Clearstream and Deloitte released a white paper that says tokenisation will affect the entire fund‑distribution value chain, not just digital fund units.
Tokenisation reshapes control and record keeping
The paper, titled The Next Era of Fund Distribution: Interoperability, Digital Registers and Tokenized Infrastructure, argues that the shift will move where control, record keeping and data reside inside the fund‑processing ecosystem. It notes that a swift move to fully on‑chain infrastructure is unrealistic, and that traditional dealing platforms and digital rails will remain in use for the foreseeable future. This suggests that the industry will need to juggle legacy backbone systems alongside emerging digital distribution networks.
In transfer agency, the authors point to real‑time blockchain‑enabled solutions that promise efficiency gains. They raise questions about which parts of the fund value chain are strategic to own and which could become shared infrastructure, where investor‑level transparency is required, and whether omnibus models still make sense.
Strategic choices for asset managers
According to the report, the “winners will not be those that simply launch a tokenised share class, but those that can operate across traditional and digital rails with scale, trust, and interoperability.” Managers are urged to simplify and automate operations before selectively adopting tokenised infrastructure where it delivers measurable benefits such as faster processes, lower error rates, improved client experience and greater transparency.
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The paper cautions against treating tokenisation as merely a product‑level feature. Instead, it frames the deeper opportunity as converting the operating model to a digital‑first, data‑driven approach that facilitates interoperability.
Four steps outline a path forward: reduce internal fragmentation by standardising data and workflows; modernise the investor record using digital registers and API‑first integration models; pilot tokenised share classes in controlled environments to assess governance and control implications; and scale selectively as standards, regulation and settlement infrastructure mature.
For many asset managers, the practical implication is that they must first ensure their existing processes are robust before layering on new technology. This means investing in data quality, aligning internal teams around common standards, and building API capabilities that can talk to both legacy and blockchain‑based systems. Without that foundation, the promised efficiency gains could be offset by new complexities.
The authors introduce a provocative idea: as both underlying assets and cash legs become natively tokenised, the traditional fund wrapper may become optional. Portfolios could eventually be assembled directly from tokenised, composable building blocks with programmable rules embedded in digital wallets. If that scenario materialises, asset managers will need to position themselves to integrate with shared infrastructures rather than creating isolated digital silos.
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While the hypothesis is speculative, it highlights a potential long‑term shift in how investment products are structured and delivered. The paper suggests that forward‑thinking firms should monitor regulatory developments and emerging standards closely, as these will shape the feasibility of such composable portfolios.
In practice, this evolution could mean that investors gain more direct control over the components of their holdings, choosing specific tokenised assets to match their risk profile. It also raises questions about how fiduciary duties will be fulfilled when the traditional fund structure is bypassed. The industry will likely need new governance frameworks to address these challenges.
Investors will watch closely.
Full insights, including details on the post‑fund hypothesis, are available in the white paper.
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