NEWS

NEW YORK, Nov 8 (Reuters) – Norway’s $1.4 trillion sovereign wealth fund is using artificial intelligence to help manage its investments, its CEO Nicolai Tangen said in an interview at the Reuters NEXT conference in New York.

The fund invests the Norwegian state’s revenues from oil and gas production in equities, bonds, property and renewable projects abroad.

It is the world’s largest sovereign wealth fund, holding stakes in more than 9,200 companies globally and owning 1.5% of all listed stocks.

“We are using it (AI) now in how we deploy the capital,” Tangen said.

“We use it to reduce the trading we do, because we are an index-near fund, and sometimes we have to make adjustments to the portfolio and these type of models can help us trade less.”

Tangen said he had set the fund an internal target to boost productivity by 10% over the next 12 months by using AI, and had discussed the move recently with Sam Altman, the CEO of artificial intelligence company OpenAI.

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