Altcoin News: Billionaire Plans to Open a Crypto-Investment Enterprise

August 30, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Elwood Asset Management, an investment firm owned by billionaire Alan Howard, plans to launch a venture with an estimated capital of $1 billion to invest in cryptocurrency hedge funds. This was announced by Elwood CEO Bin Ren in a conversation with The Financial Times on Friday.

According to him, the new company will help investors choose high-quality funds. “I see it as a very great opportunity for growth,” Ren said.

Details of the new venture still require approval. It is known that it will allow investors to make decisions based on factors such as risk appetite, expected return and liquidity requirements. Investors will be offered a portfolio of funds selected by various criteria, writes FT.

Elwood analyzed the space of cryptocurrency hedge funds and identified about 50 of them that can meet the requirements of the company. The company will charge a fee for its services in addition to the one that investors will pay directly to the funds.

Earlier it became known that Elwood is considering launching its own line of cryptocurrency products.

Even before that, information appeared that Howard himself became interested in cryptocurrency investments and hired at least one employee who was supposed to help him manage “voluminous” capital in this area.

Author: Marko Vidrih