Chinese quantitative hedge fund manager High-Flyer Quant has scotched rumours it is intending to sack its fund managers and replace them with an artificial general intelligence-based stock trading system, according to a report by Yicai Global.

Chinese quantitative hedge fund manager High-Flyer Quant has scotched rumours it is intending to sack its fund managers and replace them with an artificial general intelligence-based (AGI) stock trading system, according to a report by Yicai Global.

The report cites managing director Lu Zhengzhe as saying in a WeChat Moments post: “Let me reiterate: AGI will not be used for trading stocks. AGI is much more useful and valuable.”

The rumours first started circulating online after Hangzhou-based High-Flyer, which manages over $8.7 billion, released a statement on 14 April saying that the firm intended to establish a new independent research body to “explore the essence of AGI."