WILMINGTON, Del., Sept. 8, 2021 /PRNewswire/ — Turing Technology is pleased to announce that it has been named to the AIFinTech100 – a select global listing reflecting “the world’s most innovative solution providers” who are “using artificial intelligence (AI) to transform financial services.”
According to the Global FinTech100 press release (https://member.fintech.global/2021/09/07/first-annual-global-aifintech100-list-highlights-the-must-know-names-in-ai/), these “standout companies were chosen by a panel of industry experts and analysts,” and the “solution providers making the final list were recognized for their innovative use of technology to solve a significant industry problem.” In the case of Turing, the significant industry problem is the persistent failure of traditional active managers to outperform passive or index investments.
According to Alexey Panchekha, Turing’s co–founder and president, “Turing aims to solve the problem of active management’s decade’s long history of underperformance. Our technology isn’t designed to marginally improve results, but to redefine expectations and results.” He added, “When AI and advanced technology work best, it transforms industries. Look at what Uber has done to the taxi industry, Netflix has done to cable TV and entertainment, and Amazon has done to retail shopping. This is exactly what we forecast Ensemble Active Management (“EAM”) will do to active management.”
Over the past three years, and based on enabling technology from Turing, the ‘EAM Industry’ has grown to 75 EAM Portfolios in live production, with 22 firms having built and launched at least one EAM Portfolio. These firms range from trillion dollar investment complexes to boutique wealth firms.
Vadim Fishman, Turing’s co–founder and CEO, stated, “It is an honor to be recognized among our AI and technology peers for the quality of our technology, our innovation, and our ability to make an impact against such a critical mandate. There are tens of millions of investors who rely on active investments, with more than $10 trillion in professionally managed portfolios. And the evidence is clear that, on average, these investors have been let down.” He added, “We take great pride in partnering with our customers, large and small, in changing the narrative.”
About Turing Technology (www.turingta.com):
Turing Technology is a technology and intellectual property firm founded in 2016 by two world–class applied mathematicians with a long history of innovation and entrepreneurism. The firm’s capabilities emerge from the intersection of mathematics, machine learning, and innovation. A principal component of Turing’s industry changing technologies is its Hercules SystemTM, a first–of–its–kind technology generating real–time, daily holdings and portfolio weights from nearly 2,000 actively managed mutual funds. Turing licenses its AI–based technology platform to investment and wealth management firms to build, test, produce, and monitor custom–made investment portfolios.
Turing is not an investment management or advice firm. It is a technology company that licenses its technology and Intellectual Property to investment management, insurance, brokerage, RIA, and wealth firms.
Press contact: Barry Schwartz; 212–677–8700 x118 , [email protected]
SOURCE Turing Technology