The French Asset Management Co launched Europe’s first bitcoin mutual fund
The French Asset Management Co Tobam announced the launch of Europe’s first bitcoin mutual fund center. Today announced the Tobam offbeat Investment Fund (alternativeinvestmentfund) may represent the latest in a bid to attract institutional investors cryptocurrencies (although like similar financial instruments, investors will not directly hold bitcoin).
According to the British “Financial Times” reported that before the mutual fund launch, the company has won the Marcus financial institutions (Autorit desMarch sFinanciers) the approval of the financial institution is one of the country’s highest regulators, according to the report, PWC will implement audit services, and Credit Agricole (CreditAgricole). Asset service Bank Group Caceis will hold the fund linked bitcoin mutual fund.
The company president Tobam YvesChoueifaty said in a statement: “first encryption currency of the world shows that we are committed to maintaining the leading position, and in high efficiency (i.e., unpredictable) to provide innovative products to our customers in the market environment.”
Choueifaty told the British “Financial Times” interview, optimistic about the prospects for the development of the bitcoin mutual fund, and is expected in the next few years bitcoin mutual funds will grow to $400 million
He said at the press conference: “we found that some investors started the fund, and from the perspective of knowledge, we have a lot of interest.”
In view of the traditional hedge fund world recently reported that institutional investors want to obtain some encryption money market exposure is perhaps not surprising. Whether the product like Tobam will further arouse people’s interest in remains to be seen.