Key Takeaways
- • Wellington Management expands its tokenized fund offerings through a deepened collaboration with Libeara and FundBridge Capital, launching INCOM, a tokenized fixed income fund focused on yield generation across diversified asset classes.
- • INCOM diversifies across investment-grade corporates, high-yield bonds, bank loans, convertibles, securitized assets, and government bonds—materially broader than Wellington's first tokenized fund, ULTRA, which focuses on short-term Treasuries and holds approximately $70 million in AUM.
- • Wellington serves as sub-advisor under this structure (with FundBridge Capital as the fund manager), replicating the operational model established with ULTRA and positioning the asset manager to deliver institutional-grade tokenized investment strategies on public blockchains.
- • The INCOM strategy positions income generation as a primary driver of long-term total returns, leveraging Libeara's Delta tokenization platform to deliver transparency and operational efficiency to institutional allocators via blockchain infrastructure.
Summary
Wellington Management is expanding its tokenized fund ecosystem nearly two years after launching ULTRA, its inaugural tokenized investment vehicle developed in collaboration with Singapore-based FundBridge Capital and Libeara, the tokenization platform incubated by Standard Chartered's SC Ventures. The new INCOM fund represents a strategic evolution toward diversified fixed income strategies, signaling institutional appetite for tokenized yield-generating assets.
ULTRA, Wellington's first tokenized offering, concentrates in short-term U.S. Treasury securities and currently manages approximately $70 million in assets. By contrast, INCOM adopts a broader fixed income mandate spanning investment-grade corporate bonds, high-yield securities, bank loans, convertible instruments, securitized assets, and government bonds. This expanded scope reflects confidence in tokenization infrastructure's ability to support complex, multi-asset-class strategies at institutional scale.
The fund maintains the same governance structure as ULTRA: FundBridge Capital serves as the fund manager, while Wellington Management functions as sub-advisor, preserving Wellington's advisory role while leveraging FundBridge and Libeara's distribution and tokenization capabilities. According to Mark Garabedian, Director of Digital Assets and Tokenization at Wellington Management, the collaboration targets core institutional requirements. "The INCOM strategy is grounded in the belief that income is the important driver of total return over the long run," Garabedian stated. "The strategic collaboration with Libeara and FundBridge is about evolving how we deliver this core investment expertise to institutional clients, utilizing public blockchains to provide the transparency and efficiency that modern allocators require."
The partnership underscores the maturation of tokenized finance infrastructure for traditional asset classes, with Libeara's Delta platform serving as the technical foundation for fund tokenization and settlement on public blockchains. For institutional investors and asset managers, this development signals reduced friction in accessing diversified, yield-focused strategies via distributed ledger technology—a strategic advantage as allocators increasingly demand real-time transparency and operational efficiency from digital asset platforms.
ULTRA, Wellington's first tokenized offering, concentrates in short-term U.S. Treasury securities and currently manages approximately $70 million in assets. By contrast, INCOM adopts a broader fixed income mandate spanning investment-grade corporate bonds, high-yield securities, bank loans, convertible instruments, securitized assets, and government bonds. This expanded scope reflects confidence in tokenization infrastructure's ability to support complex, multi-asset-class strategies at institutional scale.
The fund maintains the same governance structure as ULTRA: FundBridge Capital serves as the fund manager, while Wellington Management functions as sub-advisor, preserving Wellington's advisory role while leveraging FundBridge and Libeara's distribution and tokenization capabilities. According to Mark Garabedian, Director of Digital Assets and Tokenization at Wellington Management, the collaboration targets core institutional requirements. "The INCOM strategy is grounded in the belief that income is the important driver of total return over the long run," Garabedian stated. "The strategic collaboration with Libeara and FundBridge is about evolving how we deliver this core investment expertise to institutional clients, utilizing public blockchains to provide the transparency and efficiency that modern allocators require."
The partnership underscores the maturation of tokenized finance infrastructure for traditional asset classes, with Libeara's Delta platform serving as the technical foundation for fund tokenization and settlement on public blockchains. For institutional investors and asset managers, this development signals reduced friction in accessing diversified, yield-focused strategies via distributed ledger technology—a strategic advantage as allocators increasingly demand real-time transparency and operational efficiency from digital asset platforms.
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