German private bank launches crypto-fund: Several digital assets in portfolio
The Digital Asset Fund I of Hauck & Aufhäuser is to cover 85 percent of the entire crypto market.
The German private bank Hauck & Aufhäuser announced that it wanted to offer its first crypto-fund. HAIC Digital Asset Fund I is to be launched on 1 January 2021.
According to a report on FundView, this collaboration with the Berlin-based Fintech company Kapilendo is aimed at institutional and semi-institutional investors who wish to invest by Bitcoin Profit in a portfolio of crypto assets, including Bitcoin (BTC), Ether (ETH) and Stellar (XLM).
85 percent of the total market for crypto assets
The fund pursues a passive investment strategy, whereby the allocation of crypto assets is based on current market capitalisation and other criteria. According to the company, the portfolio will cover 85 percent of the total market for crypto assets.
The minimum investment in the fund is 200,000 euros and the subscription period is not limited. Total ongoing fees for the fund amount to 2.05 percent of the fund volume.
Kapilendo will act as the crypto-depot and Hauck & Aufhäuser will be responsible for the fund management. Board member Holger Sepp explained that the institutional interest in crypto is growing in Germany:
„We see that digital assets and crypto currencies are becoming increasingly attractive to institutional investors. With the launch of our first crypto fund, we have created an innovative investment vehicle together with Kapilendo, which provides our customers with a cost-effective and secure access to the novel asset class crypto, while meeting the established quality standards and high demands of Hauck & Aufhäuser“.
As Cointelegraph reported last week, Stone-Ridge’s digital assets subsidiary NYDIG recently raised $150 million in two crypto investment funds.
The SEC continues to refuse to authorise a Bitcoin ETF. Nevertheless, more and more vehicles for institutional investors are entering the crypto market.