Europe's largest asset manager, Amundi, is accelerating its foray into blockchain-based financial products, recently announcing the launch of a new tokenized fund on the Ethereum and Stellar networks.
The firm, which manages approximately $2.3 trillion in assets, has secured an initial commitment of $100 million for the fund.
Dubbed the "Spiko Amundi Overnight Swap Fund (SAFO)," this marks the Paris-based company's second blockchain fund issuance in the past five months. Previously, Amundi partnered with CACEIS in November last year to launch a tokenized share class of its money market fund on Ethereum.
The new fund is structured as a tokenized sub-fund under SPIKO SICAV, an investment structure, in accordance with French law. SAFO aims to provide solutions for cash management and collateral needs for corporations and financial institutions.
The fund offers overnight liquidity through fully collateralized total return swap transactions with top-tier banks. Investors also have the option to transact in four different currencies: EUR, USD, GBP, and CHF.
Amundi stated that SAFO offers advantages such as near-instantaneous reconciliation, flexible custody options, real-time transparency of investor records, and 24/7 cross-border transfer capabilities.
Within the fund's operational structure, Amundi acts as the authorized portfolio manager, while CACEIS serves as the custodian bank and fund administrator. Spiko functions as the transfer agent, tokenization platform, and broker. Chainlink infrastructure supports the on-chain recording of the fund's Net Asset Value (NAV) on both the Ethereum and Stellar networks.