世纪证券资产配置团队负责人吴贤敏：AI浪潮已经到来，金融科技将如何改变FOF投研？

Core Viewpoint - The article discusses the impact of financial technology on Fund of Funds (FOF) investment, highlighting the evolution through three stages: automation, data-driven decision-making, and AI intelligence [4][6][14] Group 1: Stages of Financial Technology in FOF - The first stage is automation, where data models are established to integrate and process structured data, enhancing efficiency and accuracy in performance tracking [4][6] - The second stage involves shifting from subjective to data-driven decision-making to mitigate cognitive biases in FOF investments, utilizing financial models and data analysis for performance evaluation [6][9] - The third stage is AI intelligence, which is still emerging in the FOF sector, with potential applications in processing unstructured data and managing post-investment analysis [7][14] Group 2: Challenges in FOF Management - Data availability is a significant challenge, as there are over 20,000 existing private equity funds in the market, but no mature data service providers for private fund net values [7][9] - Portfolio construction and adjustment are complex due to the need for flexibility in achieving different risk-return profiles, making rapid adjustments challenging [9][10] - Post-investment management is difficult, especially for larger FOF managers, as it requires high-frequency tracking and risk identification across diverse products [9][13] Group 3: Solutions and Innovations - The company has developed a proprietary private fund database and quantitative analysis modules to enhance fund selection accuracy [10][11] - For portfolio construction, representative return curves for each strategy have been established, along with a backtesting framework to support flexible portfolio adjustments [11][13] - Automated monitoring and alerts for performance deviations have been designed to improve post-investment management precision [13][14] Group 4: Future Outlook - Financial technology is expected to play an increasingly vital role in the FOF sector, potentially becoming a competitive advantage for many institutions [14][15] - Despite the advancements, it is acknowledged that quantitative methods and AI cannot fully replace human roles in the investment process due to inherent limitations [14]