BlackRock, the world's largest asset manager, recently marked significant advances in its AI and Bitcoin ETF initiatives as the year draws to a close. According to a Pensions & Investments report dated December 14, BlackRock has launched an AI tool dubbed "copilot". This was done as part of a private preview for users of BlackRock's eFront.
The eFront Copilot: A powerful chatbot
The eFront co-pilot is described as a 'super-powered chatbot' in the report. It is designed to translate typed questions into easy-to-understand data visualizations. Based on Microsoft Azure's OpenAI services, the copilot will be followed by several other similar services, including an AI copilot for Aladdin, BlackRock's portfolio management software.
A Strategic Advance
Previewed for 10 customers of its eFront Insight service, BlackRock is planning significant expansion. The company plans to extend access to all its 130 customers from early 2024. This initiative could make the AI service available to major industry players. Pensions & Investments emphasizes the diversity of its users. These include pension funds, funds of funds, insurers and other asset holders.
BlackRock's AI strategy
A week earlier, BlackRock published another note detailing its AI strategy. This note describes artificial intelligence as a "mega force" in a report published this summer. Although the launch has not been officially announced, Pensions & Investments says the preview was revealed in a note to Aladdin staff.
Meanwhile, BlackRock met with the US Securities and Exchange Commission (SEC) for the fourth time on December 14, regarding its proposed Bitcoin spot ETF.
Meeting with the SEC: Progress on the Bitcoin ETF front
A notice published on the same date indicates that three members of BlackRock met with representatives of the SEC Office of the Chairman. The meeting included Robert Mitchnick, head of digital assets at BlackRock.
Three previous meetings have taken place since November 20, 2023. Unlike previous meetings involving seven to eleven members of BlackRock and NASDAQ, the most recent meeting involved only three members of BlackRock.
Two previous meetings included attachments indicating that BlackRock and the SEC met to compare cash and in-kind redemption models. This could influence the ability of some parties to transact in cryptocurrency.
If the SEC approves a Bitcoin spot ETF, it would be the first available in the US. Bloomberg ETF analysts estimate a 90% probability of approval by January 10, 2024. The SEC has not commented on the likelihood of approval.
