Apex to handle Fidelity International's first tokenised fund

Apex Group is providing transfer agency services for Fidelity International's first tokenised product, aimed at institutional and professional investors.

The arrangement puts Apex at the centre of the fund's transfer agency operations for a structure designed to support round-the-clock dealing, as asset managers test how tokenised fund models can fit within established regulated frameworks.

Its role includes digital investor onboarding, wallet whitelisting and transaction processing for the tokenised fund structure. The work is intended to mirror the controls used in conventional funds while adapting them to an on-chain operating model.

Tokenisation is becoming a growing focus across asset management and market infrastructure, as firms explore ways to issue and service fund interests on blockchain-based systems. The goal is often to reduce operational friction and extend market access beyond standard business hours while maintaining governance and investor protection.

The launch marks Fidelity International's first move into tokenised funds. The group serves more than 2.9 million customers globally and has USD $1,062 billion in total assets.

Alongside Apex, Fidelity International worked with Sygnum, J.P. Morgan and Chainlink on the initiative. Those firms formed part of the supporting infrastructure around the new product.

Operating model

In traditional fund structures, subscriptions and redemptions are often tied to processes that run during defined market or office hours. Tokenised funds aim to change that by moving parts of servicing and record-keeping onto distributed ledger systems that can operate continuously.

Apex's transfer agency model is built for 24/7 processing in on-chain markets. Transfer agents play a central role in investor records, dealing flows and ownership administration, making the function key to bringing tokenised products into mainstream fund operations.

Emma Pecenicic, Head of Digital Assets Distribution at Fidelity International, said the structure must meet the same standards as traditional funds.

"Tokenised fund models must meet the same standards as traditional fund structures. Apex Group's transfer agency support helped extend established fund operating practices into an on‐chain environment, while maintaining the standards our clients and regulators expect," said Pecenicic.

Her comments highlight a wider industry question for tokenised products: whether blockchain-based issuance can be incorporated into existing compliance, oversight and servicing requirements without creating a parallel, weaker operational framework.

Market shift

Apex services more than USD $3.5 trillion in assets, giving it a significant presence in fund administration and related financial services. The Fidelity mandate reflects a broader shift as regulated asset managers begin to incorporate tokenisation and on-chain workflows into fund operating models.

That shift has drawn in both established financial institutions and specialist digital asset firms. Banks, custodians, fund administrators and technology providers have all been testing where tokenised versions of traditional financial products can be introduced without disrupting core controls.

Liquidity has been one area of focus. Market participants argue that while some assets can be represented on-chain, the underlying subscription, redemption, and settlement processes often still rely on conventional timetables and manual steps. That can limit the practical benefits of tokenisation for end investors.

Peter Hughes, Founder and Chief Executive Officer of Apex Group, said transfer agency has been one of the constraints in that model.

"Apex Group's 24/7 digital transfer agency model removes a structural limitation that has held back digital liquidity markets. Many funds operate on chain, yet their subscriptions and redemptions still depend on traditional, business-hour processes. Investors gain real-time access to liquidity and continuous, automated processing. It reflects a more modern market infrastructure that is always available, transparent, and designed to reinforce trust."

The launch adds to a growing list of projects across the investment industry that are testing how tokenised funds can be administered within regulated settings, with transfer agency, custody, banking connectivity, and data feeds all forming part of the infrastructure stack.

Fidelity International operates in more than 25 locations, with clients ranging from central banks and sovereign wealth funds to insurers, wealth managers and private individuals.