Investors have another cryptocurrency fund to choose from. Former UBS banker Jan Brzezek has launched a new cryptocurrency fund and is targeting $10 million by month’s end, as per Bloomberg.
The crypto fund is currently domiciled offshore and is passive in nature (though an active product is planned for the summer), tracking the performance of the maiden blue-chip index for cryptocurrencies, said Brzezek. He is seeking approval from Swiss regulators to broaden the reach of the fund to more clients.
Brzezek’s move from traditional banking to cryptocurrencies is indicative of a notable trend of similar moves, one that extends to a former BlackRock pair that decamped from the world’s largest asset management firm to run a crypto hedge fund.
Meanwhile, a trio of former Goldman Sachs employees unveiled an ETF-like cryptocurrency fund targeting wealthy investors on Jan. 1. Crescent Crypto Asset Management’s debut fund gains exposure to nearly two-dozen cryptocurrencies, giving investors greater diversification than Brzezek’s fund. One of the three former Goldman alums, Ali Hassan, entered bitcoin at $300 with the funds from a bonus given to him by his former employer, as per the FT.