Wealth management technology provider Vestmark has opened the Center for AI Research and Development, a Boston-based facility dedicated to developing AI-enabled software solutions for wealth management.
Meant to expand on Vestmark’s current AI and research and development capabilities, CARD will provide a hub for engineering, product development, experimentation and team growth. The center is designed to support Vestmark’s advanced R&D team, attract technology talent and accelerate development of capabilities across portfolio management, trading, tax optimization and advisor workflows.
“The CARD extends that commitment by expanding our AI and R&D capabilities and giving our teams a dedicated environment to grow, experiment and bring new solutions to market faster,” Vestmark CEO Karl Roessner said in a statement.
The opening builds on accelerated AI investment at Vestmark, which recently appointed Freedom Dumlao as chief AI officer, expanding his role as chief technology officer, and launched Vestmark Pulse under his leadership.
Pulse is an AI intelligence platform that continuously monitors client portfolios, surfaces insights and helps wealth managers act within existing Vestmark workflows.
The application, which Dumlao demonstrated live, recently won the Audience Choice Award at the annual Wealth Management EDGE conference in Boca Raton, Fla.
“The CARD gives our engineers and product teams a dedicated place to build, test, and accelerate the next generation of AI-enabled wealth technology,” said Dumlao.
According to the firm, Vestmark supports more than $2 trillion in assets, more than 5 million investor accounts and more than 72,000 financial advisors.
