资产管理中的人工智能：工具、应用与前沿

AI in Asset Management:Tools, Applications,and Frontiers Joseph Simonian, PhDEditor AI in Asset Management:Tools, Applications,and Frontiers Joseph Simonian, PhDEditor Statement of Purpose CFA Institute Research Foundation is a not-for-profit organization established to promotethe development and dissemination of relevant research for investment practitionersworldwide. © 2025 CFA Institute Research Foundation. All rights reserved. Neither CFA Institute Research Foundation, CFA Institute, nor the publication’s editorial staff is responsiblefor facts and opinions presented in this publication. This publication reflects the views of the author(s)and does not represent the official views of CFA Institute Research Foundation. No part of this publication may be reproduced or transmitted in any form or by any means, electronicor mechanical, including photocopy, recording, or any information storage and retrieval system, with-out permission of the copyright holder. Requests for permission to make copies of any part of the workshould be mailed to: Copyright Permissions, CFA Institute, 915 East High Street, Charlottesville, Virginia22902. CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. To view a list ofCFA Institute trademarks and the Guide for the Use of CFA Institute Marks, please visit our website atwww.cfainstitute.org. CFA Institute does not provide investment, financial, tax, legal, or other advice. This report was preparedfor informational purposes only and is not intended to provide, and should not be relied on for, invest-ment, financial, tax, legal, or other advice. CFA Institute is not responsible for the content of websites andinformation resources that may be referenced in the report. Reference to these sites or resources does notconstitute an endorsement by CFA Institute of the information contained therein. The inclusion of com-pany examples does not in any way constitute an endorsement of these organizations by CFA Institute.Although we have endeavored to ensure that the information contained in this report has been obtainedfrom reliable and up-to-date sources, the changing nature of statistics, laws, rules, and regulations mayresult in delays, omissions, or inaccuracies in information contained in this report. Photo credit: Loomis Creative AUTHOR BIOS Paul Bilokon, PhD, is the Chief Executive Officer of Thalesians Ltd. and a Visiting Professorat Imperial College London. He has over two decades of experience as a quantitative analyst,strategist, trader, and portfolio manager, holding senior roles at Morgan Stanley, Citigroup, andDeutsche Bank. He is the co-author ofMachine Learning in Finance: From Theory to Practiceand has developed cross-asset trading and risk systems in multiple programming languages.Dr. Bilokon has published research across fields such as artificial intelligence, high-performancecomputing, and finance and has mentored numerous startups at London’s Level39 incubator.He earned his education from Oxford University’s Christ Church College and Imperial CollegeLondon. Francesco A. Fabozzi, PhD, is research director at Yale School of Management’s InternationalCenter for Finance and director of data science at CFA Institute Research Foundation. He hasextensive experience in quantitative investing, data science, and financial econometrics. Hisresearch explores applications of large language models, natural language processing, andmachine learning in investment management. Dr. Fabozzi has published widely in leading jour-nals such asThe Journal of Financial EconometricsandThe Journal of Portfolio Managementand serves as managing editor ofThe Journal of Financial Data Science. Through his edito-rial and leadership roles, he advances the integration of artificial intelligence and data-drivenmethods in asset management. Maxim Golts, PhD, is vice president of multi-asset solutions at PGIM, and a senior advisorat Boston University’s Questrom School of Business. He has previously held investmentand research roles at Acadian Asset Management, State Street Global Advisors, FidelityInvestments, and GMO. Dr. Golts has contributed to the advancement of quantitativestrategies and portfolio management across global markets. Before entering finance, he taughtmathematics and statistics at Boston University, MIT, and Duke University. He earned his PhD inmathematics from Yale University. Tony Guidais a quantitative portfolio manager and researcher at Atonra, where he leadsefforts to integrate large language models and knowledge graphs into investment processes.He has built and managed systematic equity and macro strategies at major financial institu-tions, including Unigestion, EDHEC-Risk Scientific Beta, and a UK pension fund. Mr. Guida hasauthored several influential books, such asBig Data and Machine Learning in QuantitativeInvestmentandMachine Learning for Factor Investing. He serves on the advisory board ofthe Financial Data Professional Institute and regular