I previously argued that artificial intelligence is not primarily a tooling problem for asset managers, but an operating model problem. The significance of AI lies in its impact on how organisations learn, scale decisions, and embed responsibility.

During his 2017 presidential campaign, José Antonio Kast said that if Augusto Pinochet were still alive, ‘he would clearly vote for me,’ a remark that underscores his long-standing alignment with the legacy of Chile’s former dictator.

This article is the first in a short series on AI and operating models in asset management. It sets the context for the current AI wave and examines its implications for the industry. The second article will address data and AI strategy, while the final article will examine implementation from the perspective of an incumbent asset manager.