Vestmark Names Chief AI Officer

Wealth management software and services provider Vestmark Inc. announced Thursday the appointment of Freedom Dumlao as chief artificial intelligence officer. Dumlao will continue as chief technology officer while taking on leadership of the firm’s AI strategy.

As chief AI officer, Dumlao will work closely with Vestmark’s engineering, data and product teams to embed AI at scale through core workflows, including portfolio management, trading and rebalancing, and tax-aware investment processes. He will also work on unifying Vestmark’s compliance oversight, optimization and automation into a single operating model.

“AI is now foundational to how we build, operate and deliver value to our clients,” Dumlao said in a statement. “Wealth management requires highly personalized, regulation-sensitive decisions executed across millions of accounts. Our focus is on applying AI in a way that is reliable, explainable and governed, combining the right data, appropriate controls and human oversight.”

Vestmark has more than $2 trillion in assets and about 5 million investor accounts. According to the announcement, more than 72,000 financial advisers use Vestmark’s technology, including a model marketplace with more than 1,200 investment strategies.

Last year, Vestmark partnered with Fidelity Investments to provide an open-architecture custom model portfolio platform to registered investment advisers and broker/dealers.