A new survey from BNP Paribas has revealed that hedge funds and other money managers are increasingly turning to ChatGPT to help with their marketing efforts and to summarise large reports, according to a report by the Financial review.

The survey found that some forty-four per cent of money managers are now using the artificial intelligence tool in a professional capacity, most commonly to generate marketing text, or to recap regulatory filings, broker research reports, and other large documents.

Some of the managers surveyed also said they would like to use ChatGPT to analyse legal documents.

BNP's survey covered 39 individuals whose firms have combined assets under management of $250.5 with almost 70 per cent of respondents from the US.