Asset managers including Legg Mason, Merian Global Investors and Aberdeen Standard Investments have teamed up on a new UK trading system powered by blockchain — one of a number of attempts to overhaul fund administration using the technology.

The fund managers are signed on to a system launched by FNZ, the fintech firm. The system promises to replace the complex patchwork of IT involved in retail investors’ buying and selling of mutual funds with a single distributed ledger.