Brevan Howard, one in every of Europe’s largest hedge funds with $13.7 billion in belongings underneath administration, is reportedly set to start out shopping for cryptocurrencies. The funding agency beforehand purchased a 25% stake in One River Asset Administration, which runs a lot of cryptocurrency funds.
Main Hedge Fund to Begin Investing in Cryptocurrencies
Funding administration agency Brevan Howard is reportedly making ready to start out shopping for cryptocurrencies, Bloomberg reported, citing an individual accustomed to the matter. The agency’s cryptocurrency investments will probably be overseen by Distributed International’s co-founders Johnny Steindorff and Tucker Waterman. Distributed International is an asset administration firm that focuses on digital belongings.
Based in 2002, Brevan Howard describes itself as “one of many world’s main world macro absolute return managers.” The agency manages belongings for institutional buyers across the globe together with sovereign wealth funds, company and public pension plans, foundations, and endowments. The group has places of work in London, New York, Geneva, Jersey, Hong Kong, Washington, and Singapore. In response to Enterprise Insider, the agency has $13.7 billion in belongings underneath administration.
The fund managers at Brevan Howard imagine that the cryptocurrency market has matured considerably which led to the agency’s choice to start out investing for its shoppers. The publication quoted the particular person as saying:
The hedge fund is seeking to spend money on a variety of belongings, not simply bitcoin. Brevan would initially make investments as much as 1.5% of its essential $5.6 billion fund in cryptocurrencies.
Crypto funds gained 116.8% within the first quarter this 12 months, outperforming bitcoin’s return over the identical time interval, based on knowledge from Eurekahedge. Compared, world hedge funds elevated 4.8% within the first quarter of the 12 months.
Brevan Howard already has some bitcoin publicity. Final 12 months, the agency purchased a 25% stake in One River Asset Administration, which runs a lot of cryptocurrency funds, investing in bitcoin and ether. The corporate mentioned in December that its holdings of the 2 cryptocurrencies would attain $1 billion early this 12 months. Its CEO and co-founder, Eric Peters, expects bitcoin to be value greater than gold, valuing the cryptocurrency at $500K.
In the meantime, Alan Howard, Brevan Howard’s co-founder, is an investor of Distributed International. He has additionally backed a lot of corporations within the crypto house, together with British bitcoin funds app Bottlepay.
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