Edmonton, Alberta (June 10, 2019) – Alberta Investment Management Corporation (AIMCo) and AltaML have joined forces to build artificial intelligence (AI) and machine learning (ML) applications within the investment management space. The joint venture, known as AlphaLayer, is designed to leverage AIMCo’s expertise in investment management and AltaML’s AI technologies and development capabilities.
As one of Canada’s largest and most diversified institutional investment fund managers, AIMCo’s move to accelerate the adoption of innovative AI/ML solutions is aimed at creating tactical intelligence to inform better decision-making and streamline operational efficiency.
“Innovation is an integral part of our strategy as we look for new ways to deliver exceptional value to our clients. We are excited about this collaboration and the possibilities – whether that be enhancing returns, improving risk management or boosting productivity,” said Kevin Uebelein, AIMCo’s Chief Executive Officer.
By providing a cutting-edge strategy and a trained data science team, AltaML offers a way for AIMCo to build AI/ML solutions at a rapid pace in a highly competitive market. “We believe there is tremendous opportunity in combining the scale of AIMCo with the nimbleness of a startup. We've already identified numerous use cases with the potential to generate meaningful value through lowered costs or enhanced investment returns. At the same time, the partnership creates opportunities to attract and develop talent in Alberta’s growing tech sector,” said AltaML CEO Cory Janssen.