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Asset Manager AllianceBernstein to Add Blockchain Technology in Deal With Allfunds Unit
AllianceBernstein said blockchain technology will be transformative to the asset-management business.
Updated May 11, 2023, 4:20 p.m. Published Jun 15, 2022, 8:24 a.m.
Global asset manager AllianceBernstein Holdings (AB) is working with Allfunds Blockchain to adapt its services to the blockchain ecosystem, according to a press release.
- Allfunds Blockchain, an arm of fund distribution platform Allfunds (ALLFG), focuses on integrating blockchain technology with funds to provide an additional layer of safety and efficiency.
- AllianceBernstein had $687 billion in assets under management as of May 31, 2022.
- The agreement indicates that while AllianceBernstein is still lukewarm on digital assets as investments in the short term, as it said in April, it sees advantages in the underlying technology.
- "We anticipate that this technology will be transformative to the asset management industry, uncovering significant transactional efficiencies and enhanced transparency as well as operational agility that makes investment solutions available to a broader investor base," Ronit Walny, head of AllianceBernstein's Investment Innovation Center, said in the statement.
- Allfunds shares rose 1.4% on Euronext Amsterdam as of 8:50 UTC.
UPDATE (June 15, 8:54 UTC): Adds AB attitude to digital assets in third bullet point, Allfunds shares.
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