DWS partners with Galaxy Digital to develop crypto ETPs
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DWS has agreed a strategic partnership with US-based digital assets manager Galaxy Digital to launch a “comprehensive” range of cryptocurrency-focused exchange traded products for investors in Europe.
Germany’s largest provider of retail funds and the New York-headquartered firm also intend to “subsequently explore other digital asset solutions”.
DWS, the €821bn listed fund house controlled by Deutsche Bank, will be Galaxy Digital’s exclusive partner for crypto ETPs in Europe.
The Frankfurt-based firm and Galaxy Digital’s asset management unit will work together to provide European investors with access to the $1tn digital assets market “through cost-effective investment solutions that are easy to access via traditional brokerage accounts”.
DWS said the partnership “fulfils a key priority to develop comprehensive digital solutions, unlocking investor access to the growing blockchain and digital assets universe”.
The strategic alliance will also “significantly enhance Galaxy’s international distribution capabilities by deepening access to European investors who are keen to participate in the digital assets market”.
The two companies also stressed the aim to “jointly profit from emerging digital asset opportunities”.
Fiona Bassett, global head of systematic investment solutions at DWS, said: “As we see increasing client interest in digital assets and the need for secure access, our shared education-first approach and commitment to providing clients with access via well-known and trusted investment vehicles will enable us to build thoughtfully constructed and thoroughly researched products.”
Steve Kurz, global head of asset management at Galaxy Digital, added that his firm’s “mission is to empower investors across the globe with simple and secure access to the digital asset ecosystem, through best-in-class education and institutional-grade products”.
Stefan Hoops replaced Asoka Wöhrmann at the helm of DWS in June last year.
DWS subsequently announced in August that it had established one team to “align all its activities related to digital assets and currencies, digital channels, and application programming interfaces”.
Hoops said at the time that the asset management industry was experiencing a digital transformation similar to what we have been seeing in other financial services sectors.
*Ignites Europe is a news service published by FT Specialist for professionals working in the asset management industry. Trials and subscriptions are available at igniteseurope.com.