Blockchain-based fund data utility Tisa Universal Reporting Network (Turn) has recruited a number of data management vendors to provide additional services as it looks to broaden its appeal among asset managers.
The so-called “value-added panel” will comprise Kneip, DFIN, ACOLIN and FundConnect.
Together they will provide data collection, validation and aggregation services for the fund managers and distributors that use the Turn platform.
Turn was launched by the UK’s Investing and Saving Alliance (Tisa) in October 2020 as a not-for-profit MiFID II reporting template that uses blockchain technology, developed by Atos.
Its users include Deutsche Bank, Fidelity International, Link Group, MFEX, Allfunds and Calastone. By enabling much easier exchange of data between counterparties, Turn claims it can reduce MiFID-related data management costs from £200,000 per year to less than £30,000
However, as Funds Europe reported in March, Turn’s success is predicated on wider industry participation. As of early March, just 14 firms were using the platform.
According to Turn CEO Gary Bond, the addition of the four vendors will enable a “flexible and more personalised service” for users.
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