Abu Dhabi Investment Authority (Adia), the sovereign wealth fund of the emirate, has hired artificial intelligence expert Stephen Malinak as global head of quantitative research and development.
The appointment of Mr Malinak is the third of its kind in as many months as Adia builds out a newly created investment group within its strategy and planning department. Adia hired former chief investment officer at Danske Bank, Anders Svennesen, in August and former Cornell University professor Marcos Lopez de Prado in September.
The new team is tasked with applying a science-based approach to developing and implementing investment strategies, in areas such as machine learning, big data and high performance computing, according to the state fund.
Mr Malinak was previously chief data and analytics officer at Truvalue Labs in San Francisco, a technology company that develops natural language processing, cognitive computing and machine learning.
Adia and Mubadala, Abu Dhabi's strategic investment arm, have stepped up investment in technology and AI in recent years.
Last month, Adia and Saudi Arabia’s Public Investment Fund invested $1 billion in Reliance Industries’ Digital Fibre Infrastructure Trust as the Indian conglomerate pushes to develop its broadband line across the country.