Fund tokenisation platform for asset managers: structure, issue, distribute
Ctrl Alt's fund tokenisation platform (US: fund tokenization) serves asset managers through three regulated entities: a Guernsey registrar and digital transfer agent licensed by the GFSC (reference 3085959, announced 5 August 2026), an Irish MiFID firm that can place instruments across the EEA (Central Bank of Ireland C571300), and Ctrl Alt Ltd, authorised and regulated by the FCA (FRN 1045023).
UK United Kingdom: Don't invest unless you're prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong.
AE Dubai (VARA): Virtual Assets may lose their value in full or in part, and are subject to extreme volatility. The owner or investor in a Virtual Asset can lose all the money or other value they invest, and does not benefit from any form of financial protection.
Our services can only be used by professional or institutional investors. When investing, your capital is at risk. The value of an investment may go down as well as up and past performance is not a reliable indicator of future results.
What fund tokenisation changes for an asset manager
The register and the dealing process change. The fund, its rules and its investors do not.
Fund tokenisation means recording the units or shares of a fund on a distributed ledger, with a token standing for each holding. The Financial Conduct Authority describes tokenisation as representing an asset, or ownership of an asset, using distributed ledger technology (DLT). The portfolio and the manager are the same as before. What changes is the record of who holds what, and how that record is updated.
The FCA published Policy Statement PS26/7, Progressing fund tokenisation, on 30 April 2026. It gives authorised fund managers final guidance on using DLT, including the industry Blueprint model and keeping the unitholder register on a ledger, and it adds optional rules for direct-to-fund dealing, effective immediately. Source: FCA, Progressing fund tokenisation.
The register and dealing
The unitholder register can be kept on a ledger. A subscription, redemption or transfer then updates the register in the same step that records the token movement, which leaves fewer separate records for the manager, the transfer agent and distributors to reconcile. Dealing can be streamlined, but whether it is quicker for a given fund depends on its dealing terms, its cash settlement and its service providers.
Distribution
Tokenised units can be offered through digital channels as well as the usual ones, and transfer restrictions can be written into the token so that units move only between approved holders. Tokenisation does not widen the audience: the fund's own permissions decide where it can be sold, and Ctrl Alt's services are for professional or institutional investors only.
What stays the same
- Fund rules. The fund's authorisation, its prospectus and its investment limits do not depend on the technology that holds the register.
- The depositary and the administrator. Oversight, safekeeping of the portfolio and valuation stay with the firms the manager has appointed.
- Investor eligibility. Client categorisation and anti-money-laundering checks apply to a token holder as they do to any other unitholder.
- Promotion rules. A token is not a route round the financial promotion rules of the country where the investor is.
- Investment risk. The risks of the portfolio are unchanged, and ledger and operational risks are added: see the risk disclosure for tokenised assets.
For the mechanism behind any tokenised product (asset, wrapper, token and register), read what real-world asset tokenisation is. The Insights hub holds the other guides for asset managers.
What Ctrl Alt does for fund issuers
Four jobs, each tied to the entity and the licence that performs it.
Ctrl Alt lists six services for asset managers: structuring, distribution, liquidity, operational efficiency, flexibility across SPVs, funds or structured products, and compliance. For a fund issuer they come down to four jobs.
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Structuring: SPVs, funds or structured products
The manager chooses the wrapper first: the fund itself, a feeder into it, a special purpose vehicle (SPV) or a structured product. Ctrl Alt's published scope covers SPVs, funds and structured products. Structuring is the second of its four published steps, alongside planning, legal and compliance work, and it comes before any technical build.
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Registrar and digital transfer agent
Ctrl Alt Corporate Services Limited does this work under its Protection of Investors licence (GFSC reference 3085959), which covers acting as registrar and digital transfer agent for investment fund and vehicle interests. The licence was announced on .
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Distribution and placement
Ctrl Alt Technologies Limited, authorised as an investment firm under MiFID by the Central Bank of Ireland (reference C571300), can receive and transmit orders and place financial instruments without a firm commitment. It can passport across the EEA, and it serves eligible counterparties and professional clients only.
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Compliance and ongoing administration
Under its Fiduciary licence (GFSC reference 3085959), the Guernsey entity provides corporate administration, directorship and governance services for its vehicles. The scope of ongoing administration is agreed for each mandate.
Which entity contracts with you depends on where the vehicle and its investors are: see the FCA, Central Bank of Ireland, GFSC and VARA register entries.
Read the figure from the top. The manager keeps the portfolio, the depositary, the administrator and the fund rules. Ctrl Alt entities act at three points: the vehicle, the register and the placement of units with investors.
A digital transfer agent keeps a fund's register of holders on a distributed ledger and records subscriptions, redemptions and transfers there. The glossary defines digital transfer agent and other terms.
What the manager supplies at each step
Ctrl Alt publishes a four-step process. The steps themselves are described on the page that covers the asset tokenisation platform end to end. This checklist names only what the fund manager brings to each one.
Consultation and strategy
The fund or share class in scope, the target investor type and countries, and the aim: register, dealing or distribution.
Planning, structuring, legal and compliance
Constitutional and offering documents, the choice of wrapper, and introductions to the depositary, the administrator and legal counsel.
Technical implementation and tokenisation
The current register, the dealing and settlement procedures, and sign-off on the transfer rules written into the token.
Launch, distribution and management
The distributor list, the investor eligibility criteria, and the ongoing data: prices, corporate actions and notices.
The list is indicative. The exact inputs are agreed in the first step.
Regulatory routes by jurisdiction
Three Ctrl Alt entities can act on a fund mandate, and a fourth is licensed in Dubai for a different purpose. The table gives the route in each jurisdiction, the reference the regulator prints and a link to its public register.
| Jurisdiction | Entity | Status and reference | What it covers for a fund | Register |
|---|---|---|---|---|
| UK United Kingdom | Ctrl Alt Ltd | Authorised and regulated by the Financial Conduct Authority, FRN 1045023. Announced . | PS26/7 is addressed to authorised fund managers: the manager of a UK authorised fund adopts the guidance. | FCA Register search |
| IE Ireland and the EEA | Ctrl Alt Technologies Limited | Authorised as an investment firm under MiFID by the Central Bank of Ireland, reference C571300. Announced . | Receipt and transmission of orders; placement of financial instruments without a firm commitment; passporting across the EEA. Eligible counterparties and professional clients only. | Central Bank of Ireland register entry |
| GG Guernsey | Ctrl Alt Corporate Services Limited | Licensed by the Guernsey Financial Services Commission, GFSC reference 3085959. Announced . | Fiduciary licence: corporate administration, directorship and governance for its vehicles. Protection of Investors licence: registrar and digital transfer agent for fund and vehicle interests. | GFSC register entry |
| AE United Arab Emirates | Ctrl Alt Solutions DMCC | Licensed by Dubai's Virtual Assets Regulatory Authority, VASP Licence VL/25/05/002. Issued . | Not a fund route. The licence is conditioned to Qualified and Institutional Investors, in the context of tokenising asset-referenced virtual assets authorised by Dubai Land Department. Fund tokenisation is at MoU stage. | VARA public register entry |
Register entries last verified . The dates for the UK, Ireland and Guernsey are the dates Ctrl Alt announced each authorisation; the VARA date is the issue date on the register.
United Kingdom
PS26/7 applies to authorised fund managers, so for a UK authorised fund the change is made by the fund's own manager. Ctrl Alt Ltd is the group entity authorised and regulated by the FCA (FRN 1045023).
Ireland and the EEA
The authorisation of Ctrl Alt Technologies Limited by the Central Bank of Ireland (reference C571300) permits regulated business in Ireland and passporting across the EEA. A fund or vehicle placed through this firm reaches eligible counterparties and professional clients only.
Guernsey
The GFSC register (reference 3085959) lists Ctrl Alt Corporate Services Limited as a fiduciary primary licensee and as an investment licensee for controlled investment business. This is the entity that administers Ctrl Alt vehicles and acts as their registrar and digital transfer agent.
United Arab Emirates
Fund tokenisation in the UAE is at memorandum-of-understanding stage: Ctrl Alt and Mirae Asset Global Investments announced an MoU to explore it on . An MoU is not a live product. The Dubai entity is licensed by VARA (VASP Licence VL/25/05/002) for Qualified and Institutional Investors, in the context of the Dubai Land Department project. That work is covered under tokenising real estate for registries and asset owners.
The rules behind each route are explained in the guide to fund tokenisation rules in the UK and UAE.
Transactions and partnerships on record
Memoranda of understanding are labelled as such. They are not live products.
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2024
First tokenisation of capital in Guernsey for institutional investors: a debt transaction for a UK bank, with Carey Olsen. Transaction
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2025
Memorandum of understanding with Smart Pension, Mobius and Octopus Energy Generation on the Tokenised Renewable Assets Coalition (TRAC). MoU
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2026
Memorandum of understanding with Mirae Asset Global Investments to explore fund tokenisation in the UAE. MoU
First tokenised structured product on Solana, issued through a Guernsey-domiciled vehicle, with legal structuring by Carey Olsen. Transaction
These four entries are the fund and vehicle items only. The full table across asset classes, including the Dubai Land Department project, is kept on the asset tokenisation platform page.
Fees, minimums and timeline
Nothing is published, so nothing is estimated here.
| Item | What it covers | Published figure |
|---|---|---|
| Set-up fees | Structuring, legal and compliance work, and the technical build of the token and register | On request |
| Running fees | Registrar and digital transfer agent work, placement and ongoing administration | On request |
| Minimum fund size | The smallest fund, share class or vehicle taken on as a mandate | On request |
| Minimum investor ticket | The smallest subscription per investor in a product Ctrl Alt arranges | On request |
| Timeline | Time from a signed mandate to the first issuance | On request |
Last reviewed . Ctrl Alt publishes no fees, minimum fund size, minimum ticket or delivery timeline on its website, so every cell reads "On request". No figure on this page is an estimate.
The stages of a mandate and what drives the cost at each one are explained under what a tokenisation mandate costs.
Tokenised fund versus conventional fund administration
The comparison is qualitative, and the last column states the drawback or limit of the tokenised route for each criterion.
| Criterion | Conventional administration | Tokenised fund | Drawback or limit |
|---|---|---|---|
| Register and reconciliation | The transfer agent keeps the register in its own database. The manager, distributors and platforms keep copies and reconcile them. | The register is kept on a distributed ledger as one shared record of holdings. | The ledger still has to agree with records held off it, such as cash and the depositary's books. Moving the register is a project in itself. |
| Dealing cycle | Orders are collected to the fund's dealing point and settled on its usual cycle. | Issue and cancellation of units can be recorded in the same step as the register update. In the UK, PS26/7 adds optional rules for direct-to-fund dealing. | The dealing day, cut-off and valuation point in the prospectus still apply. Where cash is not on the same ledger, payment settles as before. |
| Distribution reach | Platforms, distributors and the manager's own relationships. | The same channels, plus digital channels that can hold tokens. | Eligibility and promotion rules are unchanged, and not every platform or custodian can hold tokenised units. |
| Secondary transfers | By instruction to the transfer agent, or by redemption with the fund. | A transfer between approved holders can be recorded on the ledger. | Not automatic. A transfer needs an eligible buyer, a venue or a bilateral agreement, and fund documents that allow it. A token does not create liquidity. |
| Operational and ledger risk | Familiar risks: processing errors, reconciliation breaks and the failure of a service provider. | Fewer hand-offs between separate records. | New risks are added: key management, smart contract errors, network outages and reliance on the technology provider. |
| Investor familiarity | Well understood by investors, boards, auditors and depositaries. | The economic exposure is the same fund. | Investors and their custodians may need new onboarding, wallets and internal approvals before they can hold a token. |
No cost or speed figures are given, because none is published with a source.
How Ctrl Alt evidences its controls for the technology risks in the fifth row is set out on the page for ISO 27001 and safeguarding.
Questions from asset managers
What is a tokenised fund?
A tokenised fund is a fund whose units or shares are recorded on a distributed ledger, with a token standing for each holding. The portfolio, the manager, the depositary and the fund rules are the same as in a conventional fund. What changes is the register: it sits on a ledger, and the registrar or transfer agent records subscriptions, redemptions and transfers there.
How do you tokenise a fund in the UK?
An authorised fund manager can tokenise a UK fund under the FCA's Policy Statement PS26/7 of 30 April 2026, which gives final guidance on keeping the unitholder register on distributed ledger technology and adds optional rules for direct-to-fund dealing. The route and the wider regime are covered in the guide to tokenisation regulation in the UK and UAE.
Can tokenised fund units be traded on a secondary market?
Not automatically. A tokenised unit can be transferred on the ledger only where the fund documents allow it, the buyer is an eligible and onboarded investor, and there is a venue or a bilateral agreement for the trade. Tokenisation makes a transfer easier to record. It does not create buyers, and for an open-ended fund redemption with the fund remains the usual way out.
What does a digital transfer agent do?
A digital transfer agent keeps a fund's register of holders on a distributed ledger and records subscriptions, redemptions and transfers there. Ctrl Alt Corporate Services Limited is licensed by the Guernsey Financial Services Commission (GFSC reference 3085959). Its Protection of Investors licence, announced on 5 August 2026, covers registrar and digital transfer agent work for investment fund and vehicle interests.
Who can invest in a tokenised fund arranged by Ctrl Alt?
Only professional or institutional investors. Ctrl Alt's services can only be used by professional or institutional investors, and the products and services of its Irish firm, Ctrl Alt Technologies Limited, are intended only for eligible counterparties and professional clients as defined under applicable MiFID legislation. The information on the Ctrl Alt website is not directed at retail clients.
What does fund tokenisation cost?
Ctrl Alt publishes no fees, minimum fund size or minimum ticket for fund tokenisation, so this page cannot state a price and every figure in the table above reads "On request". The stages of a mandate that drive the cost, from structuring to ongoing administration, are explained on the page for tokenisation pricing and cost drivers.
Short answers on process, licences and client categories are in the site FAQ: questions about eligibility and onboarding.
Regulatory disclosure and related pages
Which entity provides what, under which number, and what is not covered.
- United Kingdom
Ctrl Alt Ltd Ctrl Alt Ltd (company no. 16547640, England and Wales) is authorised and regulated by the Financial Conduct Authority (FRN 1045023). Check the entry by searching the FCA Register for FRN 1045023.
- Ireland and the EEA
Ctrl Alt Technologies Limited Ctrl Alt Technologies Limited is authorised as an investment firm under MiFID by the Central Bank of Ireland (reference C571300): see the Central Bank of Ireland register, C571300. Products and services of Ctrl Alt Technologies Limited are intended only for eligible counterparties and professional clients as defined under applicable MiFID legislation.
- Guernsey
Ctrl Alt Corporate Services Limited Ctrl Alt Corporate Services Limited is licensed by the Guernsey Financial Services Commission (GFSC reference 3085959) as a fiduciary primary licensee and to carry on controlled investment business: see the GFSC register, 3085959.
- Dubai
Ctrl Alt Solutions DMCC The Dubai entity is licensed by Dubai's Virtual Assets Regulatory Authority (VASP Licence VL/25/05/002) for Broker-Dealer Services and Category 1 VA Issuance, for Qualified and Institutional Investors under a VA Limited Licence: see the VARA public register, VL/25/05/002. It provides none of the fund services described on this page.
What is not covered. The Financial Services Compensation Scheme protects eligible investors up to £85,000 per person per authorised firm. The investments Ctrl Alt arranges may not always be covered by an equivalent investor compensation scheme.
Ctrl Alt does not provide investment advice or recommendations. This page is for information only and is not investment advice. Company numbers, registered offices and leadership roles are on the page about the Ctrl Alt group entities.
Planning a tokenised fund or feeder?
Tell us the fund, the wrapper and where your investors are, so the first conversation can cover which regulated entity would act. Ctrl Alt's services can only be used by professional or institutional investors.