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Cryptocurrency fund open to New Zealand investors

New Zealand investors can tap into a cyrptocurrency-focused managed fund – but only if they have at least US$100,000 to invest.

Wednesday, January 10th 2018, 6:00AM 3 Comments

by Susan Edmunds

Australia’s Triple A Partners director Damien Hatfield is working with ANZ’s former head of global markets, Steve Belotti, to launch the EKT Active Fund, which will target 30%-a-year returns.

It is based in the Cayman Islands, which Hatfield said would mean tax advantages for New Zealand investors.

Hatfield said there was opportunity for diversification within cryptocurrencies. “What’s more interesting than just buying Ripple, Bitcoin or Ethereum – although that’s the main intention – is the initial coin offerings [ICOs].”

He said those initial coin offerings had often been offered at a discount of up to 60%. “When they list they elevate to par almost immediately. I don’t know if this year will provide such a juicy discount but it will have discount arrangements.”

The fund’s team would analyse each ICO to determine whether it was worth investing in, he said.

The fund will be 25% cash, 45% ICO investments in the pre-ICO and post-ICO phase and 50% to 75% listed cryptocurrencies.

Hatfield said the fund would be operated transparently, with regular updates on Twitter about what it was doing.  “We’re an open book – [that means others can] try to do what we’re doing but it’s really hard.”

The Cayman Islands base means the minimum investment is US$100,000 and Hatfield said it was being marketed as a wholesale product. So far, US$1.5 million has been invested in a friends and family round and the funds is on track for US$5m by the end of the month. “New Zealanders could get in, no problem at all.”

The fund will hold a maximum US$500m with a management fee of 2% and a performance fee of 20% over the high-water mark.

Tags: cryptocurrency investment Triple A

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Comments from our readers

On 11 January 2018 at 9:23 am Alpo said:
Bit early for the April Fools issue isn't it?
On 12 January 2018 at 4:35 pm BGW said:
This feels like 1987......June-July.
On 13 January 2018 at 11:04 am Denis said:
A financial product based in the Cayman Islands also means you're entirely on your own if this turns to crypto-custard.

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