The asset management division of the Wells Fargo financial holding company will open access to cryptocurrencies to accredited investors. Business Insider reports, citing Wells Fargo Investment Institute president Darrell Cronk.
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Wells Fargo Wealth and Investment Management (WIM) has been seeking a ‘professionally managed solution’ for several months. The division is at the late stages of due diligence.
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According to Cronk, the launch of an ‘actively managed strategy’ for cryptocurrencies is planned for mid-June.
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“We believe the industry has reached the level of maturity that makes cryptocurrencies viable investment assets,” he added.
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Cronk stressed that WIM regards digital assets as suitable for ‘alternative investments.’ They are not suitable for ‘strategic allocation,’ but they can be used to diversify a portfolio.
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WIM comprises Wells Fargo Private Bank, Abbot Downing, and Wells Fargo Advisors. The division manages about $2 trillion in assets.
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Back in December, Wells Fargo named Bitcoin самым прибыльным инвестиционным активом 2020.
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In May 2021, the New York Digital Investment Group platform formed a partnership with fintech giant Fidelity National Information Services. Together they will provide bank clients access to cryptocurrencies.
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