The global asset management firm AllianceBernstein (AB) has planned to adopt blockchain technology into its asset services activities.
AllianceBernstein today announced that it has partnered with Allfunds Blockchain to integrate blockchain technology into its platform.
AllianceBernstein offers high-quality research and diversified investment services to institutional investors, individuals, and private wealth clients in major world markets. As of May 31, 2022, AllianceBernstein had $687 billion in assets under management (AUM).
Meanwhile, Allfunds Blockchain’s dedicated funds technology offers solution to transform operational processes in the fund industry value chain and provide legacy platforms with efficiency, agility, accuracy, and the increased safety blockchain technology delivers.
AB revealed in a press statement that it will connect its global operational activity with the Allfunds platform to Allfunds Blockchain, where it will enjoy all the benefits of the solution, as well as Allfunds’ global scale and growing offering. The collaboration will offer Allfunds Blockchain solutions across AB’s EU domiciled-global platform.
Ronit Walny, Head of AllianceBernstein’s Investment Innovation Center, points out that blockchain technology will be transformative to the asset management industry. Ronit said that it will uncover significant transactional efficiencies and enhanced transparency as well as operational agility that will make investment solutions available to a broader investor base.
AB in partnership with Equitable Holdings underwent a deep exploration of the value that the blockchain technology unlocks across multiple departments.
Karl Sprules, Global Head of Technology and Operations at AllianceBernstein, mentioned that the interest in blockchain was born out of an internal, innovative ideation workshop, hosted jointly between AB and Equitable Holdings for employees.
In 2021, more than 100 colleagues across both organizations participated in the program, working to increase firmwide knowledge of disruptive technologies and closely examine how blockchain and cryptocurrency can be used in the financial services industry.
“A year later, we are excited to announce this integrative collaboration between AB and Allfunds Blockchain, which we believe is an important step forward for the future of our firm – and across the industry,” Karl said.
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