Wellington Management and Libeara Launch Diversified Tokenised Income Fund INCOM

Key points

Wellington Management, FundBridge Capital, and Libeara have launched INCOM, a tokenised income fund, approximately two years after their first collaboration produced the ULTRA fund.
ULTRA invests in short-term US Treasuries and holds around $70 million in assets under management; INCOM targets a broader mandate including investment-grade and high-yield corporates, bank loans, convertibles, securitised assets, and government bonds.
FundBridge Capital acts as fund manager and Wellington Management as sub-adviser on INCOM, replicating the same structural arrangement used for ULTRA.
Libeara, incubated by Standard Chartered's SC Ventures, provides the tokenisation layer and deploys the fund on public blockchains.
The launch suggests the partnership is moving toward a multi-product tokenised fund shelf rather than a standalone pilot, with income generation as the strategic thesis for the second fund.

Wellington Management has extended its tokenisation partnership with FundBridge Capital and Libeara, Standard Chartered SC Ventures’ tokenisation unit, by launching a second tokenised fund named INCOM. The structure mirrors their earlier collaboration: FundBridge acts as fund manager, Wellington as sub-adviser, and Libeara provides the tokenisation infrastructure on public blockchains.

Where the first fund, ULTRA, concentrated on short-term US Treasuries and has accumulated approximately $70 million in assets under management, INCOM is oriented around income generation and takes a materially broader approach to fixed income. The underlying portfolio spans investment-grade and high-yield corporate bonds, bank loans, convertibles, securitised assets, and government bonds.

The move signals that the Wellington-Libeara partnership is maturing beyond a proof-of-concept in liquid, low-risk instruments toward something closer to a recurring product shelf. Wellington’s director of digital assets and tokenisation, Mark Garabedian, framed the rationale around delivering income-driven investment expertise to institutional clients through public-blockchain transparency and operational efficiency. For operators watching the tokenised fund market, the pairing of a multi-asset credit mandate with an established three-party governance model is worth tracking as a potential template for scaling beyond single-strategy launches.

What this means

treasury & allocator: INCOM's diversified credit mandate, spanning high-yield, bank loans, and securitised assets, widens the risk spectrum available through tokenised fund wrappers beyond the near-cash positioning of ULTRA; allocators with income mandates should assess whether the sub-adviser structure and public-blockchain settlement align with their counterparty and custody frameworks before treating it as a direct substitute for conventional credit fund access.
distribution & BD: The repeated use of the FundBridge-as-manager, Wellington-as-sub-adviser structure across two funds suggests this three-party model is becoming a reproducible commercial format; distribution teams evaluating partnerships with established asset managers on tokenised products may find this a useful precedent for negotiating role delineation and fee-sharing without requiring the anchor manager to take on primary fund management obligations.
product owner: A second fund from the same consortium, covering a meaningfully different asset class, raises the question of whether a modular product shelf built on a fixed tokenisation and governance stack can compress launch timelines and costs relative to bespoke fund builds; product owners considering multi-strategy tokenised offerings should examine how ULTRA's operational history has informed INCOM's design and where residual complexity lies in multi-asset credit versus single-asset mandates.
infrastructure & platform: Libeara's role across both ULTRA and INCOM, two funds with different underlying asset complexity, implies the platform is being stress-tested across varying collateral types and settlement needs; infrastructure teams benchmarking public-blockchain-based fund administration should note that securitised assets and bank loans carry distinct data and lifecycle management requirements that will pressure any tokenisation stack claiming broad fixed-income coverage.

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Ledger Insights

ledgerinsights.com

Wellington Management and Libeara Launch Diversified Tokenised Income Fund INCOM

Key points

Original source

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