The Tokenization Insight newsletter highlighted that this means four of the top five U.K. asset managers have taken tangible steps towards fund tokenization. This was the first tokenization of an Aviva Investors fund and follows the formation of a partnership between the firm and Ripple, the blockchain infrastructure provider, this year. Aviva’s new share class was approved by the Central Bank of Ireland, which the asset manager said marks a regulatory first with regards to tokenized fund structures. Clients will be able to use smart contracts to execute redemptions and transfers via Kinexys by J.P. Morgan’s multi-chain asset tokenization platform. “Now everyone has issued their tokenized fund, the more important question is: which asset manager can turn tokenized fund ownership into a genuinely useful 24/7 liquidity, collateral and treasury-management product?,” added the newsletter.