Spain’s private banking entity, A&G, boldly ventures into the crypto world, launching the first-ever Spanish-compliant crypto fund.
With an impressive €12.4 billion ($14 billion) of assets under management by the end of 2022, A&G’s hedge fund caters exclusively to professional investors, offering them a gateway to the volatile but promising cryptocurrency market.
CACEIS, the esteemed asset servicing bank of Crédit Agricole and Santander, will act as the fund’s depositary, while PwC will diligently audit its operations.
Diego Fernandez Elices, the Chief Investment Officer at A&G, expressed confidence in their new offering, describing it as an ideal solution for European professional investors keen on exploring cryptocurrencies, yet fully aware of the high risks involved.
In 2022, Spain’s regulatory landscape took a leap, granting licenses to virtual currency exchange and digital wallet custody providers.A&G’s foray into the crypto fund arena marks a significant milestone, demonstrating how traditional financial institutions are embracing the potential of digital assets while acknowledging the inherent risks.