In September we reported that Metzler Asset Management issued the first German tokenized fund shares. Last week it announced that Union Investment, one of Germany’s largest asset managers (AUM €424 billion), bought some tokenized fund units in another fund.
Metzler is running a three month pilot. Hence, it issued the September fund units to Bankhaus Metzler, but that fund was not publicly investable. However, in mid-October Union Investment acquired crypto fund units relating to a separate fund and incorporated them into its own multi-asset fund “PrivatFonds: Flexibel pro”.
In this case the fund shares are registered on the public Polygon blockchain. However, it’s not Union’s first Polygon experience as it was an investor in the Siemens bond earlier this year. It was also a major investor in most of the European Investment Bank’s (EIB) digital bond issuances.
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