DWS Group acquired 24.9% stake in advisory and technology firm Arabesque AI Ltd., London, in an effort to boost its artificial intelligence capabilities, a spokeswoman at DWS said.
Terms of the deal were not disclosed. Through the deal, DWS also seeks to strengthen its active management capability with a stock prediction engine, which combines big data, machine learning and high-performance computing.
"The strategic partnership with Arabesque AI is the next step towards the digitalization of DWS," DWS CEO Asoka Woehrmann said in a joint news release. "It will clearly strengthen our digital capabilities and, in particular, our artificial intelligence know-how. We will be able to harness disruptive technology within the asset management industry for our advantage."
Last year, DWS obtained a minority stake in Arabesque S-Ray, partnering with the Frankfurt-based data provider to develop new environmental, social and governance data products and services.
