British Hedge fund Brevan Howard Asset Management has created a new cryptocurrency unit that will be known as Brevan Howard Digital (BH Digital).
The news report from Reuters revealed that the high-profile hedge fund has entered the world of crypto trading, and as part of their investment strategy BH Digital has already hired Colleen Sullivan, chief executive officer and co-founder of CMT Digital:
“Colleen’s exceptional track record in making highly successful crypto venture investments will be of tremendous benefit to Brevan Howard clients and underscores the firm’s commitment to rapidly expanding its platform and offerings in cryptocurrencies and digital assets”.
Brevan Howard is a leading investment management platform that has aligned its expansion into crypto alongside other institutional investors who are moving into the space. The company’s co-founder Alan Howard recently acquired a 25% stake in One River Asset Management, and Howard is reportedly putting around 1.5% (or around $84 million) of its funds into digital assets.
The hedge fund is one of several high profile hedge funds that have started to include crypto offerings, such as Paul Tudor Jones and BNY Mellon. Citigroup Inc (C.N) is also reportedly considering offering bitcoin futures trading for some institutional clients following the launch of a new digital assets group to help clients invest in cryptocurrencies, stablecoins, nonfungible tokens and central bank digital currencies.
Citigroup’s launch of their digital assets unit was accompanied by a statement in which they revealed Executives Alex Kriete and Greg Girasole would be leading the wealth management unit, adding:
"They will be responsible for developing our future product capabilities, client delivery mechanisms and thought leadership around all digital assets," and will serve as liaisons to "all other business groups at Citi who are expanding into this rapidly emerging space,"
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.