Artificial intelligence and investment management: Structure, strategy, and governance

IF 9.8 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2025-08-30 DOI:10.1016/j.irfa.2025.104599

Charilaos Mertzanis

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引用次数: 0

Abstract

Artificial intelligence (AI) is transforming investment management by enabling data-driven decision-making across portfolio optimization, forecasting, risk assessment, advisory services, and regulatory compliance. Despite growing interest, much of the existing research remains fragmented, focusing narrowly on specific techniques or domains. This study addresses that gap through a comprehensive and systematic literature review of 178 peer-reviewed studies indexed in Scopus, covering the structure, strategy, and governance of AI applications in investment management. Adopting established review protocols and integrating thematic and visual analysis, the review categorizes the literature into six grand themes: AI-driven portfolio management and optimization; AI in financial forecasting and market prediction; AI-powered robo-advisory and personalized financial services; AI for risk management, fraud detection, and regulatory compliance; AI and strategic investment decision-making; and enablers and constraints in AI adoption. Findings reveal that AI is not just enhancing operational efficiency but also reconfiguring strategic and institutional practices. The review identifies key research gaps related to explainability, adoption barriers, and ethical concerns, and offers an integrated framework to guide future research, policy design, and industry adoption. By synthesizing a diverse body of work, this study advances our understanding of how AI is reshaping the architecture and dynamics of modern investment management.

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人工智能和投资管理：结构、策略和治理

人工智能（AI）通过在投资组合优化、预测、风险评估、咨询服务和监管合规方面实现数据驱动的决策，正在改变投资管理。尽管越来越多的人感兴趣，许多现有的研究仍然是碎片化的，专注于特定的技术或领域。本研究通过对Scopus检索的178项同行评议研究进行全面、系统的文献综述，涵盖了人工智能在投资管理中的应用的结构、策略和治理，解决了这一差距。采用既定的审查方案，结合专题和可视化分析，该审查将文献分为六大主题：人工智能驱动的投资组合管理和优化；人工智能在财务预测和市场预测中的应用；人工智能机器人咨询和个性化金融服务；用于风险管理、欺诈检测和监管合规的人工智能；人工智能与战略投资决策；以及人工智能应用的推动因素和制约因素。研究结果表明，人工智能不仅提高了运营效率，还重新配置了战略和制度实践。该综述确定了与可解释性、采用障碍和伦理问题相关的主要研究差距，并提供了一个综合框架来指导未来的研究、政策设计和行业采用。通过综合不同的工作，本研究促进了我们对人工智能如何重塑现代投资管理架构和动态的理解。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.