Andrew Chin has been named AllianceBernstein's first chief artificial intelligence officer, the firm announced July 1.
AB said the new position is intended to show the firm’s progress with AI as well as “its future potential,” according to a news release.
“As AI continues to play a critical and transformative role in enhancing AB’s investment-research, operational and business procedures, and improving efficiencies across our corporate functions, we look forward to having an industry veteran like Andrew lead our firm into the future in this newly created role,” said Karl Sprules, AB’s senior vice president and chief operating officer, in the news release.
Chin, who will remain based in New York and report to Sprules, said in the news release that the new position shows “the broadening role that data science and AI are playing across the financial services industry.”
Chin has spent 27 years at AB, most recently as head of investment solutions and sciences. He also served as AB’s head of quantitative research and chief data scientist, and was the firm's chief risk officer for more than a decade.
Chin's previous responsibilities will be shared by Nelson Yu, senior vice president and head of equities, and Daniel Loewy, CIO and head of multiasset and hedge fund solutions, a spokesperson confirmed to Pensions & Investments.
AB had $757 billion in assets under management as of May 31.
Financial services firms and regulators have been adding new roles to tackle AI. Many of the largest hedge funds have heads of AI, and recently, the Commodity Futures Trading Commission appointed Ted Kaouk as the agency’s first chief AI officer.
