Today FundsDLT, the blockchain-based fund distribution platform, said it received regulatory approvals for launch at the start of July. The platform is now live and the first asset manager to go into production will be Azimut Investments, the Luxembourg arm of Italy’s Azimut Group, which has EUR 75 billion ($88 bn) in assets under management.
The Luxembourg DLT platform was founded by a subsidiary of the Luxembourg Stock Exchange and is backed by Clearstream, Credit Suisse Asset Management and Natixis Investment Managers.
Fund distribution costs are notoriously high. Apart from the fund manager’s fees, Fitz Partners found that distribution costs for cross border equity funds make up 63% of fees, with administration coming a distant second at 23%.
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