Major UK Asset Managers Embrace Blokchchain-based Fund Cost Tool

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Blockchain technology-powered investment fund reporting tool is now in production.

Blockchain Fund Cost Tool Finds Several Takers

According to a report by Ledger Insights, a new investment fund reporting tool that uses distributed ledger technology (DLT) has gone into production. Most notably, 60% of the U.K. asset management industry has already signed up for the TISA Universal Reporting Network (TURN).

Among the several adopters of this solution are Allfunds, Calastone, Deutsche Bank, Fidelity International, Link Group, MFEX, KNEIP, Transact Deutsche Wealth Services, FNZ, and Fund Connect.

Essentially, TURN can leveraged as a reporting tool to facilitate more reliable data to be shared with customers about the cost of any mutual or investment funds they might have purchased. The DLT-enabled solution allows the real-time sharing of quality data.

This feature takes care of the previously observed inconsistencies in reporting that made it a difficult task for fund distributors to share costs with precision. Further, the adoption of Europe’s MiFID Template (EMT) enables greater standardization.

Commenting on the development, Gary Bond, CEO, TURN, noted:

“I am glad to announce that TURN is now live. This is an industry-led and run, not-for-profit initiative that will ultimately ensure that consumers are offered the best and most suitable products while lowering costs and time spent on admin for asset managers.”

Adding:

“The impact TURN will have for asset managers, distributors, IT firms and other platforms across Europe is huge. Finally, the technology is catching up with the needs of the investors and their asset managers.”

For the uninitiated, TURN was developed by The Investing and Saving Alliance (TISA), a U.K.-based financial services association having over 200 member firms. In addition, TISA to the services of consultancy firm Atos to develop the solution.

Blockchain Use-Cases Continue to Snowball

Blockchain technology is frequently touted as a force to reckon within he rapidly developing technology world and it is hard to argue otherwise.

To date, DLT has found multiple use-cases cutting across industries including finance, banking, supply chain management, disaster management, law, real estate, and others.

On December 16, BTCManager reported that the World Economic Forum (WEF) had announced the successful completion of a proof-of-concept that would track carbon dioxide emission by leveraging blockchain technology.

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