Many hedge fund managers and other financial services firms have been using artificial intelligence (AI) to some extent for a long time. The arrival of ChatGPT’s generative AI (Gen AI) technology on the scene, however, has brought new focus on the disruptive power of AI. The Alternative Investment Management Association (AIMA) recently asked more than 150 hedge fund managers about their uptake of Gen AI, its potential benefits and how it may affect fund management. Notably, a majority of the managers in the study permit their staff to use outside Gen AI tools. AIMA’s report “is a useful strategic roadmap to help asset management firms engage with and harness the power of this evolving technology,” AIMA managing director Tom Kehoe told the Hedge Fund Law Report. This article synthesizes AIMA’s key findings, with additional insights from Kehoe. See “Understanding and Mitigating Risks of Using ChatGPT and Other AI Systems” (Jul. 6, 2023).