Wellington's Mark Garabedian says tokenized funds mirror traditional products

Core Message - Traditional asset managers are viewing tokenization as a method to enhance existing financial products rather than creating new asset classes [1][2][3] Group 1: Tokenization as an Evolution - Tokenization is framed as an evolution in infrastructure, utilizing new technology for delivery methods while maintaining core investment principles [2][3] - The underlying investment mandate remains unchanged, with tokenized products still representing traditional assets like ETFs, funds, and equities [3][4] Group 2: Operational Efficiency and Client Demand - Tokenized funds can hold traditional assets, with ownership recorded via blockchain tokens instead of paper registries, offering operational efficiencies and added utility for clients [4][5] - Client demand is central to Wellington's strategy, ensuring services are delivered in formats preferred by clients [5][6] Group 3: Implementation of Tokenization - Wellington's initial foray into digital assets involved managing an ultra-short-duration fixed-income strategy in tokenized form for Singapore-based issuer FundBridge [6][7] - The transition to tokenized ownership was less dramatic operationally, with no new portfolio management systems required for managing underlying assets [7][8]