One of Pimco’s most senior executives says artificial intelligence is unlikely to help the bond giant boost investment returns, a sign that some of the world’s largest asset managers view the technology as a tool for productivity rather than fund performance.

“I don’t think it will help us generate alpha investment outperformance, but it can help support the people whose job it is to do that,” Andrew Balls, CIO for global fixed income at Pimco, told the WSJ CEO Council on 9 May.