Project Report

(Submitted for the Degree of B.Com. Honours in Accounting & Finance under the University
of Calcutta)

Title of the Project

ARTIFICAL INTELLIGENCE AND MACHINE LEARNING IN

ASSET MANAGEMENT

Submitted by
Name of the Candidate: Sajjal Bansal
Registration No.: 145-1211-0245-21
Name of the College: Goenka College of Commerce & Business Administration
College Roll No.: 453

Supervised by

Name of the Supervisor: Prof. Antara Dhar

Name of the College: Goenka College of Commerce & Business Administration

MAY 2024
Annexure- IA

Supervisor's Certificate

This is to certify that Ms. Sajjal Bansal a student of B.Com. Honours in Accounting & Finance of
Goenka College of Commerce & Business Administration under the University of Calcutta has
worked under my supervision and guidance for her Project Work and prepared a Project Report
with the title ARTIFICAL INTELLIGENCE AND MACHINE LEARNING IN ASSET
MANAGEMENT which she is submitting, is her genuine and original work to the best of my
knowledge.

Signature

Place: Kolkata Name: Prof. Antara Dhar

Date: Designation: Supervisor
Name of the College: Goenka College of Commerce
& Business Administration
Annexure- IB

Student's Declaration

I hereby declare that the Project Work with the title ARTIFICAL INTELLIGENCE AND
MACHINE LEARNING IN ASSET MANAGEMENT submitted by me for the partial
fulfilment of the degree of B.Com. Honours in Accounting & Finance under the University of
Calcutta is my original work and has not been submitted earlier to any other University
/Institution for the fulfilment of the requirement for any course of study.

I also declare that no chapter of this manuscript in whole or in part has been incorporated in this
report from any earlier work done by others or by me. However, extracts of any literature which
has been used for this report has been duly acknowledged providing details of such literature in
the references.

Signature

Name: Ms. Sajjal Bansal

Address: Kolkata
Registration No.: 145-1211-0245-21

Place: Kolkata
Date:
 ACKNOWLEDGEMENT
I am overwhelmed in all humbleness and gratefulness to acknowledge my
depth to Dr. Abhijit Dutta, Principal of GOENKA COLLEGE of
COMMERCE & BUSINESS ADMINISTRATION who helped me to put
these ideas well above simplicity and into something concrete.
I would like to express my special thanks of gratitude to my Prof. Antara
Thar who gave me the idea and opportunity to study on the topic
“Artificial Intelligence and Machine Learning in Asset Management”,
which helped me in doing a lot of research and I came to know about so
many new things.
Any attempt at any level can’t be satisfactorily completed without the
support of my family and friends. I would like my parents and friends who
helped me to reach out to people for gathering different information as well
as data for my research.
 TABLE OF CONTENT

CHAPTER 1 INTRODUCTION TO THE STUDY PAGE NO.

1.1 BACKGROUND 1-2
1.2 NEED OF STUDY 3

CHAPTER 2 CONCEPTUAL FRAMEWORK PAGE NO.

2.1 REVIEW OF LITERATURE 4
2.2 OBJECTIVES 5
2.3 RESEARCH METHODOLOGY 6-7

CHAPTER 3 PRESENTATION, ANALYSIS & PAGE NO.

FINDINGS
3.1 DEMOGRAPHIC ANALYSIS 8-9
3.2 FACTUAL ANALYSIS 10-20
3.3 MAJOR FINDINGS 21-22

CHAPTER 4 CONCLUSION AND PAGE NO.

RECOMMENDATIONS
4.1 CONCLUSION 23
4.2 LIMITATIONS OF RESEARCH 24
4.3 RECOMMENDATIONS 25

CHAPTER 5 REFERENCES PAGE NO.

5.1 RESEARCH PAPERS 26
5.2 BOOKS 26
5.3 WEBSITES 26

CHAPTER 6 ANNEXURES PAGE NO.

6.1 QUESTIONNAIRE 27-32
 CHAPTER 1:
INTRODUCTION TO THE STUDY

1.1 BACKGROUND

This research paper is being prepared to try and understand how Asset
Management firms all over the world manages different asset classes like
(Equity, Fixed Income Bonds, Alternative Investments, etc.) using Artificial
Intelligence and Machine Learning.

Financial institutions are looking for various methods for managing voluminous
data from across the globe to make important investment decisions. Earlier the
decision making was mostly done on the basis of structured data and historical
data which was primarily collected from fixed sources generally the annual
reports and trading history but now things have changed because everyone has
access to all this data. All individual investors as well as small firms are using the
same database for predicting the future as a result the data has lost its relevance
for higher income groups.

Big players like Blackrock and Vanguard the two giants along with other big
players also want to use the unstructured data. Here comes the role of Artificial
Intelligence and Machine Learning this tools or solutions can find pattern in the
unstructured data and can throw out information or insights about future
performance and events that cannot be predicted with simple historical data. This
unstructured data can produce actionable insights that can improve the level of
accuracy of the predictions and hence provide superior results.

The data today which we are dealing with are not just numbers or texts now it
includes voice, images, behavior. There are so many different methodologies that
are commonly used are social media analytics, Big Data analytics, text mining,
etc.

Some areas where the asset management industry uses AI and ML are-

Event Monitoring and Time Series Analysis- Many finances based and
technology-based companies use cutting edge technology turn unstructured data
into structured data. Then this data is used to take decisions for various portfolios.

Social Media based Analysis- Social media analysis has now become a new
trendsetter as it is used to understand market sentiments. Stock market
predominantly runs on market expectations and believes. People invest in ideas
and images that they perceive. Machine learning is used to understand opinions

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and trends and gives an opinion based these sentiments and then this is used as an
input in decision making.

Portfolio Management- AI and ML is used intensively in portfolio management

and optimization. This means asset managers use this tools and software to
distribute the funds across various asset class and across geography based on
inputs like economy, business conditions, government rules and regulations, etc.

Client Interaction and Services- Asset management companies use AI to

understand client behavior that is there risk appetite and their risk willingness.
Such data is used to help offer best portfolio based on their behavior and
requirements. Companies use behavioral science to improve their service and try
to develop better relationship with their clients.

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1.2 NEED OF STUDY

The topic “Artificial Intelligence and Machine Learning in Asset

Management “is very relevant today because a key application of AI/ML to
operational functions is the quality checking, monitoring and exception handling
of the vast quantities of data on financial instruments that asset managers rely on.
Data quality is of the utmost importance as making fewer errors reduces the
operational risk and protects the end clients.

The study conducted will help and bring clarity to both investors and the
managing firm in understanding each other approach towards AI/ML and will
provide insights about future of Asset Management Industry. After going through
this research paper, the reader will have better clarity about both the benefits and
harm that AI/ML will bring with itself.

As an investor this study is required because they still don’t have answer to why
AI/ML in asset management, the future cost structure in asset management
industry. A well explained analysis of risk and benefits that AI will bring and
opinion of industry experts on future of Asset management industry.

As a Managing Firm this paper is relevant because they will get better
understanding about the mindset of people towards AI/ML. This study will
provide them with knowledge about expectations of investors and their fear for
changes brought in by AI/ML. This study will help firms to understand the
limitations to existing mechanism and help them develop a program that will not
only take care of investors fund but also the relationship that they want to
maintain with the firm.

This study is important to educate both the investors and the managing firm about
each as there is still a huge information gap that is needed to be filled. This will
help in attracting more investors which will be beneficial for the industry.

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 CHAPTER 2:
CONCEPTUAL FRAMEWORK

2.1 REVIEW OF LITERATURE

For the above the research paper I did 2 literature reviews: -

1. Novick (2019) of BlackRock in her study about “Artificial

Intelligence and Machine Learning in Asset Management”
concludes that

The provision of investment advice is heavily regulated hence any

new tool which is a product of artificial intelligence and machine
learning will we regulated under same rules and regulation.
As AI and ML has access to client sensitive data it is critical to
ensure robust cybersecurity system.
Risk managers should run the model both with sample data and with
training data so that the problem of overfitting doesn’t arise.
Asset managers rely too much on vendors for data, so in order to
provide proper research the source of data should be reliable or it
may cause the problem of GIGO (garbage in garbage out).

2. Sivaramakrishnan (2018) of Tata Consultancy Services in

her study about “Decision Analytics using Artificial
Intelligence and Machine Learning” concludes that

Rise in volume and sources of data has made it impossible to

handle the data using traditional tools and methods.
Apart from traditional data (stock exchange -price and volume,
companies- sales and profit, government – economic data) there are so
many alternate data (that of individuals like web searches, personal
data are generally unstructured and sensors data like internet of things
and smart appliances) all this data carry so much information that it
cannot be used with traditional techniques.
With ever increasing competition keeping a check on cost structure is
very important. As per recent trends asset management firms has
minimized the membership expenses to 0 and now their earnings
majorly depend on soft dollars and performance-based compensation.
Hence in order to minimize their expenses firms are looking for AI
based solutions to reduce manpower requirement.
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2.2 OBJECTIVES

1) To study the behavior of investors towards Artificial Intelligence and

Machine Learning.

2) To study the impact of artificial intelligence and machine learning on cost

structure and accuracy.

3) To understand the need of artificial intelligence and machine learning.

4) To study whether artificial intelligence and machine learning can replace humans
from workplace.

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2.3 RESEARCH METHODOLOGY

TYPE OF RESEARCH:

For my research paper I have used convenience sampling which is a type of non-
probability sampling technique. Non- probability sampling is a sampling
technique where odds of any member being selected for a sample cannot be
determined. Convenience sampling involves collecting sample from somewhere
convenient to us.
3. The study consists of 106 responders (sample size), which means data of
106 people has been taken to conduct the study.
4. The period of data collection was around 75 days.
5. A total of 15 study related questions were to be answered by every
respondent.

COLLECTION OF DATA:

In order to collect primary data, we prepared a questionnaire that consists of 15

questions each having 3 options to choose from, this question was prepared in
accordance with objectives.
1. The questions were divided in terms of investors perspective and
managing firm’s perspective.
2. The source of data collection was with the help of a structured
questionnaire constructed using google forms which was circulated using
Gmail, WhatsApp and Instagram.
3. In order to get more realistic opinion about the study I tried that most of
the responders were from the field of finance.

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ANALYSIS OF DATA:

As the majority of data is in qualitative form, I used Thematic Analysis technique

to draw inferences from the data collected. Under this method the data collected is
examined thoroughly to identify broad themes and pattern. This method helped in
understanding the opinions of people across different working class. Each pattern
or theme helped me to gain an understanding of participants’ perception and
motivation.

RATIONALE FOR THE ABOVE METHOD:

The reason why non-probability sampling method was used over probability
sampling technique because the objectives that we want to achieve can only be
achieved if someone has some prior knowledge of the topic. This technique also
helped in reducing outliers and gave us a better insight about the reality.

Yes, I acknowledge the fact that the above method can give rise to selection bias
but it was necessary to establish a clear alignment without objectives the sample
data which we collected had majority of participants from the field of finance.

The selection bias present in the data is doing more benefit than harm as this
ensures that the responses that we are getting are from people who have some
background knowledge this ensures that the responses that we will be getting are
more reliable.

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 CHAPTER 3:
PRESENTATION, ANALYSIS & FINDINGS

3.1 DEMOGRAPHIC ANALYSIS

Age Distribution Of 106 Responders

70
60
50
40
30
20
10
0
20-30 30-40 40-50 50+

As we can see out of 106 respondents, 65 people fall in the age category of 20-30
years, 10 people fall in the age category of 30-40 years, 18 people fall in the age
category of 40-50 years and remaining 13 are older than 50 years.

Gender Distribution Of 106 Respondents

0%
41%
59%

Male Female Others

Our study has been represented fairly by all the categories of gender.

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 Distribution of Responses across Age&
Profession
70
60
50
40
30
20
10
0 Total
20-30
30-40
40-50

20-30
30-40
40-50

20-30
30-40
40-50

20-30
30-40
40-50

20-30
30-40
40-50
50+

50+

50+

50+

50+

Home-Maker Retired Self Student Working

Employed Professional

Both the above, the pie chart and the bar graph shows the distribution of
responders across all age groups divided according to their respective Profession.
55.7% of our responders are students and jointly around 34.9% of the responders
are working professionals and self-employed.

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3.2 FACTUAL ANALYSIS

Analysis of FundAnalysis
Fund Manager Management

The above pie chart shows that a majority of the responders 56.6% wants their
funds to be managed using both AI based program and a certified analyst, 33%
wants only analyst and a very small number 10.4% wants only AI based program.
Finding: This pie chart clearly shows that 89.6% people prefer an analyst to
manage their funds over an AI based program as only 10.4% people choose only
AI based program.

Analysis of Importance of Relationship with Fund Manager

Here with a clear majority of 50.9% people believe that relationship with your
manager is very important, 39.6% people thinks that their relationship with the
manager is important to a certain extent while rest of 9.4% thinks that a good
professional relationship is not that important.
Finding: The data clearly shows that the relationship with the fund manager is
very important and people tend to trust Certified Analyst more than a program
when it comes to their hard-earned money.

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 Analysis of Commission charged by Asset Management Firm

Here we see a clear majority of 52.8% where people believe that Asset
management firm charge them fairly.
Finding: Here we can say that if AI and machine learning is used companies can
bring down their costs and can either improve their profit margins or can reduce
prices of their services.

Analysis of Payment to Asset Fund Manager post introduction of AI

Here we can see that a majority of our responders

(44.3 + 39.6) % =83.9% either wants to pay to their fund managers same or less
percentage of their profits.
Finding: From the above data we can say that the idea behind this is that people
know that once AI comes into play accuracy & allocation of funds will improve
because of which profits will go up and eventually firm will earn more so they
want to maintain same level of commission.

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 Analysis of Payment of Commission

Asset Management industry charges their commission in two formats either it is

the percentage of total corpus generally lies between (1-3) % or percentage of
total profit generally lies between (10-30) %
Finding: Here we can see a majority of the responders want commissions to be
lower than 10% and we if club the data then 89.6% people wants to pay less than
20% of their profits in the form of percentage which is somehow close to Indian
Industry Average of 14.8%.

Analysis of AI as a good fit for extreme situations

In ever changing dynamics of the market with greater risks can AI perform well
under extreme situations.
Finding: As we see around 50.9% people are not sure about how AI will perform
under extreme situation this is possible because Asset management industry has
recently not faced much extreme situations in the market, hence the sample size or
data of performance of AI under such situations is low.However,32.1% people
think that AI is a good fit for extreme situations the logic that supports this
argument can be that AI doesn’t run on emotions but it takes decision based on
facts and figures, therefore minimizing the scope for human error

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Analysis of need of AI in Asset Management

Division Of People Who Think AI Is

Necessary
20
15
10
5
0
Student Working Self Employed Retired Home-Maker
Professional

As we all know that today data management has become a very lucrative career
option and many software companies are trying to prepare tools based on AI and
Machine learning to help manage such voluminous and complex data.
Finding: Out of 45.3% people who chose necessary as their answer around 72%
are either working professionals or Self-employed and rest 28% constitute
retired or students. This shows that people who actually deal with such data
needs AI and machine learning to manage the same.

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Analysis of Educating Investors before Implementation of AI

Today it is very important for everyone to keep up their pace with changing
environment and for that continuous education is very important.
Finding: Here we can clearly see that a majority of responders, 67% to be
precise wants to have an understanding of these new improvements. AI and
Machine Learning is new to so many people that it’s important for firms to
educate the investors. After all, if investors don’t feel secured about their money
they won’t invest.

Analysis of Change in level of Accuracy post implementation of AI

Predicting movements is market is never an easy job that too in a market which
changes every moment and is exposed to high volatility. An experienced person
can still predict the near future with good accuracy but to predict distant future has
been always difficult.
Finding: Out of 41.5% people who chose option A – 53% people are working
professionals. A 10% change in accuracy may not look much but in this industry
an improvement in prediction level is very high plus as per the above data a
cumulative of 77.3% responders agree to 10% improvement in accuracy.

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 Analysis of Reduction in Manpower post implementation of AI and ML

With implementation of AI and ML into practice we can see a fall in manpower

requirement in this industry. With an industry average of 29.57% (average of top
5 Indian AMC’s) personnel expenses.
Finding: Around 35.8% people believe that there will be 10-15% reduction
which is around 3-4% of total expense and a majority of 41.5% people believe
that a fall of 15-25% in manpower requirement which is again around 4.5-9% fall
in total expense. For an industry with high competition such a reduction is huge.

Analysis of Change in Cost Structure

Major costs that an AMC incurs is in personnel and data collection. AMC’s
collects data from various vendors who provide them with structured data that
helps in analysis. Personnel expenses and Vendor expenses rounds up to
around 40% of total costs.
Finding: The above data shows around 40.6% believe that AI & ML can bring
down costs by around 15% and a majority of 42.5% people believe that costs will
reduce by up to 30%. This number speaks volumes about the impact of AI and
ML in asset management industry. AI can replace personnel’s expert advice
while machine learning can reduce the need of structured data as it can easily
convert unstructured data into structured.

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Analysis of AI Empowerment

This question gives us an idea of ground reality that is how soon AI and ML will
take over Asset Management Industry in India.
Finding: The answer is more than 2 years which is supported by 54.2% people.
The reason is lack of capital, lack of initiative, AI is still new for this industry and
(in INDIA) asset management industry is still very young. In recent years we have
seen that major AMC’s in India has started to use data science and Machine
Learning in their practice but when it comes to AI, we still have long way to go.

Analysis
AnalysisofofAIUsers
Userinterested
Interestedin AI

According to the data above are investors really waiting for AI and ML to be used
for managing their funds. So, with clear majority of 58.5% we can say that-
Finding: Investors has shown interest and numbers are speaking for them. But
interests are moderate which says that they do want their funds to be managed
using AI and ML as this can improve their scope of earning higher returns but it’s
not something that they can’t wait for. For them it’s like a want and not a need.

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Analysis of Risk Borne:

By joining the above two pie charts we get the combined opinion of investors and
managing firm as given below.

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 JOINT OPINION OF RESPONDERS

39.15%
B O TH

46.70%
M A NA G ING F IR M

14.15%
INV E ST O R

The above two pie charts show who should bear the risk of system failure the 1 st
pie chart shows views of investors while the 2 nd pie chart shows view of managing
firm.
Finding: Clubbing the views of both the pie charts we can conclude that 46.7%
people believe that the risk of system failure should be borne by managing firm
after all system maintenance is their responsibility and not investors. Followed by
39.15% believe that risk of system failure should be borne by both the parties and
rest 14.15% responders believe that it should be borne by investors.

Analysis of need of AI

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 BREAKDOWN OF RESPONDERS
WHO CHOSE OPTION A

10
9

2
0
ST U DE NT WO R K ING S EL F EM P L O Y ED R ET I R ED H O ME - MA K E R
P R O FE SSI O N A L

BREAKDOWN OF RESPONDERS
WHO CHOSE OPTION C
35

8
7
3

ST U DE NT WO R K ING S EL F EM P L O Y ED R ET I R ED H O ME - MA K E R
P R O FE SSI O N A L

This was to get an idea of how urgent it is to replace existing system of managing
the assets with AI.
Finding: Here we can clearly see a majority of 51.9% who are not sure about the
existing system. Out of 51.9% who chose option- Can’t say – 64% people are
students. While 28.3% people who believe that change is required out of this
62% are working professionals or self- employed, this have better idea about
ground reality.

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Analysis of AI Replacement

Through our research we have found out that relationship with the fund manager
is very important, however in future AI will be a huge part of our lives. Humans
are social beings can AI provide the human touch required by investors.
Finding: As we see in the pie chart 34.9% believe that AI cannot provide the
human touch while only 27.4% people believe that AI can replace or provide the
human touch. We can see more than one-third people are not sure about this. With
the numbers above we can say that as of now it’s not possible to provide the
human touch required by investors using AI.

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3.3 MAJOR FINDINGS

Let us see the overall learning outcome from this survey based on our objectives:

1. One of objectives was to understand the behavior of people towards

AI/ML:

Here we see that 56.6% people want their funds to be managed by

combination of an analyst and AI program while 33% wants only Analyst
to manage their funds this shows that people definitely want to use AI but
as a helping tool. Apart from this we see that majority of people believe
that a good professional relationship is required with the fund managers.
We have seen a pattern that people are satisfied with their existing
commission plan but has an expectation regarding falling commissions
post implementation of AI/ML.

2. Impact of AI/ML on cost structure and accuracy:

A majority of 77.3% responders believe that there will be a minimum 10%

improvement in accuracy level which is huge improvement. This
improvement in accuracy will minimize errors and hence will provide
greater returns on your money. As per the data we can see huge reductions
in cost levels. A change ranging between 4.5-9% will be seen. Majority of
these changes will be because of fall in operational costs as well fall in
personnel expenses.

3. Need for AI/ML in Asset Management:

A surge in the volume and complexity of data has been both a boon and a
headache for fund managers. Boon in the sense that this new form of
unstructured data can really improve levels of prediction but in order to
make the best use out of this, we need to use AI/ML so that they can turn
the unstructured data into structured one. AI/ML uses various algorithms
and trial and error method to link different sets of data and try to figure out
pattern or theme. Apart from this with ever increasing competition it is
important to minimize cost level which we have seen can be achieved as
requirement of personnel will decrease by around 15% level.

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4. Will AI/ML replace humans from workplace:

A 50.9% people believe that AI/ML is not a great fit for extreme situations
this ensures that not before next 10 years we can see AI/ML taking over
jobs of people completely. Yes, we will definitely see a fall in personnel
requirement by 15% in next 5 years but the kind of growth this industry
has seen over the years many other job opportunities will be created to
cater this industry.

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 CHAPTER 4:

CONCLUSION & RECOMMENDATIONS

4.1 CONCLUSION

There is no doubt that AI/ML offers a lot of benefits for many industries, but the
potential is quite high particularly in the asset management industry. And as the
technology of Artificial Intelligence and Machine Learning evolves and improves,
it will play a more crucial role in driving innovation with the investment and the
asset management industry.
AI may not replace humans but will enable top-skilled asset managers to do their
jobs in a more effective manner. This way organization can streamline internal
processes and focus on growing their business.
In my opinion AI/ML is the future of Asset Management Industry. Together with
the experience and acumen of fund managers/analyst it can really bring about
huge benefits to all end consumers and business.

In order to reduce the information asymmetry managing firms need to educate

people about benefits and risks making people more aware about AI/ML. Firms
should also work on developing a user- friendly interface so that potential
investors can self- educate themselves and can also take investment decision.

Hence as of now what we can say that both AI/ML is work in progress but in near
future it is more like a helping hand that will maximize the returns of the
investors. It will still take time to win the confidence of the people as there is lack
of data regarding how AI/ML will perform under extreme situation. From our
study it is clear that people ae interested in AI and really want to enjoy the
benefits but in order to make people familiar and comfortable with AI/ML
managing firms need to take solid steps to educate people for the same.

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4.2 LIMITATIONS

The Limitations of this research are as follows: -

• There might be presence of sampling error due to a limited sample size of

106 responders due to limited time.

• The demographics are limited to the city of Kolkata- the situation would
have been different if responders of several cities would have been taken.

• There is selection bias in data collected as the questionnaire was

distributed by convenience sampling technique.

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4.3 RECOMMENDATIONS

My recommendation for people who will doing be further study on this very topic
“Artificial Intelligence & Machine Learning in Asset Management”, will be,
that this topic requires a lot of time to be devoted in research and collecting data.

Because of the pandemic I was not able to collect as many responders I wanted to
but a sample size close to 300 people will provide better insight about the topic.
Also try to collect as many responses from people who are in the same industry as
no one can provide better information than them.

In order to study data properly one can do chi-square test and correlation test of
data in order to find out patterns and degree of correlation in them. Also, separate
analysis can be done to compare sample data with industry mean. During
comparison try to use median as point of comparison as it is more robust and
doesn’t get affected by outliers.

The questionnaire can have more topic area questions to collect information
related to levels of income and types of securities and investment products in
which investors invest their funds.

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 CHAPTER 5:
REFERENCES

5.1 RESEARCH PAPER

The following Research Papers were taken into study: -

1. Decision Analytics using Artificial Intelligence and Machine Learning: An

Asset Management Perspective written by Anusha Siva Ramakrishnan
(Domain Consultant with the Clearing and Settlement group of the BFS
business unit at Tata Consultancy Services).

2. Artificial Intelligence and Machine Learning in Asset Management written

by Barbara Novick, Daniel Mayston, Sherry Marcus and Rachel Barry
[Blackrock].

5.2 BOOKS

The following Books were taken into study: -

3. CFA LEVEL 1 & 2 (Alternative Investments and Quantitative Methods).

5.3 WEBSITES

The following Websites were taken into study: -

4. www.research-methodology.net/research-methods/survey-method/

5. https://imf.org

6. https://www.cfainstitute.org

7. https://data.worldbank.org

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 CHAPTER 6:
ANNEXURES

6.1 QUESTIONNAIRE

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