Alt Investments
London-Based Family Office Smiles On Digital Assets - Report
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The report plays to the argument that in some ways digital assets, for all the controversies around them, continue to go more "mainstream".
A UK-based family office called Seek Capital intends to boost exposure to digital assets, an example of wealth management organisations moving into the crypto space, a report said.
The family office, founded by billionaire Simon Nixon, wants to
bolster its crypto exposures, Bloomberg quoted Adam
Proctor, a managing director at the organisation, as saying. It
is planning to hire an analyst to focus on the sector, said
Proctor, who joined this year from Citi Private
Bank.
The article noted that a
recent Goldman Sachs survey found that nearly half the family
offices it conducts business with want to add digital currencies
to their stable of investments, with the closely held firms
seeing crypto as a possible hedge for higher inflation and
prolonged low interest rates. Almost half of respondents to that
Goldman Sachs report said that they are thinking of moving into
digital assets such as bitcoin although most are not currently in
this space. Their main reason for caution is that they are
sceptical of whether cryptocurrencies are a store of value.
(Goldman Sachs polled more than 150 family offices.)
Mexican billionaire Ricardo Salinas Pliego revealed in November
that he’s put a chunk of his liquid funds into Bitcoin, the
report said. Michael Novogratz and Christian Angermayer’s family
office are founders of Cryptology Asset Group, which pledged in
June to allocate $100 million over the next two years to
crypto-related funds.
According to the Seek Capital website, Nixon is a founder of the
price-comparison site Moneysupermarket.com - a mortgage-listings
company.
The story also speaks to how the world of digital assets is
turning increasingly "mainstream," attracting interest from major
institutions including JP Morgan, Morgan Stanley, Julius Baer,
Guggenheim Partners, and others. This news service recently
interviewed Nickel
Digital Asset Management, a firm in the space, about how
bitcoin can, for example, add returns without increasing overall
portfolio volatility -
see here.