Rich clients love digital. Not just “Generation Y” upstarts and business entrepreneurs, but also the over-50s who have parked their assets in traditional private banks for years. But the private banking industry is still in the Stone Age in terms of digitalisation. They should think and move forward quick.
For many independent wealth managers, investing in digital assets has been a step too far, most of them are sceptical. At present, digital assets are unfamiliar territory for everyone, and while global regulators are still at odds over regulation, managers are right to be cautious.
Hedge funds started to show interest in new asset class that might provide the big returns their clients pay them to produce with a low correlation to markets: bitcoin and cryptocurrencies. But Digital Assets strategies and traditional markets shouldn’t be addressed the same way.
It comes as no surprise Family Offices are fed up with VCs and traditional Fund models with their 20% carry, their risky investing strategy where they hope one in ten investments come good. FO now set up new Blockchain front desks hiring in some crypto geeks and technologists.
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