SIX and Pictet Complete Switzerland’s First Regulated Fractional Tokenization of Corporate Bonds

SIX and Pictet Complete Switzerland’s First Regulated Fractional Tokenization of Corporate Bonds

(IN BRIEF) SIX and Banque Pictet & Cie SA have completed a pilot project tokenizing EUR- and CHF-denominated corporate bonds on the SDX platform, then allocating fractional bond holdings to Pictet Asset Management SA portfolios via their custody bank accounts. This showcases how tokenized securities enable portfolio customisation, automated rebalancing, and access to smaller investment sizes, broadening investor participation in corporate debt. The pilot—the first production-grade fractionalization of regulated blockchain-based securities—supports new mutual fund operating models and demonstrates real-world efficiency and inclusivity benefits. Both parties view this as a crucial step toward wider adoption of digital infrastructure in the mutual funds industry.

(PRESS RELEASE) ZURICH, 10-Jul-2025 — /EuropaWire/ — Today, SIX and Banque Pictet & Cie SA announced the successful conclusion of their joint pilot to tokenize corporate debt instruments and allocate fractional holdings to portfolios managed by Pictet Asset Management SA. Conducted on SIX’s SDX platform and involving EUR- and CHF-denominated corporate bonds held in custody at SIX SIS, the project demonstrates how tokenized securities can deliver greater flexibility, efficiency, and scalability for asset managers. By fractionalizing bond holdings directly within investors’ custody accounts, the initiative unlocks levels of portfolio customisation and automated rebalancing previously unattainable through conventional systems.

This proof of concept paves the way for new mutual fund operating models, enabling highly tailored investment strategies, enhanced diversification for smaller positions, and broader access to traditionally less liquid asset classes. Tokenisation facilitates smaller minimum investment sizes, opening corporate bonds to a wider range of investors while maintaining compatibility with all debt instruments—whether issued conventionally or digitally.

David Newns, Head of SDX, commented: “Our pilot with Pictet marks the first production-grade fractionalization of securities on a regulated, blockchain-based financial market infrastructure. Tokenized bonds on SDX empower asset managers with unprecedented operational efficiency and inclusivity, allowing them to unlock real value from digital assets.”

Olivier Ginguené, CIO Multi Asset & Quantitative Investment at Pictet Asset Management, added: “This breakthrough is the first in Switzerland to combine tokenisation and fractionalization for real investments in traditional asset classes. It introduces a scalable use case for securities trading that dramatically enhances customisation. We look forward to advancing this journey with SIX.”

Together, SIX and Pictet have established a foundation for integrating digital bonds into fund portfolios, validating that tokenized, fractionalized assets can streamline operations and improve investor outcomes across the fund management value chain.

About SIX
SIX serves the Swiss and Spanish financial centers and a broad international client base, offering stable and efficient infrastructure services. SIX operates stock exchanges and provides services in post trading, financial information as well as the payments business. The company is owned by its users (about 120 financial institutions). With over 4,400 employees and a presence in 19 countries, SIX generated operating income of CHF 1.6 billion and EBITDA of CHF 443.7 million in 2024.
www.six-group.com

About Pictet Asset Management & the Pictet Group
Pictet Asset Management includes all the operating subsidiaries and divisions of the Pictet group that carry out institutional asset management and fund management. Pictet Asset Management Limited is authorised and regulated by the UK’s Financial Conduct Authority.  At May 31st 2025, Pictet Asset Management managed USD 318 /CHF 262 /EUR 280 /GBP 236 billion in assets. Pictet Asset Management has eighteen business development centres worldwide, extending from London, Brussels, Geneva, Frankfurt, Amsterdam, Luxembourg, Madrid, Milan, Paris and Zurich to Hong Kong, Taipei, Osaka, Tokyo, Singapore, Shanghai, Montreal and New York.
The Pictet Group is a partnership of owner-managers, with principles of succession and transmission of ownership that have remained unchanged since its foundation in 1805. The Group focuses exclusively on wealth management, asset management, alternative investments and related asset services. It does not engage in investment banking, nor does it extend commercial loans. With CHF 724 (EUR 771 /USD 799 /GBP 638) billion in assets under management or custody at 31 December 2024, Pictet is today one of Europe’s leading independent wealth and asset managers for private clients and institutional investors.
Founded and headquartered in Geneva, Switzerland, Pictet today employs around 5,500 people. It has 31 offices worldwide, in Amsterdam, Barcelona, Basel, Brussels, Dubai, Frankfurt, Geneva, Hong Kong, Lausanne, Lisbon, London, Luxembourg, Madrid, Milan, Monaco, Montreal, Munich, Nassau, New York, Osaka, Paris, Rome, Shanghai, Singapore, Stuttgart, Taipei, Tel Aviv, Tokyo, Turin, Verona and Zurich.
www.pictet.com

Media Contact:

Stephan Meier
Media Relations
Tel: +41 58 399 3290

SOURCE: SIX