UK Billionaire Simon Nixon’s Family Office to Enter the Cryptocurrency Space: Report

Digital assets continue to grow and take substantial portions of the financial markets, said Seek Capital’s managing director – Adam Proctor. As such, the family office will increase its allocation to it and hire a designated cryptocurrency analyst.

• By definition, a family office is a privately held company handling investment and wealth management for high-net-worth and ultra-high-net-worth individuals.
• Similar to other institutions, their appetite for the cryptocurrency industry has only grown in the past year. This received further confirmation earlier from Seek Capital.
• As reported by Bloomberg, the family office operated by the UK billionaire Simon Nixon wants to dip its toes in the digital asset space.
• Adam Proctor, a managing director for the organization, said that they are trying to enhance the “allocation to crypto as we feel it is an important area for the future.”
• Although failing to describe the precise meaning of increasing the exposure to digital assets, Proctor said the firm looks to appoint a dedicated analyst.
• The rapidly growing demand from institutions, and family offices, in particular, was recently exemplified by a survey conducted by Goldman Sachs.
• It concluded that nearly half of the institutional investors that participated in the study had increased interest in investing funds in the industry.
• Another research compiled by Fidelity outlined even more optimistic results. It showed that roughly 70% of institutional investors plan to either increase their current crypto allocation or make their first purchase in the next months.

Featured Image Courtesy of FT