Brevan Howard hedge fund expands crypto business - Expert hired to lead new Digital Assets Unit
Brevan Howard, a European hedge fund management firm, has announced that it will expand its crypto business. BH Digital, which is the newly formed unit of the hedge fund, is expected to manage its cryptocurrency and digital assets ".
Growing interest in hedge fund crypto
In addition to the creation of BH Digital, Brevan Howard, according to a Reuters report , also announced that 'he would hire Colleen Sullivan, the current CEO of the digital arm of trading firm CMT, to lead private and venture capital investments in crypto.
Brevan Howard's announcement , which is renowned "for betting on macroeconomic trends ", is the latest piece of evidence to suggest "major hedge funds [are] entering the world of crypto trading ". To support claims that institutional investors are turning to crypto, the same report highlights recent initiatives by other top fund managers like Paul Tudor and the Man Group that trade bitcoin futures.
In addition, the report also made reference to an annual report published by Price Waterhouse Coopers, Alternative Investment Management Association and Elwood Asset Management.
In this annual report, it is shown that the value of total assets under management (AUM) of crypto hedge funds worldwide has almost doubled to reach 3.8 billion dollars in 2020, compared to $ 2 billion the previous American year.
Cryptocurrencies Go Mainstream
Meanwhile, Stuart Cole, the chief macroeconomist of London-based Equiti Capital, is quoted in the report explaining how institutional investors' perception of cryptocurrencies has changed over the years. Cole's Notes:
However, the report still acknowledges that not all big companies are embracing cryptocurrency. He notes that while hedge funds and stock exchanges scramble to “capture trading income,” global banks have been slower in their approach.
This ban approachques persisted despite pressure from their wealth management clients to offer cryptocurrency. trading.
Do you agree that more and more institutional investors are venturing into crypto? Let us know what you think in the comments section below.