Artificial intelligence will also be embedded in the fund's investment process.

Smith & Williamson, the independently-owned financial services group, has launched a new actively-managed fund that seeks to tap the earnings of companies operating in the artificial intelligence space.

The unconstrained equity fund, managed by Pictet managers Chris Ford and Tim Day, offers investors exposure to a concentrated portfolio of companies that derive most, or all, of their revenues from artificial intelligence. At launch, however, it will have exposure to sectors including financial services, industrials, consumer services and healthcare, as well as a core of technology companies.

Artificial intelligence will also be embedded in the investment process, Smith & Williamson says, claiming this will “enhance the efficiency” of company selection.

To mark the launch of the fund, the institutional share classes - which have an annual management charge of 0.50 per cent – will be available to all investors for a three-month period.

“AI systems sit at the nexus of several powerful and rapidly developing technologies, each of which have a critical role to play,” Ford said. “Today, these systems are being deployed across the economy, bringing with them huge benefits.”