New York Life Investment Management has debuted its first tokenized fund, bringing a high-yield corporate bond strategy onto blockchain through a partnership with Centrifuge. The $807 billion asset manager announced the launch Tuesday.
The new product, called the NYLIM Anemoy U.S. High Yield Corporate Bond Segregated Portfolio, allows eligible investors to subscribe and redeem shares using Circle's USDC stablecoin. New York Life will continue to manage the underlying portfolio and investment strategy.
Thomas Sy, head of multi-asset solutions at NYLIM, said tokenization represents a compelling evolution in how investment solutions can be accessed, managed and distributed.
The move adds NYLIM to a growing list of Wall Street firms offering tokenized funds, including BlackRock, Franklin Templeton, Apollo and Janus Henderson. The tokenized real-world asset market has grown to more than $30 billion excluding stablecoins.
