Multinational investment firm Blackrock reportedly has plans to roll out generative AI (GenAI) technology to its staff and clients next year.

In a memo to employees seen by the Financial Times, the world’s biggest asset manager said it will implement the technology in January as part of a strategy to improve productivity.

According to the publication, Blackrock has used the technology to create a co-pilot for its Aladdin and eFront risk management systems.

Aladdin is a portfolio management software that provides investment professionals a way to view and manage daily investments.

The move will enable the company’s clients to use the technology to obtain information from Aladdin.

“GenAI will change how people interact with technology. It will improve our productivity and enhance the great work we are already doing,” said the memo from Rob Goldstein, chief operating officer; Kfir Godrich, chief innovation officer; and Lance Braunstein, head of Aladdin Engineering. “GenAI will also likely change our clients’ expectations around the frequency, timeliness, and simplicity of our interactions.”

The company has also outlined plans to use the technology to support those working in investment collate data for research and proposals, as well as build a language translator.

In October, BlackRock invested in the recently concluded €30 million funding round of a German FinTech focused on the creation of a digital wealth management API.

Upvest’s aim is to centralise functions including providing trading, settlement and custody functionality for investors into one place, which it suggests will make investing more accessible, easier, and cheaper for “millions of investors across Europe.”

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