Asset manager Neuberger has launched its first tokenised fixed-income fund with Securitize, to be run on four blockchains. It is the first case of Neuberger serving as sub-adviser for a tokenised fund.

Cointelegraph reported on Aug. 18 that the product is a high-yield bond strategy fund run on the Ethereum, Solana, Avalanche and Sui networks.

The fund is called the Neuberger Securitize High Income Tokenized Fund, or HINC. It pursues an actively managed high-yield strategy, investing mainly in high-yield bonds, with some exposure to collateralised loan obligations and leveraged loans. Securitize provides the infrastructure to issue and manage tokenised fund interests across the four blockchains.

Another feature is that eligible investors are not tied to a single blockchain. The fund supports not only Ethereum but also Solana, Avalanche and Sui, allowing investors to access tokenised fund interests through their preferred network. The structure aims to broaden investor touchpoints by establishing distribution bases across multiple chains.

The launch comes against a changed interest rate and yield environment. As competition intensifies among companies and governments for funding, investors are also turning to products that can offer higher returns, the report said. Charu Chanana (샤루 차나나), chief investment officer at Saxo, explained that cheap and abundant money used to support the market, but the environment has shifted to one where funding costs matter again.

The product is drawing attention because it goes a step beyond relatively simple assets such as equities or government bonds and puts an actively managed high-yield bond strategy on-chain. It shows that the scope of tokenised products aimed at institutional investors is expanding from cash-like assets or government bonds to credit assets and actively managed strategies.

The launch also aligns with a broader trend of increasing participation by traditional financial institutions in the real-world asset tokenisation market. Securitize currently manages about $4.96 billion in assets across 26 tokenised real-world assets. Its offerings include BlackRock's $2.7 billion BUIDL fund, a $355 million tokenised AAA CLO fund and a $95 million Apollo diversified credit fund.

The product is significant in that it shifts a traditional high-yield bond investment strategy into a structure that can be used across multiple blockchains. How far Neuberger and Securitize can expand institutional investors' access to on-chain assets by promoting a multichain structure will be a point to watch.

We’re excited to launch the Neuberger Securitize High Income Tokenized Fund (HINC) with @neubergerberman, bringing Neuberger’s fixed income capabilities onchain. Neuberger’s first tokenized fund will be available on @avax, @ethereum, @solana, and @SuiNetwork. pic.twitter.com/1PMVE2ahzm