Vanguard has unveiled a new research initiative in Canada that aims to advance AI research and innovation for the financial services industry.
The initiative, in collaboration with the Department of Computer Science at the University of Toronto, will leverage the school’s artificial intelligence and machine learning program, which has been ranked among the top worldwide.
“We are delighted to partner with the University of Toronto, a world-renowned academic institution at the cutting edge of AI innovation and research,” stated Nitin Tandon, Managing Director and Chief Information Officer, Vanguard.
The University of Toronto’s Department of Computer Science will establish labs composed of professors, post-doctoral fellows, and students to collaborate with Vanguard’s existing Toronto-based AI research team.
Collectively, they will develop broad AI solutions and insights to address complex business challenges and drive innovation within the financial services industry.
“This collaboration will not only enhance our capabilities to better serve investors with top-tier expertise and resources but also contribute to the broader field of AI, ultimately benefiting our clients and industry,” Tandon said.
Among other areas, research conducted through the initiative will focus on developing AI systems that can understand and interact with humans more naturally as well as creating AI systems capable of independent decision-making.
“This partnership with Vanguard is a significant step forward in applying AI and ML to the financial services sector,” believes Eyal de Lara, Professor and Chair of the University of Toronto Department of Computer Science.
“By collaborating with Vanguard’s skilled team, we aim to develop practical AI solutions that can directly improve people’s financial decision-making and outcomes,” he said.
The collaboration will also “provide valuable hands-on opportunities for our students and faculty to work on real-world projects, contributing to Toronto’s status as a global hub for AI research and innovation,” de Lara added.
Vanguard plans to expand its AI team in Toronto to 90 roles as well as provide internship opportunities for U of T students.
Kathy Bock, Head of Vanguard Investments Canada, says that the financial giant is “happy to grow our presence and team in Toronto, a city that is rapidly becoming a global hub for AI innovation and top technology talent.”
The University of Toronto, founded in 1827, offers over 700 undergraduate and 200 graduate programs.
Canadians own CAD $132 billion in Vanguard assets.
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