Federated Hermes plans to issue tokenized fund shares for the first time early next year.

BlockBeats news, October 13: Pittsburgh-based investment management firm Federated Hermes (FHI), with $911 billion in assets under management, plans to issue tokenized fund shares for the first time early next year, joining Wall Street's wave of bringing traditional investment products onto the blockchain.

The company said on Tuesday that it has partnered with New York-based digital securities infrastructure provider Prometheum and plans to offer the upcoming products to investors through traditional brokerage and financial advisor channels.

Federated Hermes has not yet disclosed the specific funds it plans to tokenize or the blockchain they will use. Kevin Barr, the company's director of digital asset products and platforms, said in an interview that money market funds could become the first tokenized products.