UBS Group AG is developing a way to automate recommendations to its asset management and hedge fund clients using technology algorithms, the Financial Times reported Aug. 13.
The new system seeks to automate the recommending of relevant trades based on a client's past trading patterns in the same way that consumers today receive suggestions for new music or TV shows on electronic platforms.
The plan is in the early stages of development, with the algorithm being tested in the bank's corporate bond-trading business. The bank is expected to launch the service in other asset classes as well, the FT said.
Eventually, the aim is that the technology will also help identify buyers for the bank's products.