Deutsche Bank AG's asset management unit DWS Group GmbH & Co. KGaA acquired a minority stake of 24.9% in British technology company Arabesque AI to boost its AI capabilities and speed up its digital readiness efforts.
Arabesque AI uses artificial intelligence to predict share price movements through a proprietary AI engine that combines machine learning, big data and high-performance computing.
Financial terms of the transaction — that has already completed — were not disclosed. DWS and Arabesque AI also struck a strategic partnership to enhance the AI engine's capabilities and develop AI-based investment solutions.
DWS CEO Asoka Woehrmann said the deal is the next step in the digitalization of the company and will allow it to use disruptive technology within the asset management industry to its advantage.