Friday, September 30, 2022

London-Based Hedge Fund Prepares To Delve Into Digital Assets, Launches Search For Crypto Expert

Financial News has reported that a major London hedge fund Winton is on the lookout for a crypto expert following its decision to foray into the digital assets space. According to a job placement advert published on LinkedIn by the fund, the firm is looking for someone to fill the role of an analyst. The job description of the individual will include to help create a ”systematic trading strategy.” That is, the hired hand will carry out analytical research on crypto markets and create a crypto portfolio for trading.

The fund was founded by investor David Harding in 2007, sometime before the financial mortgage crisis of the same year. However, its sudden interest in recruiting the services of a crypto expert signals the fund’s readiness to also tap the unexplored potentials of the crypto market. 

Winton, another hedge fund to invest in crypto?

The decision of Winton reflects a common move among hedge funds as of recent times. According to PwC, globally, hedge funds that are foraying into crypto have more than doubled in number in 2022. This is in comparison with the previous year. 

PwC’s report also claims that no less than 300 crypto-based hedge funds now operate worldwide. Additionally, the report stated that 57% of the hedge funds have less than 1% of the asset under management (AUM) in crypto. But about 67% of them also plan to increase their crypto investment by the end of the year.

Of the hedge funds researched in PwC’s report, however, the most-traded crypto include Bitcoin (BTC), ETH, SOL and DOT.

Interestingly, Winston currently boasts about $8 billion worth of AUM, at least, per Financial News.

Crypto hedge funds predicted to go broke

Meanwhile, founder of Galaxy Digital Mike Novogratz recently predicted that most crypto hedge funds will go belly-up. He revealed this during the Piper Sandler Global Exchange and Fintech Conference. He cited, however, that his forecast was based on the declining trading volumes. 

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