Man Group Plc. cryptocurrency His company is close to launching a private cryptocurrency hedge fund by digging deeper into the market shaken by the collapse of FTX.
Man Group To Set Up A Cryptocurrency Hedge Fund According To Bloomberg
The world’s largest publicly traded hedge fund firm, led by money manager Andre Rzym, has been developing this strategy for months, according to people familiar with the matter, as reported by Bloomberg.
People who said that the company’s IT business unit, AHL, plans to start the fund around the end of the year, did not want their names to be disclosed because the plan is private.
One of the people in question said that Man Group already operates cryptocurrency futures under AHL and will launch the private fund only after assessing counterparty risks. CEO Luke Ellis said last year that the firm is evaluating whether its crypto strategies are scalable.
This move bitcoin The November 11 collapse of stock exchange FTX and sister trading company Alameda Research came as it continued to resonate with the financial industry. This event came after previous major crypto companies crashes and took place in the midst of a painful bear market for many digital tokens.
Fluctuations like this can be good news for hedge funds like Man Group, which are trying to make money in both rising and falling markets. Man’s crypto fund will likely be small compared to the $138.4 billion he managed at the end of September.
Rzym, partner at Man AHL, was tasked with identifying new alternative markets and developing trading models. He worked on the firm’s expansion into securities such as interest rate swaps, credit default swaps, cash bonds and financial disaster bonds.
*Not investment advice.
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