New York Life Launches First Tokenized Fund in Partnership with Centrifuge

New York Life Investment Management, an asset manager overseeing approximately $807 billion, has entered the tokenization space through a partnership with Centrifuge. The firms launched the NYLIM Anemoy U.S. High Yield Corporate Bond Segregated Portfolio under the ticker HYB, marking NYLIM’s first tokenized product and one of the earliest high-yield bond strategies available onchain. Subscriptions and redemptions will settle in Circle’s USDC stablecoin.

Centrifuge Expands Its Wall Street Partnerships

Centrifuge already works with firms including Apollo Global Management and Janus Henderson on private credit and treasury strategies. Its CEO described NYLIM as potentially its largest partner yet, noting months of collaboration to identify the right entry point into tokenization.

Fund Structure Keeps Investment Process Under NYLIM Control

The underlying portfolio and risk management remain managed by NYLIM, with Centrifuge supplying the tokenization infrastructure. The fund was built as a BVI segregated portfolio, giving investors direct shareholder rights and in-kind redemption options.

Access Limited to Non-U.S. Investors

Under its current structure, the fund won’t be available to U.S. investors, instead targeting stablecoin issuers, DeFi participants and DAO treasury managers. A liquidity partnership with Grove will support near-instant redemptions.