China's super rich aren't so keen on AI 'robo advisers'

Super rich investors in mainland China are skittish towards robo investment advisers taking control of their investments, reflecting a major shift from the US where the asset management tool has enjoyed growing popularity, according to global consultancy McKinsey. Only about 11 per cent of mainland securities investors with investible asset of more than 3 million yuan (US$477,000) endorse the technology to make investments, according the survey released on Tuesday. About 32 per cent of all respondents said they would endorse robo-advisers for full investment dealings. The findings show that the majority of mainland securities investors look to robo advisers as an additional source of investment information and financial product recommendations. However, few are ready to trust artificial intelligence for making calls on investments, in contrast to the faith investors place in robo-advisers in the US and other developed markets, McKinsey said.