New York-based investment manager AllianceBernstein (AB) has forged an alliance with Allfunds Blockchain to adapt its asset services activities to the blockchain ecosystem.

As part of the tie-up, AB will integrate its global operational activity with the Allfunds platform to Allfunds Blockchain.

This will enable the firm to offer Allfunds Blockchain solutions across its EU domiciled-global platform.

The partnership is said to follow a “deep exploration of blockchain technology” across multiple departments at AB in partnership with Equitable Holdings.

AllianceBernstein Investment Innovation Center head Ronit Walny: “We anticipate that this technology will be transformative to the asset management industry, uncovering significant transactional efficiencies and enhanced transparency as well as operational agility that makes investment solutions available to a broader investor base.

“We are committed to delivering solutions that our clients prefer today and in the future Allfunds Blockchain brings extensive fund industry experience and insightful and integrated solutions, and we look forward to partnering with them in our journey to offer solutions across our EU domiciled global-platform.”

Allfunds Blockchain, the blockchain technology unit of fund distribution platform Allfunds, integrates blockchain technology into funds to enhance operational processes in the fund industry value chain.

Commenting on the partnership, Allfunds Blockchain managing director Rubén Nieto said: “We are very excited to collaborate with one of the leading global asset management firms and deliver our bespoke solutions to such a renowned household name like AB.

“This emphasises our clear strategy to team up and help to understand the incredible benefits of the technology and our value proposition to all the actors of the fund industry. It is about the future of the industry vs. the industry of the future.”

Last year, Ethereum software firm ConsenSys partnered with Allfunds Blockchain to streamline the fund distribution value chain.