German private bank Hauck & Aufhäuser says it will launch a crypto investment fund in January next year, allowing institutional and semi-institutional investors to invest in digital assets including, bitcoin, ether, and stellar.
● According to a report on Fundview, the Frankfurt-based bank is partnering with local fintech company Kapilendo to establish the fund called ‘HAIC Digital Asset Fund I.’ Hauck & Aufhäuser will manage the fund while Kapilendo will act as the crypto asset depository.
● The minimum investment in the fund is 200,000 euros ($242,000), said the report. There is no limit on the subscription period of the fund, it added, and fees of 2.05% will be charged on the total fund volume.
● Hauck & Aufhäuser revealed it is planning for the portfolio to cover around 85% of the total cryptocurrency asset market. The 224-year-old bank, one of the oldest in Germany, said it will pursue a passive investment strategy, which will allocate funds depending on the virtual currency’s market cap and other factors.
● “We are seeing that digital assets and cryptocurrencies are becoming increasingly attractive with institutional investors,” elaborated Holger Sepp, a Hauck & Aufhäuser board member.
● “With the launch of our first crypto fund, together with Kapilendo, we have created an innovative investment vehicle that gives our customers inexpensive and secure access to the new crypto asset class while meeting the established quality standards and high demands of Hauck & Aufhäuser,” Sepp added.
● Hauck & Aufhäuser was founded in 1796 as Gebhard & Hauck. In 1998, it merged with Munich-based Bankhaus H. Aufhäuser to form the current entity. Majority owned by Chinese conglomerate Fosun International, Hauck & Aufhäuser has offices in Germany, England, Luxembourg, China, and Hong Kong, focusing on advisory and asset management of private and corporate clients.
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