London-based investment manager Man Group Plc is making ready to launch a cryptocurrency hedge fund, signaling continued investor urge for food for digital property within the wake of FTX’s monumental collapse earlier this month.
Bloomberg reported on Nov. 18 that Man Group is making ready to launch its crypto-focused hedge fund by way of its computer-led buying and selling unit AHL. Citing personal sources, Bloomberg disclosed that the brand new hedge fund might be prepared by the tip of the 12 months.
A spokesperson for Man Group declined to touch upon the matter when requested by Cointelegraph.
Man Group already has publicity to digital property by way of AHL, which actively trades crypto futures. By the tip of September, Man Group had $138.4 billion in property beneath administration, down barely from $142.3 billion through the earlier quarter.
The firm trades publicly on the London Stock Exchange and is a element of the FTSE 250.
Institutional urge for food for digital property like Bitcoin (BTC) has grown over the previous two years, pushed partly by the popularity that crypto represents a brand new investment class. However, broad institutional publicity to crypto has been hindered by an absence of clear laws and the notion that fiduciary requirements stop fund managers from overtly advocating for the sector.
Related: Amid FTX collapse, crypto funds see largest inflows in 14 weeks
Crypto’s push for mass adoption could have been hindered by the current collapse of FTX and the agency’s subsequent Chapter 11 submitting. Some imagine that FTX’s failure will put extra regulatory scrutiny on the trade at a time when traders have been anticipating clearer and maybe extra favorable pointers.