TechFlow news, October 21 — According to CoinDesk, Legal & General Group (L&G), a London-based pension and investment management firm with $1.5 trillion in assets under management, is evaluating plans to enter the blockchain tokenization space. This move aims to follow in the footsteps of traditional financial giants such as BlackRock, Franklin Templeton, and abrdn, which have launched blockchain-based money market funds.
Ed Wicks, Global Head of Trading at L&G's investment management arm (LGIM), said: "We are assessing how we can offer LGIM liquidity funds in tokenized form." He emphasized that digitization within the fund industry is crucial for improving efficiency, reducing costs, and providing broader investor access to diversified investment solutions. L&G first began exploring blockchain technology back in 2019, when the company planned to use Amazon Web Services' (AWS) managed blockchain system to manage and record large-scale annuities for its insurance business.
