Now, the world’s biggest hedge fund is said to be developing software that will automate the day-to-day management of the entire firm.
Bridgewater Associates has a team of engineers working on the software on behalf of billionaire founder Ray Dalio, who wants to ensure the company can thrive when he’s gone, the Wall Street Journal reports.
Citing sources at the company, the report said the software could scan open positions and recommend people to fill jobs. It also would mediate disputes by ranking staff opinions and recommending the best way forward.
Ultimately, the technology would tell staff what to do each day, with Dalio apparently aiming for three-quarters of management decisions to be determined by artificial intelligence within five years.
“The role of many remaining humans at the firm wouldn’t be to make individual choice[s] but to design the criteria by which the system makes decisions, intervening when something isn’t working,” the Journal said.
Although AI hasn’t replaced any CEOs just yet, it’s already taking on some management functions previously left to humans.
CEOs now have access to scenario-building software that allows them to compare various strategies and outcomes with different market conditions and return-rate scenarios.
Robots are already helping to administer millions of dollars of investments on behalf of wealth managers, including Bridgewater and large investment banks, such as UBS.
And there are some tech-industry personalities who are confident these capabilities could be extended to making big management calls.
“Free from human-like desires and emotions, the mission of these machines will be to take business management to a whole new level,” Pavel Cherkashin, a former senior manager at IBM and Adobe, said in October.
Indeed, Cherkashin said financial services corporations and investment funds are the most likely to hire a robot CEO first, given that the difference between making a right and wrong decision could be hundreds of millions of dollars.
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1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns. They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning. Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process. This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented. If you are ready for a Strategic Planning tune-up, select this workshop in your registration form. The additional fee of $695 will be added to your total.
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
