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United Kingdom-based hedge fund, Brevan Howard, wants to increase its exposure to digital assets and cryptocurrency in general. According to a Reuters report, Brevan Howard plans to launch a crypto management unit called BH Digital.
The firm also plans to hire the current CEO of CMT’s digital arm, Colleen Sullivan, to head its crypto endeavor. Since 2013, Sullivan has handled CMT’s crypto trading and blockchain investment operations and also led the firm’s legal and policy engagement.
At Brevan Howard, Sullivan will head an investment committee to gear the asset management firm toward a new crypto technology strategy.
According to company chief executive, Aron Landy, Brevan Howard has a “commitment to rapidly expanding its platform and offerings in cryptocurrencies and digital assets”. As part of Landy’s plan for the company, the firm announced that 1.5% of its Master Fund – nearly $84 million, would be pushed to crypto.
Asset management firms are increasing their exposure to crypto. Reuters cited a joint report by PriceWaterHouseCoopers, Elwood Asset Management, and Alternative Investment Management Association, on crypto hedge funds. According to the report, these funds had $3.8 billion in total assets under management in 2020, up more than 100% from the $2 billion recorded in 2019.
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