Tokenized fund shares
Tokenized fund shares: what ManCos need to know now.
Tokenized fund shares move register, subscription and settlement processes onto a digital infrastructure. What matters is not the token itself but a cleanly distributed role architecture.
In brief
Tokenized fund shares are digital representations of fund shares whose subscription, holdings and settlement can be processed on a shared technical infrastructure. The regulated roles remain: register keeping, custody and payment rails sit with licensed partners. Wallberg plans and orchestrates this architecture but does not sell a tokenization product of its own.
In short
01
Tokenization shortens the settlement chain but does not automatically replace regulated roles.
02
Register keeping stays with a licensed partner, not with Wallberg.
03
The practical benefit comes from T+0 settlement, less reconciliation and a shared data base.
The difference
The same order, two settlement worlds.
Classic fund order
T+2two banking days to finality
Tokenized settlement
T+0 · finalAtomic transaction
subscription, payment and delivery in one step
finality in seconds
Simplified view. The stations vary by distribution channel and fund type; the robust chain for your organisation is produced in the readiness assessment.
How it works today
Classic fund settlement spreads subscription, investor data, register, custody, distribution and payment across several systems. That creates coordination effort, reconciliation, delays and costs along the chain.
This structure has grown over time and is robust, but not particularly lean. That is exactly where tokenization starts: not as an end in itself, but as a new data and settlement layer.
What tokenization changes
The tokenized share can bring subscription, entitlement, holdings and settlement closer together. KYC status, whitelisting and share issuance become technically verifiable and can interact within the same flow.
The architecture is what matters: who keeps the register? Who provides custody? Who supplies the payment rail? Who operates the nodes? Without clear roles, tokenization is just another provider lock-in.
What Wallberg does
Wallberg translates the use case of the ManCo, bank or issuer into an implementable reference architecture. We do not choose components according to our own product logic, but according to mandate, regulatory need and operational obligations.
In production, the regulated roles are filled by licensed partners. Wallberg remains the orchestrator — not the register keeper, not the custodian and not the provider of its own token.
Context
The key roles in a tokenized fund
ManCo (KVG)
Owns product, strategy and the investor relationship. It decides whether and how tokenization makes economic sense.
Register partner
Keeps the relevant register in the licensed setup. Wallberg does not take this role.
Bank or depositary
Covers custody, settlement and payment rails. Tokenization does not make these roles redundant.
Wallberg
Orchestrates architecture, partner selection, readiness assessment and go-live support.
Frequently asked
The key questions at a glance.
Is a tokenized fund automatically a crypto product?
No. What matters is the legal and operational structure of the fund share. Tokenization describes the digital settlement and register infrastructure — not automatically a speculative investment.
Who keeps the register?
The register is kept by a licensed partner. Wallberg orchestrates the implementation but takes on no register keeping.
What is the most important benefit for ManCos?
The most important benefit lies in shorter settlement, less reconciliation, T+0 settlement and a potentially lower cost block along the distribution and settlement chain.
The next step
A conversation instead of a brochure.
In a free 30-minute briefing we walk you through the lab live, and you tell us where your organisation stands. You then decide whether a fixed-fee readiness assessment is the right second step.
Free of charge · with live demo
office@wallberg-advisory.de