RIA custodian upstart Altruist this week announced the hiring of Silicon Valley insider Sumanth Sukumar as its chief technology officer.
Over the last decade he has held senior engineering management roles at Coinbase, Uber, Facebook and Riverbed Technology.
He replaces Nachiket Shiralkar, Altruist’s founding CTO, who departed the company in June.
According to a statement, Sukumar will focus on ongoing platform security and reliability, and manage the custodian’s development work and its integration of AI into the company’s internal systems and new products.
FUSE Research Finds Gen AI Top Area of Interest Among Advisors
More evidence this week of the growing interest in and purchasing intent, if not actual usage, of generative artificial intelligence among financial advisors.
According to findings from FUSE Research Network’s annual Advisor Trend Monitor Survey Series, which each year surveys 700 to 1,000 advisors, generative AI is the top area of interest in technology. Overall, 82% of advisors plan to invest in the technology in the coming years, up from 66% in 2024.
Interest in machine learning, natural language and predictive AI remains stable, with gradual increases year over year.
WealthManagement.com recently compiled findings from three other surveys related to AI interest and usage among advisors. Technology provider Advisor360°, for example, surveyed 300 financial advisors at enterprise wealth management firms in the fourth quarter of 2024, and among these large firms found that 76% of advisors are already using generative AI in their daily business.
Similarly, technology provider Orion found in its December survey of 585 advisors that 68% already reported using some type of AI technology.
Franklin Templeton to use IMTC’s end-to-end SMA platform
Fixed income technology provider IMTC announced this week that global asset manager Franklin Templeton will begin using its end-to-end platform to increase levels of customization and automation within fixed income separately managed accounts.
IMTC’s platform provides advanced order management tools for bond trading, optimization, allocation management and compliance, bringing the asset manager a simplified ability to personalize and optimize client tax strategies for clients.
“We are excited to partner with Franklin Templeton as they expand access to fixed-income SMA offerings. Our platform is built to empower asset managers with the tools they need to scale operations and enhance customization, while maintaining exceptional service levels,” Russell Feldman, CEO of IMTC, said in a statement. “We look forward to supporting Franklin Templeton in modernizing their fixed income tech stack to meet the evolving needs of clients.”
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