Forty-four per cent of asset managers across the US, Europe and the Asia-Pacific region plan to offer tokenised investments within the next year, and a further 24% already offer them to their clients, a global study commissioned by Clearwater Analytics has revealed.
The study, The Crowded Trade, also revealed that 16% of asset managers say they will join the tokenised assets market within the next 12 to 24 months. In total, 97% expect to offer tokenised investments within three years.
Reasons for the growing appetite in this area included improvement in operational efficiency, broadening investor access and modernising infrastructure to capture investor appetite for private markets.
Almost all (96%) asset managers participating in the survey say tokenised private credit funds, which allow fractional exposure to business loans that can provide higher yields to a broader investor base, look attractive.
Meanwhile more than half (56%) of respondents say the same about private equity, with 26% saying the prospect of tokenised private equity funds is very attractive.
Kirat Singh, president of risk and alternative assets at Clearwater Analytics, said: “Nearly every firm in this survey expects to offer tokenised investments within three years. When that many firms move into the same format at the same time, attention turns to what sits underneath it. A tokenised fund still depends on an accurate investment record, consistent data across traditional and digital holdings, and clear visibility into risk. With 86% of firms already reporting doubts about important data at least weekly, every new tokenised product adds another record they will need to trust.”
Clearwater Analytics commissioned independent research agency Pureprofile to interview 250 senior executives working for asset managers in the US, Europe and APAC. Those interviewed were equity, fixed income, multi-assets, private market (private equity, private credit, real estate and venture capital), hedge fund, and insurance asset managers. The research was conducted in April and May 2026.
