Twenty asset managers are now supporting a French project to bring blockchain technology to fund distribution.
Paris-based Lyxor Asset Management is among a group of firms taking stakes in the Iznes blockchain fund platform, while Amundi and Allianz Global Investors have said they will contribute to its development in 2018.
The backing means Iznes will be able to develop in France and Luxembourg this year, its chief executive said.
In January, OFI Asset Management used Iznes to process fund subscriptions and redemptions without the need for a transfer agent, which would normally play the role of record keeper.
As well as Lyxor, four other firms are taking stakes in Iznes, which uses blockchain technology from Setl Development to provide record-keeping for mutual funds in the EU.
The other four asset managers now with stakes in Iznes are Arkea Investment Services, Groupama Asset Management, La Banque Postale Asset Management and La Financiere de l’Echiquier.
They join Setl and OFI Asset Management, who are already shareholders.
2018 will also see a further 13 asset management firms join the project as contributors to the development of the platform.
Pierre Davoust, chief executive of Iznes, said having 20 asset managers with more than €5 trillion of assets under management meant Iznes had “solid market backing and becomes a central market infrastructure”.
The collaboration gives Iznes the necessary means for the “deployment and production phase” expected for 2018 in France and in Luxembourg, Davoust said.
The asset managers expected to contribute to the platform are: Allianz Global Investors, Amundi, Aviva Investors, BDL Capital Management, BNP Paribas Asset Management, Candriam Investors Group, La Française, Lazard Frères Gestion, Mandarine Gestion, Natixis Asset Management, Pléiade Asset Management, SMA Groupe and Sycomore Asset Management.
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