Allianz Global Investors (AllianzGI), a UK-based asset manager, has launched a new equity fund that will invest in firms involved in artificial intelligence development.

The Allianz Global AI fund is an expansion of a strategy that was launched in Japan last September in collaboration with Sumitomo Mitsui Asset Management and Nikko.

The new strategy will be available to retail as well as institutional investors in Europe and will be domiciled in Luxembourg as a SICAV.

The fund will be managed by the group's US head of technology research Sebastian Thomas, who joined AllianzGI in 2003.

"We are now at an inflection point for artificial intelligence, where this kind of technology is beginning to make significant differences to the way we live our lives. AI's potential to revolutionise entire industries means this fund represents an exciting opportunity for investors to access future sources of innovation and growth across the market," Thomas noted.