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.
“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,” said Gary Bond, CEO of TURN. “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.”
The platform was created by The Investing and Saving Alliance (TISA), a UK financial services association with more than 200 member firms. It’s also exploring digital identity.
Atos is the consultancy that worked with TISA to develop the solution.