State of AI in UK Wealth & Asset Management

1 day ago

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KPMG. (2026, July). State of AI in UK Wealth & Asset Management: Survey results. https://assets.kpmg.com/content/dam/kpmgsites/uk/pdf/2026/09/state-of-ai-in-uk-wealth-asset-management.pdf

KPMG interviewed senior leaders at UK asset managers, wealth managers, and specialist alternative investment firms with assets under management ranging from £30 billion to more than £6 trillion.
Research summarization and legal contract review are the most widely deployed AI use cases, each used by 83% of firms.
56% of firms have a firmwide AI strategy, but only 11% have embedded AI operating models.
94% of respondents cite operational efficiency as the primary objective for AI investment, and 62% expect AI budgets to grow over the next 12 to 24 months.
Model hallucinations rank as the top AI risk limiting adoption at 72%, and only 11% of firms believe they are fully aligned with emerging AI regulation.
83% cite data readiness issues as the key lesson learned from AI adoption, and 75% cite skills shortages and a lack of relevant expertise as the key barrier.
Wealth firms show the strongest investment momentum of any segment, with 75% expecting AI budgets to rise 10 to 25% or more, and one in three see hyper-personalized advice as among the most transformative future AI capabilities.

Knote: I am becoming a lot less interested in what AI can do and much more interested in how it is deployed and governed, especially after reading that only 11% of firms think they are in compliance with new AI regulation.