ADIA hires another AI specialist as it boosts quantitative research team

DUBAI (Reuters) - Abu Dhabi Investment Authority (ADIA), UAE’s biggest sovereign wealth fund, has hired Stephen Malinak, an artificial intelligence expert, as global head of quantitative research and development, the state fund said.

The move comes after ADIA in September hired former Cornell University professor Marcos Lopez de Prado to join a newly created investment group within ADIA’s strategy and planning department to apply a systematic, science-based approach to investing.

Malinak was former chief data and analytics officer at Truvalue Labs, a San Francisco-based technology company, which focuses on advances in natural language processing, cognitive computing and machine learning.

ADIA and Mubadala Investmet Co, the two biggest UAE state funds, have stepped up investment in technology and AI, as they seek new areas of growth.

ADIA, which was established in 1976 and manages about $700 billion in assets, recently took a minority stake in Reliance Industries' RELI.NS digital unit, Jio Platforms.

Reporting by Saeed Azhar; Editing by Nick Macfie