The blockchain-based technology platform received backing by the Luxembourg Stock Exchange, Clearstream, Credit Suisse Asset Management and Natixis Investment Managers. It aims to revolutionise the management and distribution of investment funds by using the Ethereum blockchain, as revised by ConsenSys in its ConsenSys Quorum product.
The Luxembourg branch of Azimut Group--with assets under management in excess of €75bn and a global presence in 17 countries--will use the platform to benefit from straight-through processing and full process automation, as well as real-time cash reconciliation, also enabling the activation of new distribution channels, including digital.
“We are pleased to work with this ground-breaking platform which has great potential for opening up investment funds to a broader public," said Giorgio Medda, co-CEO and global head of asset management at Azimut. "This is a further step forward in our strategy of technological innovation in a wider fintech ecosystem that is clearly the future for investment fund distribution. Simplicity and efficiency in this area are extremely important to us and FundsDLT delivers."
Azimut last week became the first asset management company in Luxembourg to receive regulatory approval to manage investment strategies based on crypto assets as part of its digital strategy.
"We are delighted with this launch and first onboarding," said Martin Dobbins, chairman of FundsDLT. "Retail investors have long been under-served by the asset management industry and we offer a new solution that puts the investor in the centre of the process. Additionally, for fund distribution professionals, a shared, cross-boundary infrastructure based on DLT opens opportunities for unlocking value, efficiency gains and cost reductions."
"Asset and wealth managers can now have a stronger relationship and more knowledge of the final investor while reducing costs. The data and insights inherent in a DLT infrastructure will also allow our clients to propose more personalised products and services and grow their client base," added FundsDLT CEO Olivier Portenseigne.
This article was first published in French on . It has been translated and edited for Delano.