German lender more than 200 years old Hauck & Aufhäuser (H&A), owned by the crypto-sharp Chinese conglomerate Fosun, about to offer a new product to high net worth individuals and professional investors who want to invest in cryptoassets.
The bench said It works together with the Berlin fintech Kapilendo to open a new crypto fund in January. The HAIC Digital Asset Fund I. is aimed at institutional customers who invest in various cryptoassets such as Bitcoin (BTC), Ethereum (ETH) and Stern (XLM).
The minimum investment in the fund is EUR 200,000 (USD 243,000).
Dr. Holger Sepp, a member of H & A’s board of directors, was quoted in a statement that the bank had found digital assets to become increasingly popular with institutional investors. According to the bank, this is a further step in expanding its range of services in the area of asset servicing to include “the innovative and future-oriented component of digital assets”.
Its subsidiary Hauck & Aufhäuser Innovative Capital GmbH will manage the fund’s portfolio of digital assets.
H&A could benefit from Germany’s implementation of the European Union’s 4th Anti-Money Laundering Directive, which enables banks to act as crypto custodians. Despite the changes in German regulation that allow the bank to store crypto itself, H&A has decided to team up with Kapilendo, who will act as the fund’s custodian.
The Frankfurt-based bank is an old financial institution with a history that goes back to 1796. Fosun, the Hong Kong-listed giant with $ 102.6 billion in assets as of December 2019 and companies in the health, finance and leisure industries, were acquired by H&A in 2016.
Meanwhile in 2017 the conglomerate invested in Chinese blockchain startup Onchain and is now also a co-owner of the Singapore-based digital asset custodian Onchain custodian. Both companies were co-founded by Da Hongfei, the founder of NEO, a blockchain developer, and ranked 23rd by market capitalization.
At the beginning of this year, H&A agreed to acquire another German lender. Bank house lamp. Together, the two companies employ around 1,400 people and manage EUR 35 billion. Per Reuters data.
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