Is the industry ready for fully on-chain portfolio management? Could the migration from paper to digital happen within just a few years? How has tokenisation opened new doors for transparency, faster settlements and broader access to assets? Those were the topics explored in the panel, The Transformative Power of Tokenisation, at FundsTech Forum 2025 held in London today.
The panel was attended by Robert Crossley, head of digital asset and business advisory services at Franklin Templeton; Bill Gourlay, managing director at Independent Consultants Network; Laurent Majchrzak, group head of digital assets at Caceis, Simon Keefe, managing director and head of digital solutions at Calastone and Olivier Fines, head of advocacy and capital markets policy research at the CFA Institute.
In response to Gourlay’s question about the challenges of interpreting tokenisation, Olivier Fines clarified that “tokenisation is the act of creating a digital representation of assets using distributed ledger technology.”
He reflected on the CFA Institute’s evolving stance on blockchain and digital assets, noting that “initially, we saw it as geeks playing in a garage.” The CFA Institute had to determine whether this was merely a fad or a true inflection point in capital market dynamics, he admitted, describing how they engaged with asset owners and regulators to better understand its implications.
Fines also highlighted that while bitcoin gets most of the attention, key developments are happening around smart contracts and market infrastructure, which have widened access through enhanced transparency and control. This, he suggested, helps prevent users from falling prey to “gamification-like concepts.
One of the main difficulties, according to Fines, is the tension between the borderless nature of digital finance and the jurisdictional constraints of traditional regulatory systems. He also stressed the need for convergence between regulatory and legal frameworks to enable broader recognition of tokenised assets.
Laurent Majchrzak explained that adopting blockchain has enabled firms like Caceis to expand existing activities, especially in fund distribution. “We tokenised the same fund shares with limited effort,” he said, adding that it required “low investment to have a fund tokenised,” citing their own experience. Caceis, he noted, has been an advocate for regulating blockchain in a way that preserves key financial principles. The firm is now piloting a new project involving stablecoins. “We’re experimenting with payment subscriptions using stablecoins,” he said, and revealed that a proof of concept (PoC) would be launched soon.
Majchrzak also highlighted the potential of stablecoins to streamline fund operations: by using specific stablecoins, it’s possible to create instant NAV calculations and execute orders more efficiently. This, he believes, can offer real benefits to both asset managers and investors. Looking ahead, he expressed optimism, especially as the benefits—initially seen in money market funds—start to become evident. He also added that “we’re already seeing the acquisition of a secondary market through tokenisation.”
Calastone recently launched Calastone Tokenised Distribution platform, a solution that enables asset managers to tokenise any fund operating on Calastone’s network and distribute it seamlessly through blockchain-based channels. Sharing his firm’s initial experience with the tokenisation journey, Simon Keefe said: “We took a step back and decided to tokenise assets throughout the lifecycle.” The result was a more efficient system that integrates easily and automates processes—ultimately reducing the amount of seed capital required. He noted a shift in industry focus: “Asset managers are now moving from concentrating on distribution to looking at issuance and servicing.”
Keefe also highlighted the importance of geography in shaping digital asset strategy as differences in jurisdiction matter.
According to Robert Crossley, the concept of an asset itself expands through tokenisation and that technology changes not just processes, but also how value is created. He emphasised that while there is a wide range of fund strategies—from beta to alpha, and across both product and process—“applying analogue thinking to digital technology won’t work.” Instead, he argued for a mindset shift and close cooperation with regulators, as tech doesn’t exist by itself,” added Crossley.
Moving on, Crossley acknowledged that while there are real benefits to the end client, “they haven’t yet filtered down,” and the tangible advantages of tokenisation are “not universally appreciated.” Reflecting on market developments, he pointed to the launch of crypto ETFs as a turning point that “forced the traditional industry to come to terms with it.” ETF processes themselves have benefited from automation and smart contracts, all within a “familiar wrapper.”
Many market players, the panellists noted, prefer private blockchains, given the current landscape of diverse models. As Simon Keefe concluded, “There is a dichotomy, but the entire concept of tokenisation is inherently meant to be decentralised.
In the next panel, Navigating Regulation in a Web3 World, Martin Gilbert, chairman of AssetCo and British multinational neobank and fintech company offering banking services for individuals and businesses Revolut and Richard Fox, head of public policy at Schroders, discussed frameworks like regulatory sandboxes, the successes they’ve seen so far and the policy shifts that could define the future of Web3 in asset management.
The panel focused on Web3 —a decentralised, blockchain-based internet enabling user ownership, transparency, and smart contract automation— was moderated by John Allan, head of the innovation and operations unit at the Investment Association, opened with the question: Is it true that the industry hasn’t been able to innovate as much as it could have?
Revolut recently reported a net profit of £1.1 billion for the year ending December 31, 2024 —up 149% year-on-year. Gilbert attributed its milestone of reaching 50 million global customers, including 10 million in the UK, to “the power of the right product.” He also highlighted a generational shift in customer expectations, particularly among people in their 30s who prefer digital self-service over human interaction, adding that AI has significantly improved productivity across Revolut’s operations.
Gilbert also underscored how Revolut’s culture and internal innovation engine have adapted to this shift. “Our internal platform is ruthless in testing what works and rejecting what doesn’t,” he said, citing examples such as the failure of salary borrowing in the UK versus the rapid success of business banking. Revolut’s work from anywhere model, supported by a global workforce, further sets it apart from traditional asset managers.
Looking ahead, he shared that Revolut will move into the funds space, giving a message to asset managers: “You have the clients—don’t let us take them away from you. Once they are gone, they’re not coming back.”
Richard Fox echoed this urgency, arguing that disruption in asset management is “a today problem, not a tomorrow one.” He highlighted weak retirement saving trends in the UK. According to recent research, only a tiny percentage of defined contribution pension savers in the UK can expect a moderate retirement standard. “You don’t really need a bond anymore, investors can now disaggregate assets down to their building blocks, thanks to tokenisation” Fox added.
On the subject of regulation, Fox praised the FCA, saying “they can’t be accused of getting in the way of innovation,” a view Gilbert shared, calling the FCA “a tier 1 regulator.”
In closing, Allan highlighted the Investment Association’s Investment Fund 3.0 agenda and voiced support for the FCA and Bank of England’s Digital Securities Sandbox initiative as vital to modernising the UK fund industry amid technological and investor-driven change.
The panellists agreed that regulation is not necessarily a barrier and that a “profound change” in mindset is now visibly underway.
Source: Fund Europe
