Affin Bank Partners with Cross Light Capital to Launch Malaysia’s Pioneering Digital Asset Fund
Cross Light Capital, a homegrown fund management firm, has collaborated with Affin Bank to introduce Malaysia’s inaugural digital asset fund. As reported by The Edge Malaysia, the Performa Digital Asset Fund aims to provide exposure to digital assets through exchange-traded funds (ETFs) and exchange-traded products (ETPs), targeting high-net-worth banking clients.
Exclusive to Affin Bank’s by-invitation-only Affin Invikta suite, the fund delves into investments in Bitcoin, Ether, and blockchain-related entities using publicly traded investment instruments. Noteworthy holdings in the fund include shares in companies like Coinbase Global Inc. and Ubisoft Entertainment SA.
Cross Light Capital Plans to Allocate One-Third of Investments to ETPs
Cross Light Capital has revealed that the Performa Digital Asset Fund follows an equitable distribution strategy, with one-third of investments earmarked for bitcoin ETPs, another third for ether ETPs, and the remaining portion for equities linked to blockchain ventures. “Our actively managed approach enables us to effectively navigate the digital asset landscape, offering our clients a sophisticated investment avenue beyond traditional asset classes,” stated Jason Lee, CEO and Chief Investment Officer of Cross Light Capital.
The fund primarily caters to sophisticated investors with a high risk tolerance, anticipating a potential drawdown ranging from 30% to 60% within a one-year period. Investors are advised to adopt a long-term perspective spanning five to ten years.
The fund requires an initial minimum investment of US$1,000, along with an upfront sales charge of up to 5% and an annual management fee of 2%, while excluding withdrawal fees. MTrustee Bhd serves as the fund’s trustee, with Crowe Malaysia PLT as the external auditor and Interactive Brokers LLP handling responsibilities as the prime broker and custodian.
Calvin Goon Cheng Yu, Head of Wealth Management at Affin Bank, echoed Lee’s sentiments, emphasizing the bank’s commitment to delivering exceptional value to its clientele by facilitating access to Cross Light Capital’s digital asset fund.
Crypto Investment Scam Uncovered in Malaysia
In recent developments, authorities in Malaysia dismantled a forex investment scam and cryptocurrency syndicate operating within the country. The syndicate, which was laundering funds obtained through fraudulent activities overseas, was targeted in a series of raids conducted across the Klang Valley from May 13 to 21. As a result, eight local men and two women were apprehended, and significant assets were seized.
It is noteworthy that the cryptocurrency industry witnessed a substantial decrease in combined losses from hacks and scams in April. The month recorded the lowest combined losses from crypto-related security breaches and fraudulent activities since 2021, with approximately $25.7 million lost to exploits, hacks, and scams.
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