Federated Hermes joins Wall Street's tokenization push with plans for first onchain fund shares
Source: CoinDesk ·
From the source
The $911 billion Pittsburgh-based asset manager is teaming up with Prometheum to bring blockchain-based share classes of its funds to traditional brokerage accounts. Federated Hermes (FHI), the Pittsburgh-based investment manager overseeing $911 billion in assets, plans to issue its first tokenized fund shares early next year, joining Wall Street's growing push to bring traditional investments onto blockchain rails. The asset manager has partnered with plans to make the upcoming products available through traditional brokerages and financial advisers alongside New York-based digital securities infrastructure provider Prometheum , the companies told CoinDesk Tuesday. The firm has not yet disclosed which funds it plans to tokenize or which blockchains they will use. Money market funds are a likely starting point, Kevin Barr, Federated Hermes' director of digital asset products and platform, told CoinDesk in an interview. “There's enormous interest in the industry at large around…