Asset managers double down on AI agents as economic uncertainty tests investment discipline

Asset managers and private equity firms are accelerating AI adoption, treating emerging AI agents less as experimental tools and more as long-term operational infrastructure, even as economic uncertainty looms.

New research from KPMG suggests the sector is taking a measured, investment-focused approach that contrasts with faster but sometimes less disciplined adoption patterns seen elsewhere.The findings from the inaugural KPMG Quarterly AI Pulse Survey – Industries, which examined sentiment among more than 100 senior executives across banking, technology, media and telecommunications, and asset management and private equity organizations with at least $1 billion in annual revenue. 

Across sectors, AI investment appears increasingly insulated from recession pressures but within asset management and private equity specifically, 78% of executives said AI would remain a leading investment priority even if economic conditions deteriorate during the next year. On average, firms expect to allocate roughly $101 million toward AI initiatives over the next 12 months.

Rather than rushing deployment, however, many investment firms are emphasizing measurable outcomes and risk control. Only about a quarter of respondents said their organizations have already rolled out AI agents into active production environments. A larger share (68%) remain in pilot phases, suggesting leaders are testing workflows carefully before scaling.

While 41% anticipate measurable returns within the next year, a majority expect longer timelines, with 53% forecasting tangible ROI between 12 and 24 months. The extended horizon signals a willingness to prioritize durability over rapid experimentation.

Technology trust is also shaping strategy. As firms expand automation capabilities, 76% of asset management and private equity leaders said they intend to deploy AI agents built by established technology providers during the next six to 12 months. The preference underscores concerns around governance, regulatory scrutiny and reputational risk; issues that remain particularly sensitive for fiduciary businesses managing client capital.

Talent strategy is emerging as another major differentiator. Nearly 70% of asset managers reported they are willing to offer salary premiums of between 6% and 10% to candidates with strong AI expertise. At the same time, half plan to spend between $5 million and $9.9 million hiring specialists such as developers and responsible AI professionals over the coming year.

Those hiring plans reflect a broader shift toward embedding AI capabilities across operations rather than isolating them within innovation teams.

Economic conditions remain the dominant external factor shaping decisions. Nearly seven in 10 executives cited macroeconomic trends—including inflation, tariffs and GDP growth—as the most significant influence on AI strategy over the next six months. Pressure to demonstrate tangible value to investors or boards followed closely behind, cited by 68% of respondents. Cost control also remains top of mind, with 55% pointing to efficiency demands as a primary driver of AI adoption.

While the TMT sector leads overall deployment and banks focus heavily on compliance infrastructure, asset managers and private equity firms appear determined to balance innovation with accountability. The result, according to the survey, is an industry moving deliberately but steadily from experimentation toward production-scale AI integration.

As economic volatility persists, that disciplined approach could determine which firms successfully translate AI ambition into measurable performance gains.