The move marks a major milestone in the development of FundsDLT, originally initiated and incubated by the Luxembourg Stock Exchange and its affiliate Fundsquare.

The initiative received a signiicant boost in March last year with the receipt of significant financial backing from Clearstream, Credit Suisse Asset Management, the Luxembourg Stock Exchange, and Natixis Investment Managers.

FundsDLT runs on Consensys Quorum, a permissioned enterprise blockchain based on Ethereum. The platform streamlines a range of repetitive fund operational activities, effectively re-enineering the fund distribution chain that connects asset managers, asset services, distributors and advisors through the use of distributed technologies.

Olivier Portenseigne, CEO of FundsDLT, commenta: “Asset and wealth managers can now be able to have a stronger relationship with and more knowledge of the final investor while reducing costs. The data and insights inherent in a DLT infrastructure will also allow our clients to propose more personalized products and services and grow their client base.”

Azimut, which has $75 billion in assets under management will be the first to connect to the platform.

Giorgio Medda, Co-CEO and global head of asset management of Azimut, says: “We are pleased to work with this ground-breaking platform which has great potential for opening up investment funds to a broader public. This is a further step forward in our strategy of technological innovation in a wider fintech ecosystem that is clearly the future for investment fund distribution. Simplicity and efficiency in this area are extremely important to us and FundsDLT delivers.”