$ 400 billion investment manager Neuberger Berman to allow crypto exposure through commodity-focused fund

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New York-based investment management firm Neuberger Berman has applied for a commodity-focused fund to be able to gain indirect exposure to crypto investments.

In a filing today with the U.S. Securities and Exchange Commission (SEC), the investment firm said its Commodity Strategy Fund would allow investors to gain indirect exposure to crypto. currencies and digital assets through Bitcoin (BTC) and Ether (ETH) futures contracts, as well as Bitcoin trusts and exchange-traded funds, or ETFs. According to the file, the fund plans to gain exposure to crypto through a subsidiary.

Neuberger Berman said the fund had more than $ 164 million in assets under management as of July 31, or about 0.04% of the company’s total assets under management, or $ 402 billion. The company published a blog of senior company officials in March saying that an investment in cryptocurrency should not be considered part of a standard asset allocation.

Sea rather seen [Bitcoin] as an option that pays off when expectations of an uncertain and inflationary future rise, and makes the finite, unmanaged supply dynamics of cryptocurrencies valuable, the company said. Those who are exposed should understand the speculative nature of their investment and the potential rewards notwithstanding being prepared to part with substantially all of their committed capital.

Related: GoldenTree Asset Management Reportedly Investing In Bitcoin

Neuberger Berman’s filing follows comments from SEC Chairman Gary Gensler, who recently hinted that he would be more open to accepting exchange-traded funds based on crypto futures rather than direct exposure. Asset manager VanEck and investment firm Invesco have both announced plans to launch ETFs with indirect exposure to crypto through Bitcoin futures and other investment vehicles.

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