The global investment firm, which holds £508 billion in assets, will first move to make Hedera the technology of choice for investment fund tokenization
EDINBURGH, Scotland, October 6, 2022 /PRNewswire/ — Investment company abrdn is now joining the Hedera Governing Council as the first buyside finance and asset management company in the Council. abrdn believes that distributed ledger technology (DLT) has the potential to transform the structural inefficiencies that exist in the fund management industry. It considers Hedera the chosen technology for this transformation because of its interest in the robust management, operational efficiency, and environmental sustainability of Hedera’s best energy efficiency.
abrdn is currently evaluating future prospects for the tokenization of investment funds, using Hedera, with the aim of listing them on a digital exchange. The Hedera network has the ability to cut through work management and make tokenized money management faster and more cost-efficient, while maintaining its security and sustainability. abrdn also sees scope to work with service providers to use Hedera for their other DLT-based services, enabling a fully onchain experience for fund investment.
Duncan MoirSenior Investment Manager at abrdn, said: “Being the first asset manager to be accepted into the Hedera Governing Council further strengthens abrdn’s position as a leader in developing the digital asset ecosystem. We have chosen to join a number of leading global organizations on the Hedera Governing Council , because Hedera’s emphasis on strong management, innovation, and maintenance closely aligns with our values. With fast speed and asynchronous Byzantine Fault Tolerance (ABFT) security, Hedera offers a very -promising DLT solution for the fund management industry and we look forward to joining them on their journey.”
abrdn, which has more than 5,000 employees worldwide, will bring new insights into financial services management to the Council. In contrast to other participating members of the financial institution, such as banks, asset management companies have liability obligations that create a higher barrier for management. Given the particularly inefficient structure of the fund management industry, which is ripe for modernization through DLT, there are partnership opportunities for abrdn to work with other Council members who provide services for fund management industry, including banks, law firms and technology companies, to drive it. transformation.
Bill Millerco-chair of the Membership Committee for the Hedera Governing Council, said: “The client-first mission at abrdn is in line with Hedera’s goal of combining the resources of enterprises with the innovative capabilities of Web3, enabling the users to benefit from a DLT infrastructure that as abrdn leads the investment industry to move to tokenized assets, the Hedera network provides them with the underlying technology to overcome barriers and offers an increasingly sophisticated experience in their clients, who pay for layers of services that contribute to the management of their assets.”
About abrdn plc
abrdn plc (ABDN LN Equity) is a global investment company with £508 billion of assets under management and administration and more than 5,000 employees located around the world helping clients and customers to plan, save and invest for their future. Enabling our clients to become better investors drives everything we do. Our business is structured around three vectors – Investments, Adviser and Personal – focused on their changing needs. Across markets around the world, we develop investment solutions to enable clients to create more opportunities for their futures. Our platform technology and tools help UK wealth managers and financial advisers create more opportunities for their clients and their businesses. Our personal wealth business offers a range of services to help UK individuals plan financially secure futures in a way that works for them.
About Hedera
The Hedera network is the most innovative, sustainable, enterprise-grade public ledger for the decentralized economy. The platform is governed by a globally diverse council of industry-leading organizations, including abrdn, Avery DennisonBoeing, Chainlink Labs, Dentons, Deutsche Telekom, DLA Piper, EDF (Electricité de France), eftpos, FIS (WorldPay), Google, IBM, the Indian Institute of Technology (IIT), LG Electronics, Magalu, Nomura Holdings, ServiceNow, Shinhan Bank, Standard Bank Group, Swirlds, Tata Communications, Ubisoft, University College London (UCL), Wipro, and Zain Group.
For more information, visit www.hedera.com, or follow us on Twitter at @hedera, Telegram at t.me/hederahashgraph, or Discord at www.hedera.com/discord. The Hedera whitepaper can be found at www.hedera.com/papers.
For Media Inquiries
Duncan Young
Interim Global Head of External Communications, abrdn
T +44 7920 868865
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Zenobia Godschalk
Hedera Hashgraph
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ORIGIN Hedera
