Baillie Gifford, the Edinburgh-based investment manager overseeing roughly $260 billion, has launched the United Kingdom’s first tokenised fund to win approval from the Financial Conduct Authority. The vehicle issues its shares on the Ethereum blockchain, allowing investors to hold and transfer their interests as digital tokens rather than through traditional fund registers. FCA clearance gives the product a fully regulated status, marking a milestone for the tokenisation of conventional financial instruments in one of Europe’s largest asset-management hubs. Baillie Gifford said using blockchain technology is designed to streamline settlement, lower administrative costs and widen access to the fund. The approval is expected to accelerate similar offerings as asset managers test distributed-ledger infrastructure for mainstream portfolios.