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March 18, 2021 12:45 am
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/zCn-RZaLLv0/morgan-stanley-becomes-first-big-us-bank-to-offer-its-wealthy-clients-access-to-bitcoin-fu
Morgan Stanley Becomes First Big US Bank To Offer Its Wealthy Clients Access To Bitcoin Funds
According to CNBC, Morgan Stanley is the first big U.S. bank to offer its wealth management clients access to bitcoin funds. From the report: The investment bank, a giant in wealth management with $4 trillion in client assets, told its financial advisors Wednesday in an internal memo that it is launching access to three funds that enable ownership of bitcoin, according to people with direct knowledge of the matter. The move, a significant step for the acceptance of bitcoin as an asset class, was made by Morgan Stanley after clients demanded exposure to the cryptocurrency, said the people. But, at least for now, the bank is only allowing its wealthier clients access to the volatile asset: The bank considers it suitable for people with "an aggressive risk tolerance" who have at least $2 million in assets held by the firm. Investment firms need at least $5 million at the bank to qualify for the new stakes. In either case, the accounts have to be at least 6 months old. And even for those accredited U.S. investors with brokerage accounts and enough assets to qualify, Morgan Stanley is limiting bitcoin investments to as much as 2.5% of their total net worth, said the people. Two of the funds on offer are from Galaxy Digital, a crypto firm founded by Mike Novogratz, while the third is a joint effort from asset manager FS Investments and bitcoin company NYDIG. The Galaxy Bitcoin Fund LP and FS NYDIG Select Fund have minimum investments of $25,000, while the Galaxy Institutional Bitcoin Fund LP has a $5 million minimum. Clients can likely make investments as early as next month, after the bankâ(TM)s financial advisors complete training courses tied to the new offerings, said the people.Read more of this story at Slashdot.
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/zCn-RZaLLv0/morgan-stanley-becomes-first-big-us-bank-to-offer-its-wealthy-clients-access-to-bitcoin-fu
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