Morgan Stanley is an American multinational investment bank and financial services company headquartered at 1585 Broadway in the Morgan Stanley Building, Midtown Manhattan, New York City. With offices in more than 42 countries and more than 60,000 employees, the firm’s clients include corporations, governments, institutions, and individuals. Morgan Stanley ranked No. 67 in the 2018 Fortune 500 list of the largest United States corporations by total revenue.
In an internal memo, the bank told its financial advisers it would launch access to three funds allowing ownership of bitcoin, CNBC reported, citing people with direct knowledge of the matter.
The decision was taken after the bank’s clients demanded exposure to the cryptocurrency, according to the report.
Access to the funds will only be allowed to people who have at least $2 million in assets held by the bank. Investment firms with at least $5 million at the bank will also be eligible. In both cases, the accounts have to be at least six months old, according to the report.
The bank will limit investments to 2.5% of total net worth even for investors with enough assets to qualify, the people said.
The two funds that will be offered are from Galaxy Digital, a crypto firm founded by Michael Novogratz. The third fund is a joint effort from asset manager FS Investments and bitcoin company NYDIG. Clients could start investing in these funds next month, the report said.
According to en.wikipedia; reuters.com. Source of photos: internet
