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Brevan Howard expands further into crypto as institutional interest jumps

By Saikat Chatterjee and Simon Jessop LONDON (Reuters) -Hedge fund Brevan Howard said on Monday that it was expanding its crypto business, the latest sign that institutional...
Brevan Howard expands further into crypto as institutional interest jumps © Reuters. FILE PHOTO: Representations of the virtual currency stand on a motherboard in this picture illustration taken May 20, 2021. REUTERS/Dado Ruvic/Illustration

By Saikat Chatterjee and Simon Jessop

LONDON (Reuters) -Hedge fund Brevan Howard said on Monday that it was expanding its crypto business, the latest sign that institutional interest in the asset class is gaining momentum.

Brevan, more famous for its bets on macroeconomic trends, has been among the most high-profile of major hedge funds moving into the world of crypto trading, known for its volatile markets and scope for outsize gains.

The asset manager said it would launch a new unit, BH Digital, to manage cryptocurrency and digital assets. It said it would also hire Colleen Sullivan, currently CEO of the digital arm of trading firm CMT, to lead private and venture investments in crypto.

Brevan's expansion comes on the back of other high-profile money managers venturing into this space in recent months. Hedge fund manager Paul Tudor Jones has invested in bitcoin while Man Group trades bitcoin futures.

An annual report published by PriceWaterHouseCoopers, Alternative Investment Management Association and Elwood Asset Management found total assets under management of crypto hedge funds globally nearly doubled to $3.8 billion in 2020 from US$2 billion in the previous year.

The rise in institutional interest comes as a wider range of cryptocurrencies become available while bitcoin and ethereum, the world's best known coins, are trading well below their record highs.

"What was initially seen as something of a fad now appears to be becoming a more permanent structure of the financial landscape and this has started to see what were initially fringe financial instruments moving to become more mainstream and very much forcing the institutional interest we are now seeing," said Stuart Cole, head macroeconomist at London-based Equiti Capital.

The rise in institutional interest has rippled over to the trading space. Eurex, Deutsche Boerse (DE:DB1Gn)'s derivatives exchange, launched bitcoin futures on Monday to feed on the growing interest.

Coinbase (NASDAQ:COIN), one of the largest cryptocurrency exchanges in the world, says institutional interest in trading cryptocurrencies has soared this year.

In its second quarter letter to shareholders, Coinbase said turnover of cryptocurrencies hit a record $462 billion in the three months to June. Of this amount, $317 billion was traded by institutional investors and the rest by retail clients.

In the year-ago period, total turnover was $28 billion, $17 billion of which was institutional trading.

While hedge funds and exchanges have scrambled to capture trading revenues, global banks have been relatively slow to latch on to the trend, with their wealth management clients largely pushing them to offer cryptocurrency trading.

Citigroup Inc (NYSE:C) is considering offering bitcoin futures trading for some institutional clients while Standard Chartered (OTC:SCBFF) has formed a newly minted research division for cryptocurrencies.

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19-09-2021 19:03:42 (UTC+7)

EUR/USD

1.1724

-0.0040 (-0.34%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

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EUR/USD

1.1724

-0.0040 (-0.34%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

GBP/USD

1.3736

-0.0052 (-0.38%)

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↑ Buy

Moving Avg:

Buy (10)

Sell (2)

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Buy (5)

Sell (1)

USD/JPY

110.00

+0.29 (+0.27%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

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Buy (2)

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AUD/USD

0.7267

-0.0022 (-0.30%)

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↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (9)

Sell (0)

USD/CAD

1.2768

+0.0088 (+0.69%)

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Neutral

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EUR/JPY

128.97

-0.08 (-0.06%)

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EUR/CHF

1.0933

+0.0022 (+0.20%)

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Gold Futures

1,753.95

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Silver Futures

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Copper Futures

4.2393

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Crude Oil WTI Futures

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Brent Oil Futures

75.31

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Natural Gas Futures

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US Coffee C Futures

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Euro Stoxx 50

4,130.84

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S&P 500

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DAX

15,490.17

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FTSE 100

6,963.64

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Moving Avg:

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Hang Seng

24,920.76

+252.91 (+1.03%)

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↑ Buy

Moving Avg:

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US Small Cap 2000

2,233.92

+1.01 (+0.04%)

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↑ Buy

Moving Avg:

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IBEX 35

8,760.90

+27.20 (+0.31%)

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↑ Sell

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Sell (10)

BASF SE NA O.N.

63.085

-2.125 (-3.26%)

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Bayer AG NA

45.07

-0.57 (-1.25%)

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↑ Sell

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Allianz SE VNA O.N.

190.23

-2.24 (-1.16%)

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↑ Sell

Moving Avg:

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Adidas AG

281.60

-3.70 (-1.30%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

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Sell (6)

Deutsche Lufthansa AG

8.210

+0.209 (+2.61%)

Summary

Neutral

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Buy (6)

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Siemens AG Class N

148.76

-1.28 (-0.85%)

Summary

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Deutsche Bank AG

11.080

-0.025 (-0.23%)

Summary

↑ Sell

Moving Avg:

Buy (5)

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Indicators:

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Sell (8)

 EUR/USD1.1724↑ Sell
 GBP/USD1.3736↑ Buy
 USD/JPY110.00Sell
 AUD/USD0.7267↑ Sell
 USD/CAD1.2768Neutral
 EUR/JPY128.97↑ Sell
 EUR/CHF1.0933↑ Sell
 Gold1,753.95↑ Buy
 Silver22.358Sell
 Copper4.2393↑ Buy
 Crude Oil WTI71.82↑ Buy
 Brent Oil75.31↑ Buy
 Natural Gas5.061↑ Sell
 US Coffee C186.75Buy
 Euro Stoxx 504,130.84↑ Buy
 S&P 5004,432.99Neutral
 DAX15,490.17↑ Buy
 FTSE 1006,963.64↑ Buy
 Hang Seng24,920.76↑ Buy
 Small Cap 20002,233.92↑ Buy
 IBEX 358,760.90↑ Sell
 BASF63.085↑ Sell
 Bayer45.07↑ Sell
 Allianz190.23↑ Sell
 Adidas281.60↑ Sell
 Lufthansa8.210Neutral
 Siemens AG148.76↑ Sell
 Deutsche Bank AG11.080↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank5,600/ 5,665
(5,600/ 5,665) # 809
SJC HCM5,600/ 5,665
(0/ 0) # 830
SJC Hanoi5,600/ 5,667
(0/ 0) # 832
SJC Danang5,600/ 5,667
(0/ 0) # 832
SJC Nhatrang5,600/ 5,667
(0/ 0) # 832
SJC Cantho5,600/ 5,667
(0/ 0) # 832
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RON 95-IV2149021910
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E5 RON 92-II2014020540
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KRW16,7120,34
Cập nhật lúc 18:52:13 19/09/2021
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