Northern Trust Asset Management has launched a tokenized share class for its NIF Treasury Instruments Portfolio, marking the asset management arm’s entry into digital assets. The firm manages US$1.4 trillion in assets, including US$355 billion in liquidity strategies.
The tokenized share class functions as a digital mirror record of the fund’s existing institutional share class using blockchain technology. It will initially be available through BNY’s LiquidityDirect platform, which runs on Goldman Sachs’ permissioned blockchain infrastructure, GS DAP.
The launch adds Northern Trust Asset Management to a growing list of major institutions moving into tokenized money market funds. In the past three months alone MUFG, JP Morgan, State Street with Galaxy and BNP Paribas Asset Management have unveiled new offerings or plans. However, while several of those offerings target public blockchains to attract crypto native institutions and stablecoin issuers, GS DAP’s permissioned distributed ledger positions this product a little more toward traditional institutional investors.
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