Alternative Investments/Digital: Wells Fargo Offers Bitcoin Fund To Richer Clients
Wells Fargo registered with the SEC to offer a fund for indirect exposure to bitcoin.
A Form D filing by Wells Fargo (NYSE: WFC) with the SEC on Thursday for a fund titled FS NYDIG Bitcoin Fund I, LP, a pooled investment fund, showed the bank is offering its well-heeled clients exposure to bitcoin. (Coin Desk)
The filing declares that Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC will receive certain placement and servicing fees with respect to clients they refer to the fund.
FS NYDIG Bitcoin Fund I, LP is registered as a Limited Partnership. FS Investments and NYDIG are the bank’s partners on the offering.
According to Coin Desk, which quoted a source, the new fund is a passive fund.
Similar fund registered by JP Morgan
Earlier this month news broke that JPMorgan Chase & Co (NYSE: JPM) is floating a similar private and inhouse fund to private banking clients, and the bank had informed its advisers of the offering. Like Wells Fargo, this fund is also a partnership with NYDIG.
JPMorgan’s fund was also registered on Thursday. It is dubbed NYDIG Private Bitcoin Fund LP and JP Morgan Securities LLC is named as a recipient of sales compensation.
Mary Callahan Erdoes, director of asset and wealth management at JPMorgan, had said last month: “A lot of our clients say, ‘That’s an asset class, and I want to invest,’ and our job is to help them put their money where they want to invest.”
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