By using blockchain as the book of record, financial services firm Apex Group claims to have become the “first” transfer agent and fund service provider to administer regulated securities. In a press release, the group reveals that it has created a new digital share class by tokenising a private fund, then complemented that with a DLT registry to manage the distribution and administration of the fund.
The tokenisation was achieved in partnership with alternative investment firm Hamilton Lane and digital asset banking group Sygnum Bank. The fund in question is the Hamilton Lane GPA fund.
Apex Group claims that its approach enables the automation and integration of traditionally separate fund administration functions. In addition, it gives private market funds access to a more diverse and larger pool of qualified investors.
Bruce Jackson, Apex Group’s chief of digital asset funds and business reveals that the firm intends to continue developing the use of blockchain as a subscription, onboarding, operations, administration, and transfer agency platform in order to support the distribution of alternative asset funds.