State Street Corp. announced Monday its intent to take a majority stake in Advanced Investment Technology, a Clearwater, Fla., investment firm.
Advanced Investment specializes in artificial intelligence strategies for investments. It uses genetic algorithms and neural networks to discern where securities prices are headed.
As a result of the State Street acquisition, ownership of the firm will be divided among the bank, its principals, and Investment Technology Group Inc., another existing shareholder.
State Street Global Advisers, the money management arm of the Boston- based State Street, manages $379 billion.