Funds & FinTech

Funds & FinTech

? How Big Data, Blockchain, RegTech, Smart Contracts & Digital Identity Solutions Transform Collective Investment Schemes ?

Prof. Dr. Dirk Zetzsche, LL.M. ADA Chair in Financial Law

(Inclusive Finance)

I.

The CIS Alignment Issue

The Institutional Investment Chain

Depositaries Custodians

Pension Savings Scheme, IORPD etc

Beneficiary

(e.g. Pensioneer)

Asset

Owner

(e.g. Pension Fund)

Fund Company

(UCITS, AIFMD)

Asset Manager

Asset pools

Advisers, consultants,

selectors Risk

Managers, Compliance, Investment

Advice

3

Investment Fund (Europe)

Risk Manager

Fund Distributors

Sales/ Disclosure

$

AIFM, UCITS ManCo (,,Fund Manager")

Investing Administration

Fund Assets

Portfolio-Manager (MiFID)

(? Asset Manager ?)

Controlling

Custodian (Assets)

Primebroker

Investor

Issue & Redemption (Units)

Depositary

4

The CIS Alignment Issue

Multiple intermediaries Multiple interests All paid by investors How to ensure alignment with investor interests?

Fintech help- or harmful?

II.

FinTech & the Alignment Issue

FinTech & its five ,associates`

Big Data RegTech Smart Contracts Blockchain & DLT Digital Identity

Impact of FinTech on the Fund Industry

Big Data to erase informational advantages of intermediaries.

RegTech & Smart Contracts to streamline, facilitate or even substitute processes.

DLT & Digital Identity to erase / mitigate information asymmetry.

Overhaul of all informational or procedural service providers: distribution, administration etc.

Significant disruption likely.

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