This chapter examines the evolving implementation of artificial intelligence (AI) in discretionary fund management. Drawing on interviews with fund industry experts, a recent survey, and existing literature, the study concludes that the development of AI augments rather than replaces professional judgment. AI’s role remains primarily as a specialised tool in expanding data access, enhancing data processing, and supporting idea generation. The chapter highlights that experience-based expertise is difficult for machines to mimic and that professional judgment is needed to distinguish useful signals. They provide discretionary managers with a distinct competitive edge, especially in choppy markets. This need for a ‘human in the loop’ emphasises the complementary relationship between advanced technical skills and business domain knowledge. Generally, discretionary fund management is depicted as a data-driven, technology-assisted, and human-centric discipline.