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Tri-Universities Bet $5MM on AI-Driven Faculty Retirement Fund
8/7/2007
The University of Arizona, Arizona State University and Northern Arizona University are betting $5 million that an investment fund driven by artificial intelligence technology will make money for its retiring faculty members.The so-called Tri-University schools made the investment in faculty retirement funds managed Legend Advisory Corp., whose Strategic Asset Management platform uses AI and neural networking technology to determine investment allocations. The platform uses what the firm calls an Asset Allocation Neural Network to forecast the relative strength of global asset classes.
In this case, the University of Arizona is putting its money where its mouth is: It operates its own artificial intelligence lab, where it is studying a range of applications from tracking terrorism to managing infectious disease outbreaks.
"A decade ago, many people thought artificial intelligence was science fiction, but it is now breaking frontiers in so many fields," said Dr. Terry Riffe, director of the University Teaching Center and financial author from the University of Arizona. In the investment arena, "it's a groundbreaking financial tool that can be invaluable."
Riffe spearheaded the effort to offer the money management programs to faculty members. He anticipates contributions to the program will grow from the initial $5 million, as the staff becomes more familiar with the program.
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Paul McCloskey is a contributing editor for the Campus Technology group of publications.
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