AllianceBernstein is partnering with a Madrid-based company to integrate blockchain technology into its financial services platforms.
The Nashville-based global asset management firm entered a collaborative agreement with Allfunds Blockchain to utilize its technology, a news release announced Tuesday.
Allfunds Blockchain is an arm of Allfunds Group, a fund distribution platform based in London with nearly 1.4 trillion euros in assets under its administration.
Like the name suggests, this branch of Allfunds focuses on developing blockchain technology to provide security, privacy and data governance to financial institutions through automated smart contracts.
The collaboration will connect AllianceBernstein’s global operations with the Allfunds platform to begin adapting AllianceBernstein's asset services activities to the blockchain ecosystem, said the release
“We anticipate that this technology will be transformative to the asset management industry, uncovering significant transactional efficiencies and enhanced transparency as well as operational agility that makes investment solutions available to a broader investor base,” Ronit Walny, head of AllianceBernstein’s investment innovation center, said in the release.
The idea for a partnership originated in 2021 from an internal workshop between AllianceBernstein and Equitable Holdings to discuss disruptive technologies in the financial services industry. The workshop focused on cryptocurrency and blockchain.
“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,” said Karl Sprules, AllianceBernstein’s global head of technology and operations.
