Morgan Stanley is getting into the “robo-advice” business, where software manages funds instead of people. The service, Access Investing, is aimed at younger investors, and helps them put their money with the businesses they’re most interested in.
“Forty percent of our clients have chosen to invest in a theme, and the most popular ones [are] robotics and artificial intelligence,” Naureen Hassan, Chief Digital Officer for Wealth Management at Morgan Stanley, told Cheddar.
The financial firm rolled out its Access Investing division, which focuses on advising clients online, in December. Hassan says that her team has seen a lot of engagement with from people 45 and under.
Robo-advisers, or digital investment portfolios, are not very new. The field has competitors, such as Betterment or Wealthfront, that have been making strides in the sector.
But Morgan Stanley says it’s betting on its legacy to differentiate itself in the industry.
“We think it’s the Morgan Stanley investing expertise that really differentiates it,” Hassan said. “That’s why we are offering clients choice, it just isn’t only a passive portfolio, we believe in a mix of assets.”
Auction house Christie's will put up its first-ever painting created entirely by artificial intelligence. Lindsay Griffith, a specialist at Christie's, said the painting is likely to fetch as much as $10,000.
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Alexis Ohanian, co-founder of Reddit and venture capital firm Initialized Capital, has partnered with 1850 Brand Coffee for the "Bold Pioneer" content where people pitch their ideas to win $18,500 to jump-start their business plan. Ohanian said he's looking for entrepreneurs who are thinking outside the box and making investors "a little uncomfortable."
The video streaming service added nearly 7 million subscribers in the third quarter, far better than forecast, and said it would add nearly another 10 million to round out the year.
A day after it launched as one of two official electric scooter providers in San Francisco, Skip CEO Sanjay Dastoor said the operation has been a smooth ride so far. Dastoor told Cheddar Tuesday the company has seen a "really positive, really happy response, not just from the riders, but from the city and from the non-riders as well.”
VRt Ventures, a virtual reality studio, has partnered with street artist Shepard Fairey for a first-of-its-kind VR application. As Fairey and VRt CEO Jacob Koo explain, a newly launched app allows users to experience Fairey's latest exhibition up close, the way they would at a gallery.
Paperspace wants to make artificial intelligence more accessible, according to its co-founder and CEO Dillon Erb. Erb told Cheddar Tuesday that artificial intelligence is still so new and complex that mainstream companies find the tech difficult to harness.
Facebook is developing a camera-equipped device, codenamed Ripley, that sits on top of a TV and features video calling along with entertainment services, according to sources. The company is also working an AR projector device and other far-flung projects like a brain-computer interface.
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Paul Allen, who co-founded Microsoft with Bill Gates and went on to become one of the country's most prolific philanthropists and technologists, died Monday at 65.
