Four French AM firms and SETL launch blockchain fund record-keeping platform

A quartet of Paris-based asset management companies – OFI AM, Groupama AM, La Financière de l’Échiquier and Arkéa Investment Services – have partnered with SETL to launch a fund-record keeping platform that relies on blockchain technology called Iznes.

The platform aims to provide investors, asset managers, distributors and wealth management advisers with easy access to fund units. Among others, Iznes enables firms to manage KYC processes, handle subscription / redemption instructions, and settle transactions and record positions.

Iznes relies on proprietary technology developed by SETL. A first version of the platform has been delivered by the firm in July 2017, approved by the four French managers. An enhanced version of Iznes should be produced in early 2018.

OFI AM’s CEO Jean-Pierre Grimaud commented: “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.”

Adrien Paredes-Vanheule
Adrien Paredes-Vanheule is deputy editor and French-Speaking Europe Correspondent for InvestmentEurope, covering France, Belgium, Geneva and Monaco. Prior to joining InvestmentEurope, he spent almost five years writing for various publications in Monaco, primarily as a criminal and financial court reporter. Before that, he worked for newspapers and radio stations in France, in particular in Lyon.

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