Morgan Stanley Making 3 Bitcoin Funds Available to Clients – Finance Bitcoin News
One of the largest US investment banks, Morgan Stanley, is going to offer its wealth management clients access to bitcoin funds. The asset management divisions of Goldman Sachs, JPMorgan Chase and Bank of America do not currently allow their advisors to offer direct investments in bitcoin funds.
Morgan Stanley offers high net worth clients access to bitcoin funds
Investment bank Morgan Stanley, which has $4 trillion in client assets, has become the first major US bank to offer its wealth management clients access to bitcoin funds, CNBC reported Wednesday.
The company allegedly told its financial advisers in an internal memo that it would provide access to three funds that provide access to bitcoin, the publication reported, citing people with direct knowledge of the matter. It says customers are asking to get in touch with crypto-currencies add:
Customers will likely be able to invest as early as next month, once the bank’s financial advisors have completed training related to the new offering.
Two bitcoin funds are offered by Galaxy Digital: Galaxy Bitcoin Fund LP and Galaxy Institutional Bitcoin Fund LP. The third fund is the FS NYDIG Select Fund, a joint venture between asset manager FS Investments and the New York Digital Investment Group (NYDIG). The latter is the bitcoin investment arm of Stone Ridge Asset Management. Two funds have minimum investments of $25,000, but the Galaxy Institutional Bitcoin Fund has a $5 million minimum.
The funds are only available to clients of Morgan Stanley’s wealth management division, and investments are limited to 2.5 percent of a client’s total net assets, the sources said. For firms with an aggressive risk tolerance, clients must have at least $2 million in assets, while investment firms must have at least $5 million in the bank.
The asset management divisions of other major US investment banks – Goldman Sachs, JPMorgan Chase and Bank of America – do not currently allow their advisers to offer direct investments in bitcoin funds, the statement said.
Galaxy Digital CEO Mike Novogratz and NYDIG tweeted that they were excited to partner with Morgan Stanley, the first US bank to offer bitcoin access to its wealth management clients.
Bitcoiners have applauded Morgan Stanley’s decision, praising the investment bank for its contribution to the popularization of bitcoin. Microstrategy CEO Michael Saylor wrote: Morgan Stanley is the first bank to offer bitcoin, it won’t be the last. Economist Saifedin Ammus, author of Bitcoin Standard, commented: Today is the day the big banks get into bitcoin. Anthony Pompliano, partner at Morgan Creek Digital:
Galaxy Digital and NYDIG will give millions of people access to bitcoin through America’s largest brokerage. Morgan Stanley is here. Bitcoin is inevitable.
What do you think about Morgan Stanley offering bitcoin funds to its clients? Let us know your comments in the section below.
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