process, particularly in selecting training data and model parameters, which indicates a hybrid approach to AI implementation in finance [3]