09.15.2017

Blockchain Used For Fund Record Platform

SETL and four asset management firms announced today the launch of IZNES, the pan-European fund record-keeping platform based on blockchain technology.

The platform provides investors, asset management firms, distributors and wealth management advisers with easy and rapid access to fund units. The platform enables firms to enter into new relationships with investors, manage KYC processes, handle subscription / redemption instructions, and settle transactions and record positions.

Compatible with all distribution channels, IZNES reduces transaction costs, increases transparency, and optimises operational workflow. It will also enable new value-added services to be developed.

IZNES relies on proprietary technology developed by SETL. To ensure the best possible service, the functional specifications were defined in line with user input and contributions.

The initial version was delivered by SETL in July 2017 and validated by OFI AM, Groupama AM, La Financière de l’Échiquier, and Arkéa Investment Services.

Together, SETL and its partners are now working with other interested parties to develop an enriched version of the platform, with the intention of going into production in early 2018.

According to Jean-Pierre Grimaud, CEO of OFI AM: “OFI Asset Management wanted to be actively involved in this market project, which offers asset management firms new distribution solutions in the interest of investors thanks to blockchain technology.”

Pierre Davoust, CEO of SETL France, added: “IZNES is the result of the alignment between the strong demand from asset management firms to establish a simple, effective relationship with their investors and the cutting-edge technology developed by SETL.”

“IZNES is a project that will revolutionise the fund industry in Europe and bring substantial benefits to asset management firms as well as investors and their intermediaries.

I look forward to working with our partners to build this next-generation platform and invite all interested parties to join us at www.iznes.io”.

ABOUT OFI AM

Founded in 1971, OFI Asset Management is one of the largest French management firms in terms of assets under management with €68 billion as of the end of June 2017.

The Group has developed expertise in both collective management and discretionary management, on listed and unlisted assets, in order to offer solutions and services adapted to the needs of a diversified client base.

Committed to the development of responsible finance, OFI Asset Management is one of the SRI leaders in the French asset management market. The Group has its historical roots in the social economy. Its principal partners and shareholders are mutual insurance members of the FFA (French insurance federation) and the FNMF (French national federation of mutual insurance), and in particular Macif and Matmut. www.ofi-am.fr

ABOUT GROUPAMA AM, AN ACTIVELY RESPONSIBLE MANAGER

A benchmark player in France for institutional investors, with €99.2bn in assets, Groupama Asset Management is currently ranked as the 9th top French asset manager. As a subsidiary of Groupama, the No. 1 mutual insurance company in France, it enables its professional investor clients to benefit from its actively responsible multi-expertise management: a long-term management strategy that is resolutely active, and based on strong research capacity. www.groupama-am.com

ABOUT LA FINANCIÈRE DE L’ÉCHIQUIER

Formed in 1991 by Didier Le Menestrel and Christian Gueugnier, La Financière de l’Échiquier is one of France’s top independent management companies, with more than €8.5bn under management at 30 June and a team of around one hundred employees. La Financière de l’Echiquier (LFDE) is wholly owned by its managers and employees. It manages savings and investments for retail clients, wealth advisers, and institutional investors. A pioneer in SRI and a signatory to the PRI since 2008 and the Montreal Carbon Pledge since 2017, LFDE is also present in Germany, Austria, Switzerland, Italy, Spain, and the Benelux countries. www.lfde.com

ABOUT ARKEA INVESTMENT SERVICES

Arkéa Investment Services consists of the asset management and private banking specialists of Crédit Mutuel Arkéa.

It groups together four management companies (Federal Finance Gestion, Schelcher Prince Gestion, SWEN Capital Partners and Vivienne Investissement) and a private bank (Arkéa Banque Privée), totalling €46bn in AUM at end-June 2017.

Its mission is to create solutions to manage and grow the savings and investments of its clients (institutional investors, businesses, and savers) to allow them to carry out their plans with confidence. This is also reflected in the company’s values: responsible agility. It is agile in its multi-boutique organisation of specialists, its human scale, and its tailored approach to the client’s needs. It is responsible through its demand for sustainable, conviction-based management and its desire to offer risk-controlled solutions. www.arkea-is.com

SETL Development Limited

SETL Development Limited launched in July 2015 to deploy a multi-asset, multi-currency institutional payment and settlements infrastructure based on blockchain technology. The SETL system enables market participants to move cash and assets directly between each other, facilitating the immediate and final settlement of market transactions. The SETL system maintains a permissioned distributed ledger of ownership and transaction records, simplifying the process of matching, settlement, custody, registration and transaction reporting.

The initiative is led by Peter Randall, the former CEO and founder of Chi-X, the pan-European equities trading venue. The SETL management team comprises: Peter Randall, CEO; Anthony Culligan, Product CEO; Nicholas Pennington, CTO; and Francois Barthelemy, Head of Corporate Strategy.

Source: SETL

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