Ex-PwC crypto head launches $75m hedge fund for institutional investors

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PwCs former global crypto head has launched a $75m crypto hedge fund focused on institutional investors.

Henri Arslanian launched Nine Blocks Capital Management in Dubai with the aim of becoming the worlds leading institutional grade cryptoasset management firm, according to a statement from the fund announcing its launch.

The new fund is backed by $75m from Hong Kong-based hedge fund Nine Masts Capital Management, with additional investments from other partners. The other partners and the amount invested were not disclosed.

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The fund will focus on generating alpha from inefficiencies in the crypto markets it said in the statement.

Arslanian has joined from PwC as co-founder and managing partner to lead the non-investment side of the business, including capital raising.

Andrew Goodwin, previously portfolio manager at Nine Masts, has joined as co-founder and managing partner focusing on investment.

The new fund is also absorbing Nine Masts existing crypto trading team and will launch with around 10 people on the investment and non-investment sides.

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The fund is registered with the Cayman Islands Monetary Authority and has received provisional approval from Dubai’s Virtual Assets Regulatory Authority, its release said.

We believe that the preferred channel for institutional allocators to start getting exposure to the digital assets space will be via external managers from who they can gradually learn and get comfortable with the asset class, Arslanian said in a statement.

Arslanian said he was not concerned about the recent crash in crypto values, which has led to the collapse of peers including crypto hedge fund Three Arrows Capital Management.

We believe that the current market conditions are an ideal time to build a new institutional grade digital assets business, his statement said.

To contact the author of this story with feedback or news, email James Booth

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