The August 2024 report explores how large language models are transforming capital markets and investment management by enhancing efficiency in data management, research, trade optimization, compliance, client onboarding, and surveillance. Market demand is accelerating innovation with a focus on customization, ethical AI, and data security. LLMs are being piloted across the investment management life cycle, with CalSTRS running 16 use cases. Vendor selection requires assessing technical, cost, ethical, and reliability factors. Leading providers include Google, Microsoft, Amazon, IBM, and specialized firms like Anthropic, Cohere, and Mistral AI.

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