AI is boosting asset managers’ investment operations, but humans still call the shots, according to a new Mercer report
NEW YORK, May 21, 2026 – Mercer, a Marsh business (NYSE: MRSH) and a global leader in helping clients realize their investment objectives, shape the future of work and enhance health and retirement outcomes from their people, today launched a new report that finds the asset management industry has moved beyond experimenting with artificial intelligence (AI), but the technology remains principally an augmentation tool that helps to enhance human productivity and insight.
Based on a February 2026 survey of 131 asset managers globally, the Mercer report, How Artificial Intelligence is shaping asset management, shows growing AI adoption and enthusiasm in asset management, while also identifying the practical barriers that continue to limit its use in core investment decision-making.
“AI is delivering measurable efficiency and insight for asset managers today, but the technology is largely a partner rather than a decision‑maker,” said Beverley Sharp, Mercer’s Global Manager Research Leader. “Addressing data, regulatory, and integration challenges will be essential to realize AI’s broader potential in portfolio construction and execution.”
A majority of firms – 55% of respondents – have integrated AI into at least one of their investment processes, while 27% report integrating AI as a pilot or proof-of-concept. Eighteen percent of surveyed managers have not yet integrated AI into their investment processes, yet almost all firms (91%) say they plan to increase their use of AI in the next 12 months.
Firms most commonly use AI to improve productivity: 73% of firms use AI for operational efficiency in their existing teams (for example, automating routine tasks), and 68% use AI as a partner in the investment process to provide insights and analysis. Only 5% of firms currently grant AI autonomous or semi-autonomous decision-making authority for investment recommendations or trades.
The clearest measurable AI gains reported so far are operational: 69% of firms cited enhanced operational efficiency, and 55% cited faster or higher‑quality insights. Only 8% of firms reported measurable improvements in investment returns from implementing AI, and 8% reported reducing portfolio volatility.
Data constraints and regulatory concerns are the principal frictions to broader AI adoption across organizations, with 69% of firms citing data quality or access and 59% citing regulatory or compliance concerns as material barriers.
Firms are concerned that current regulatory frameworks may not adequately cover certain aspects of AI use, with 31% of respondents citing data governance and 24% citing system-level risks, such as herding behavior, as the largest regulatory blind spots in how AI is being used in asset management today.
Despite certain barriers, firms recognize that adoption requires cultural and capability shifts and are investing in training and upskilling. More than half of firms (56%) have a dedicated platform or program to educate employees on utilizing AI in their respective roles.
“Our survey finds AI is mainly being used upstream for idea generation and research in the asset management industry. This mirrors our experience with AI,” said Ms. Sharp. “Across Mercer, we’re innovating, using the technology to help our clients, including developing an AI‑powered manager research tool to help streamline the collation of data and the drafting of due diligence documents, with more tools to come.”