Bitcoin Investment Fund to be created for Morgan Stanley Clients
Bitcoin Investment Fund to be created for Morgan Stanley clients
Bitcoin Investment Fund to be created for Morgan Stanley clients. New York Digital Investment Group (NYDIG) and FS Investments have already filed a relevant application with the US Securities and Exchange Commission (SEC).
Digital asset management companies New York Digital Investment Group (NYDIG) and FS Investments will create a Bitcoin fund that only Morgan Stanley investment bank clients can use. The corresponding application was filed with the US Securities and Exchange Commission (SEC). The fund will be the fourth cryptocurrency-based instrument that Morgan Stanley clients can invest in. According to the document, the bank “will receive part of the fees for accommodation and customer service.” The volume of assets under management has not been disclosed.
Morgan Stanley is the first major American bank to allow its clients to invest in cryptocurrency.
In March, Morgan Stanley became the first major US bank to allow its clients to invest in cryptocurrency-based instruments. In the spring, the bank’s clients got access to three bitcoin funds. The tool will become the fourth such product of a financial institution pegged to the first cryptocurrency.
Only wealthy clients who have assets worth at least $ 2 million have gained access to bitcoin funds. Morgan Stanley believes that such a volatile asset is suitable for investors with “aggressive risk tolerance.”
Corporate clients – investment companies – need to own assets worth at least $ 5 million. Also, companies must be Morgan Stanley’s clients for at least six months. Investors who have gained access to cryptocurrency funds will be able to invest in them no more than 2.5% of the total volume of their investment portfolio.
FS NYDIG Institutional Bitcoin Fund will be the second fund from NYDIG and FS Investments to be offered by an investment bank. The other two are run by Mike Novogratz’s Galaxy Digital.
NYDIG was founded in 2017 and specializes in digital asset investment. Now under her management are assets worth $ 6 billion.
FS Investments specializes in alternative investments. The company was founded in 2007 and manages assets of $ 23 billion.
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