Janus Henderson Investors has become sub-adviser to Anemoy's Liquid Treasury Fund, marking the asset manager's first foray into tokenised fund structures and one of the clearest examples yet of a major traditional institution committing to on-chain fund management.
The fund, built on the Centrifuge blockchain, provides access to short-dated US Treasuries through a fully on-chain structure. To address institutional compliance requirements, the fund uses permissioned access and whitelisted wallets — embedding regulatory controls directly into the product architecture rather than treating them as an afterthought.
The companies said the fund could reach more than $170 billion of on-chain idle capital, positioning it as infrastructure for institutional liquidity management rather than a retail product.
The announcement is significant for two reasons. First, Janus Henderson's involvement signals that asset managers of genuine scale are moving beyond research and pilots into operational on-chain structures. Second, the compliance architecture — permissioned access, whitelisted counterparties — points toward a model for how institutional tokenisation can meet regulatory requirements without sacrificing the efficiency benefits of blockchain settlement.