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Investment bank Morgan Stanley will be the first major US bank to offer its wealthy clients investments in bitcoin funds. It will open door to the three funds to investors with no less than $2M in assets under the bank's management and to investment firms with $5 million in assets. This was reported by CNBC, citing sources who spoke on condition of anonymity about the content of the investment bank's corporate letter to its financial advisers.
The bank, which has $4T in assets of clients under management, said its advisers that it is opening access to 3 funds which will allow bitcoin ownership, sources told CNBC.
The access to cryptocurrency assets was insisted upon by the bank's clients themselves, but Morgan Stanley will only provide it to the wealthiest clients with accounts that were opened no earlier than six months ago. In addition, only private qualified investors with $2m in assets and companies with $5m in assets will be able to invest in the funds.
The first investments in the crypto funds could be made in April, after financial advisers receive training on the new offers for clients, interlocutors said. The asset management divisions of other major US investment banks - JPMorgan Chase, Goldman Sachs and Bank of America - have so far not allowed their advisers to offer direct investments in bitcoin.
source: cnbc.com
The bank, which has $4T in assets of clients under management, said its advisers that it is opening access to 3 funds which will allow bitcoin ownership, sources told CNBC.
The access to cryptocurrency assets was insisted upon by the bank's clients themselves, but Morgan Stanley will only provide it to the wealthiest clients with accounts that were opened no earlier than six months ago. In addition, only private qualified investors with $2m in assets and companies with $5m in assets will be able to invest in the funds.
The first investments in the crypto funds could be made in April, after financial advisers receive training on the new offers for clients, interlocutors said. The asset management divisions of other major US investment banks - JPMorgan Chase, Goldman Sachs and Bank of America - have so far not allowed their advisers to offer direct investments in bitcoin.
source: cnbc.com
