Alternative Investments/Digital: Goldman Sachs Private Wealth Management To Offer Cryptos
Well-heeled clients will get exposure to the new asset class from the second quarter.
Mary Rich, the new incumbent leading digital assets for Goldman Sachs’ private wealth management division, said the investment bank will begin offering investments in bitcoin and other digital assets as early as the second quarter of this year. (CNBC)
The eligibility to Goldman Sachs private wealth management division starts at $25 million. These FOMO-afflicted, wealthy clients have been demanding exposure to cryptos such as bitcoin, particularly after the latter’s blistering rally in recent months.
Cryptos the dawn of a new era?
“There’s a contingent of clients who are looking to this asset as a hedge against inflation, and the macro backdrop over the past year has certainly played into that,” Rich said in an interview. “There is also a large contingent of clients who feel like we’re sitting at the dawn of a new Internet in some ways and are looking for ways to participate in this space.”
And Goldman Sachs will answer that call by offering a “full-spectrum” of investments in digital assets, including physical bitcoin, derivatives, or traditional investment vehicles, according to Rich.
Earlier this month, Morgan Stanley (NYSE: MS) told its financial advisers that it will allow wealthy clients, “with aggressive risk tolerance,” to access three bitcoin funds.
Two of the funds on offer at Morgan Stanley are from Galaxy Digital, a crypto firm founded by Mike Novogratz, while the third is a collaboration between asset manager FS Investments and bitcoin company NYDIG.
Morgan Stanley clients will perhaps get their hands on cryptos as early as next month.
At Goldman Sachs, Rich said: ″We are working closely with teams across the firm to explore ways to offer thoughtful and appropriate access to the ecosystem for private wealth clients, and that is something we expect to offer in the near term.”
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