06-16-2022 icon

AllianceBernstein to Employ Blockchain Technology in Deal With Allfunds Unit

By Lucy Adegbe

AllianceBernstein has affirmed that blockchain-based technology will effectively enhance the industry-leading research and investment solution to investors, giving a transformative outlook alongside operational agility.

A press statement disclosed that the internationally recognized asset management firm, AllianceBernstein Holding L.P. is operating with Allfunds Blockchain to align its mode of operation to the blockchain network. 

Allfunds blockchain, a vital branch of the Allfund platform committed to offering the best adaptation strategy for efficient fund distribution activities, prioritizes efficiency in its blockchain technology for safe and secure operation. 

The global management firm had earlier released an article in April, citing “digital assets in portfolio allocations” as an impractical recourse in the short run and should be given a long-term focus. Hence, the agreement between both bodies suggests that while AllianceBernstein is yet to be fully responsive and committed to virtual property investment in the short run, there are perceived benefits from its primary technology.  

AllianceBernstein already accumulated about 687 billion dollars worth of investment to be managed as of the last day of May 2022.

According to an announcement by the AllianceBernstein’s head of investment innovation center, 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.”

Allfunds shares boomed in value by 1.4% on the Euronext Stock marketplace as of 8:50 coordinated universal time (UTC).