In this episode, host Srikumar Misra and Sandy Kaul of Franklin Templeton map the next step in asset management: moving from traditional fund “wrappers” to separately managed accounts (SMAs), and then onchain vaults.

Sandy explains the shift in plain terms: instead of one big pooled fund, you’ll have your own vault, holding your wallet and your assets, and smart contracts will help you optimize and put them to work, from earning yield to unlocking new ways to use real-world assets like home equity, art, and IP.