A new investment fund reporting tool that leverages blockchain has gone into production. Sixty percent of the UK asset management industry has signed up to the TISA Universal Reporting Network (TURN).
The adopters include Allfunds, Calastone, Deutsche Bank, Fidelity International, Link Group, MFEX, KNEIP, Transact Deutsche Wealth Services, FNZ, and Fund Connect.
TURN’s first application is a reporting tool to enable more reliable data to be shared with customers about the cost of any mutual or investment funds they’ve bought. It enables the real-time sharing of data, which is consistent in quality. Previously inconsistencies in reporting made it hard for fund distributors to disclose costs accurately. The adoption of Europe’s MiFID Template (EMT) enables greater standardization.
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