According to Foresight News, alternative asset management company Apollo has partnered with JPMorgan's digital asset platform Onyx to simplify alternative asset investment using tokenization and smart contracts. Christine Moy, Apollo's data and artificial intelligence partner, stated on the X platform that the collaboration could reduce over 3,000 operational steps for wealth management institutions to just one automated process. Additionally, faster programmatic settlements could lower portfolio costs by approximately 20%, potentially bringing $400 billion in annual revenue opportunities for the AWM industry.
By 2023, Onyx and Apollo plan to collaborate under the industry initiative 'Project Guardian,' led by the Monetary Authority of Singapore. They will provide proof of concept using licensed blockchain infrastructure to test how tokenization and smart contracts can revolutionize the asset management industry through new portfolio management paradigms.