An international blockchain record-keeping platform for EU mutual funds, IZNES, announced its first fundraising. Its blockchain is underpinned by SETL, which was founded by Peter Randall, the former CEO and founder of Chi-X. SETL maintains a permissioned distributed ledger of ownership and transaction records, simplifying the process of matching, settlement, custody, registration and transaction reporting.
Existing IZNES shareholders – SETL and OFI AM – have been joined by five asset management companies – Arkéa IS, Groupama AM, La Banque Postale AM, La Financière de l’Échiquier and Lyxor AM, which have participated in the development of the platform for several months.
The fundraising will further IZNES’ production phase in 2018, which will see a further 13 asset management firms join the project as contributors to the development of the platform: Allianz GI, Amundi, Aviva Investors, BDL Capital Management, BNP Paribas AM, Candriam Investors Group, La Française, Lazard Frères Gestion, Mandarine Gestion, Natixis AM, Pléiade AM, SMA Groupe and Sycomore AM. The 20 asset managers represent more than €5 trillion AuM.