One of the largest U.S. investment banks, Morgan Stanley, will be offering its wealth management clients access to bitcoin funds. Goldman Sachs, JPMorgan Chase, and Bank of America’s wealth management divisions do not currently allow their advisors to offer direct investment in bitcoin funds.
Morgan Stanley to Offer Wealth Clients Access to Bitcoin Funds
Investment bank Morgan Stanley, with $4 trillion in client assets, has become the “first big U.S. bank to offer its wealth management clients access to bitcoin funds,” CNBC reported Wednesday.
The firm reportedly told its financial advisors in an internal memo that it is launching access to three funds that allow exposure to bitcoin, the publication conveyed, citing people with direct knowledge of the matter. According to the people, clients have been demanding exposure to the cryptocurrency, adding:
Clients can likely make investments as early as next month, after the bank’s financial advisors complete training courses tied to the new offerings.
Two of the bitcoin funds on offer are from Galaxy Digital: the Galaxy Bitcoin Fund LP and the Galaxy Institutional Bitcoin Fund LP. The third is FS NYDIG Select Fund, a joint effort from asset manager FS Investments and New York Digital Investments Group (NYDIG). The latter is the bitcoin investment arm of Stone Ridge Asset Management. Two of the funds have minimum investments of $25,000, but 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 restricted …
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