Key facts
- New York Life Investment Management has launched its first tokenized fund.
- The fund is a U.S. High Yield Corporate Bond Strategy tokenized on the blockchain.
- It is a partnership with the tokenization platform Centrifuge.
- Investors will use USDC stablecoin for subscriptions and redemptions.
- The fund is named the NYLIM Anemoy U.S. High Yield Corporate Bond Segregated Portfolio (HYB).
New York Life Investment Management (NYLIM), the $807 billion asset management arm of major life insurer New York Life, has launched its first tokenized investment product in partnership with Centrifuge. The fund, named the NYLIM Anemoy U.S. High Yield Corporate Bond Segregated Portfolio (HYB), brings a U.S. high-yield corporate bond strategy onto blockchain rails.
Eligible investors will be able to subscribe to and redeem shares using Circle's USDC stablecoin, while New York Life continues to manage the underlying portfolio and investment strategy. This move marks an expansion of tokenization efforts beyond U.S. Treasuries and private credit into higher-yield fixed-income products.
NYLIM joins other major financial firms like BlackRock, Franklin Templeton, Apollo, and Janus Henderson in embracing tokenized funds, which proponents believe can enhance efficiency, shorten settlement times, and facilitate easier movement across blockchain-based financial applications. Centrifuge, which already tokenizes funds for Apollo and Janus Henderson, sees this partnership as a significant addition to its platform, further integrating assets into decentralized finance protocols.