Vanguard Super Australia has started using DLTA, a DLT-based back office solution for asset management developed by Australian company Grow Inc.

The solution reduces manual processes, providing efficiencies from direct processing. Allows you to track fund and investor transactions in a shared ledger.

According to Grow, it saves about 100 hours of work per week in the back and middle office, and reduces errors that could otherwise turn off customers.

While Vanguard Australia is using the solution for its pensions business, wealth managers can also use DLTA.

“The product verification phase allowed us to fix most of the potential issues and the partnership with GROW started off strong,” said Michael Lovett, CEO of Vanguard Super Australia. “The approach in joining higher volume and money in transactions that are processed directly has been validated.”

DLTA uses the R3 Corda enterprise blockchain. Since ASX halted its DLT CHESS project three weeks ago, this is the second major Australian DLT project to launch. Clearing firm FinClear introduced its FCX blockchain for unlisted stocks using the Daml smart contract language, the same technology as ASX.

After a slow start, the asset management sector is the latest to adopt blockchain. Fund distribution platforms like Calastone, Allfunds, and FundsDLT have been around for years. But 2022 has seen the entry of some big names like KKR, the UK abrdn and Apollo. Fund management firm Apex has acquired FundAdminChain.

Meanwhile, Vanguard has a close relationship with blockchain developer Symbiont in the United States and has been involved in multiple projects, including for currency derivatives margins.