New York Life Asset Management executive: The biggest opportunity for tokenization lies in personalized investing.
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New York Life's asset management division launches tokenized bond fund
According to Foresight News , citing CoinDesk, New York Life Investment Management, the asset management arm of New York Life Insurance Company, has partnered with Centrifuge to launch a tokenized U.S. high-yield corporate bond strategy. The fund, named NYLIM Anemoy U.S. High Yield Corporate Bond Isolated Portfolio (HYB), is the company's first tokenized investment product. Eligible investors will be able to subscribe to and redeem shares using USDC.
Asset management giant Vanguard is hiring its first head of digital assets to evaluate strategies including tokenization and stablecoins.
PANews reported on July 8th that, according to Bitcoin Magazine, Vanguard, the world's second-largest asset manager (with approximately $12 trillion in assets under management), has created its first-ever Head of Digital Assets position, responsible for developing the company's long-term crypto and blockchain strategy. This role will evaluate areas such as tokenization, stablecoins, digital wallets, custody, and blockchain settlement, and determine whether Vanguard should build its own capabilities, partner with external entities, or postpone entry into certain markets. The position will involve developing multi-year roadmaps and designing governance and risk frameworks. Vanguard stated that this hiring does not indicate an upcoming launch of crypto products and that it currently has no plans to issue its own crypto investment vehicles.
New York Life, in partnership with Centrifuge, launched the first on-chain high-yield corporate bond fund.
PANews reported on June 30th that, according to The Block, New York Life Investment Management (NYLIM) has partnered with Centrifuge to launch the tokenized fund NYLIM Anemoy US High Yield Corporate Bond Segregated Portfolio (ticker symbol: HYB). This is NYLIM's first tokenized product and one of the few on-chain strategies focusing on high-yield corporate bonds. The fund is issued on the Centrifuge platform, with subscriptions and redemptions settled in the Circle stablecoin USDC. NYLIM manages the underlying assets, while Centrifuge provides the tokenization technology and BVI-separated portfolio structure. Investors, as shareholders, can directly claim the underlying assets.
Asset management giant Vanguard Group is hiring a head of digital assets to drive the encryption and tokenization of its personal wealth management business.
PANews reported on July 7 that asset management giant Vanguard Group is hiring a "Head of Digital Assets, Personal Wealth" to develop and execute the overall digital asset strategy and multi-year roadmap for the personal wealth sector, covering product design, operating models, risk and compliance frameworks. This position will lead the evaluation and development of digital asset products and services for self-investment, investment advisory, and high-net-worth clients, including access models, pricing, custody/wallets, settlement and reporting processes, and coordinating cross-departmental implementation across technology, operations, legal, and compliance departments.
The Hong Kong Securities and Futures Commission is discussing the removal of the 10% minimum investment exemption for virtual asset management.
According to Odaily Odaily, the Hong Kong Securities and Futures Professionals Association stated that representatives from the regulatory body, including Ip Chi-hang, Executive Director of the Intermediaries Division of the Hong Kong Securities and Futures Commission, and Chan Ho-lim, Under Secretary for Financial Services and the Treasury, met to discuss several specific policy changes, including: canceling the previous 10% minimum investment exemption for virtual asset management, and the new regulations taking effect immediately without a transition period. In addition, the Hong Kong Securities and Futures Commission (SFC) stated that it has communicated with the Hong Kong Securities and Investment Institute (HKSI) to separate the examination and courses for virtual asset platform practitioners, and to reduce the examination fees to align with the current Paper 2 and Paper 3 examination fees. The Hong Kong Securities and Futures Association also requested a clear distinction between technology services and regulated activities, and suggested that the SFC establish a clearer approval timetable and phased reference framework. (Sing Tao Daily)
Opinion: The next stage of tokenization will be "personalized portfolios," rather than simply improving settlement efficiency.
According to BlockBeats, on July 5th, Thomas Sy, Head of Multi-Asset Solutions at NYLIM (New York Life Investment Management), stated that the next core application of tokenization will be enabling "personalized portfolio construction," rather than simply improving settlement efficiency or extending trading hours. NYLIM manages approximately $807 billion, with about $11 billion handled by Sy's team. He pointed out that blockchain technology promises to allow asset management institutions to customize complex portfolio strategies for different investors at a large scale, a capability currently difficult to achieve in the traditional financial system. Sy stated that the core of future asset management will shift towards "high customization," and blockchain is the only technological path capable of achieving this at scale. He believes that tokenization is not just about putting ETFs, bonds, or private credit on the blockchain, but more importantly, about reshaping the way portfolios are constructed. He also pointed out that current portfolios typically involve a mix of ETFs, bonds, and private equity assets, but due to operational complexity, personalized strategies are difficult to scale. Tokenization has the potential to "embed customization logic into the assets themselves," reducing operational costs and improving efficiency. Furthermore, Sy stated that stablecoins have become a key entry point for traditional finance to enter the blockchain space, with the current market capitalization exceeding $300 billion, and are being used for cross-border payments and fund management. He believes this trend will gradually drive institutional demand for on-chain yield-generating assets. Regarding decentralized finance (DeFi), NYLIM is still researching related applications, but Sy emphasized that institutional participation still requires more mature infrastructure, including improved tokenized collateral, liquidation mechanisms, and prime brokerage services.