Hedera is a blockchain technology company focused on building the world’s most efficient public distributed ledger platform. Hedera is a permissioned network that consists of 39 highly diversified organizations that have joined together to build a network they trust and can rely upon.
Hedera’s unique governance design ensures that no single company, small group of developers, or node operators has undue influence or control over the network. Hedera’s technology differs from other networks as it features an innovative new ecosystem of digital assets. It includes a permissioned-based system to create a stable and secure network for developers, businesses, and users.
Hedera will be the technology of choice for tokenizing investment funds at the global investment company, which holds £508 billion in assets
In its first role as a buy-side finance and asset management company on the Hedera Governing Council, investment company abrdn has today joined the Council. It is abrdn’s belief that distributed ledger technology (DLT) can transform structural inefficiencies within the fund management industry. Having strong governance, operational efficiency, and best-in-class energy efficiency, Hedera is the preferred technology for this shift.
In preparation for listing investment funds on a digital exchange, abrdn is currently investigating the prospect of tokenizing investment funds using Hedera. With Hedera’s network, tokenized money management can be made faster and more cost-effective while maintaining its security and sustainability. In addition, abrdn sees scope for working with service providers to use Hedera for other DLT-based services, allowing fund investors to experience a fully on-chain experience.
Hedera’s Governing Council acceptance further consolidates abrdn’s position as a leading asset manager in the digital asset ecosystem, said Duncan Moir, Senior Investment Manager at abrdn. Due to Hedera’s commitment to strong governance, innovation, and sustainability, we joined the Hedera Governing Council alongside a number of leading global organizations. The Hedera DLT solution for the fund management industry offers rapid speed and asynchronous Byzantine Fault Tolerance (ABFT) security. We look forward to partnering with them throughout their journey.”
In addition to its 5,000 employees worldwide, abrdn will bring new insights on financial services governance to the Council. As opposed to banks and other participating financial institutions, asset management firms have fiduciary responsibilities which increase the challenges of governance. In light of the structural inefficiencies in the fund management industry, which could be modernized with DLT, abrdn has collaboration opportunities with members of the Council who provide services to the fund management industry, such as banks, law firms, and technology companies, to help drive this transformation.
According to Bill Miller, co-chair of the Hedera Governing Council Membership Committee, abrdn’s client-first philosophy aligns with Hedera’s goal of bridging enterprise resources with Web3’s innovative capabilities, so that users can take advantage of DLT infrastructure that maximizes efficiency. With abrdn leading the move into tokenized assets, Hedera’s network provides them with the technology they need to overcome barriers and provide a more sophisticated experience to their clients, who pay for the layers of services that contribute to managing their assets.”
About abrdn plc
The investment company is headquartered in London and has $508 billion in assets under management and administration. It employs over 5,000 people worldwide who help clients and customers plan, save, and invest for their future. Making investors better is the driving force behind everything we do. The three vectors of our business – Investments, Adviser, and Personal – focus on the changing needs. Globally, we provide investment solutions to help clients create more opportunities for their futures. Using our platform technology and tools, UK financial advisers and wealth managers can create more opportunities for their clients. In our personal wealth business, we help individuals plan financially secure futures in a way that works for them by offering a range of services.
About Hedera
With Hedera, you can create a decentralized network that is innovative, sustainable, and enterprise-grade for the decentralized economy. Among the organizations that govern the platform are abrdn, Avery Dennison, Boeing, Chainlink Labs, Dentons, Deutsche Telekom, DLA Piper, EDF (Électricité de France), eftpos, FIS (WorldPay), Google, IBM, IIT, LG Electronics, Magalu, Nomura Holdings, ServiceNow, Shinhan Bank, Standard Bank Group, Swirlds, Tata Communications, Ubisoft, University College London (UCL), Wipro, and Zain Group.
