"Maybe it's not just Affin Bank, other banks may have joined crypto but quietly."
Earlier this morning, Malaysia was surprised by the news regarding the collaboration of a local fund management firm called Cross Light Capital and Affin Bank which acted to launch an actively managed fund specifically for digital assets.
Reportedly, the newly launched Performa Digital Asset Fund aims to offer exposure to digital assets through exchange-traded funds (ETFs) and exchange-traded products (ETPs) targeting major banking clients.
Distributed exclusively through Affin Bank's invitation-only Affin Invikta suite, the fund invests in Bitcoin (BTC), Ethereum (ETH) and blockchain-related firms such as Coinbase Global Inc and Ubisoft Entertainment SA through publicly traded investment instruments.
According to Cross Light Capital, Performa Digital Asset Fund allocates its investments evenly where one third is dedicated to BTC ETP, another third to ETH ETP and the rest to blockchain-related equities.
In addition to a high tolerance for risk, the fund that meets the needs of sophisticated investors also expects a maximum return of 30% to 60% in any period of one year.
Therefore, investors are advised to have a long-term perspective of five to ten years and should be aware that the initial minimum investment is set at $1,000 then an initial sales charge of 5% and an annual management fee of 2%.
According to Jason Lee, Chief Executive Officer (CEO) and Chief Investment Officer of Cross Light Capital said its partnership with Affin Bank has allowed it to navigate the digital asset space including providing its clients with advanced investments beyond traditional asset classes.
While Affin Bank's Head of Wealth Management Calvin Goon Cheng Yu emphasized the bank's dedication to providing exceptional value to its customers such as offering access to Cross Light Capital's digital asset fund and diversifying its portfolio as well as harnessing the potential of the digital economy.
Please be informed that the trustee of the fund is MTrustee Bhd, its external auditor is Crowe Malaysia PLT then Interactive Brokers LLP acts as the main broker and custodian and most importantly investment is facilitated through wholesale funds approved by the Malaysian Securities Commission.