Raymond James is constructing a personal fairness car investing in blockchain know-how for its wealthiest shoppers because it appears to offer them entry to industries supporting digital currencies, sources acquainted with the matter informed Citywire.
The personal fairness fund shall be supplied via Raymond James’s Personal Institutional Shopper (PIC) desk, a unit inside the wealth supervisor that caters to its wealthiest shoppers with greater than $25m in property, in keeping with three sources with information of the association.
Whereas Raymond James has shied away from giving its shoppers direct publicity to cryptocurrencies and the power to commerce them via its personal wealth administration platform, the agency’s new personal fairness fund will provide oblique publicity to corporations that use or develop blockchain know-how.
‘We received’t do crypto now, however this technique is a manner for the best tier of rich shoppers to get some publicity to peripheral companies within the house,’ stated one supply who spoke on situation of anonymity as their feedback had not been accepted internally.
Raymond James’s PIC desk caters to each US home and worldwide shoppers, with the previous usually gaining access to a wider vary of funding constructions forward of their offshore counterparts.
These funding constructions have included entry to IPOs, sports activities franchises, actual property choices and different personal fairness methods developed by Raymond James.
It’s understood that the blockchain funding car presently being constructed by the PIC is aiming to compete with comparable automobiles supplied by rivals like Goldman Sachs, JP Morgan and Citigroup.
In the meantime, massive Latin American brokerage homes and institutional cash managers have been trying to meet their shoppers’ rising demand for entry to digital currencies, both by constructing or investing in platforms that enable crypto buying and selling.
Brazilian digital brokerage agency XP introduced the launch of its personal digital forex buying and selling platform final month.
Rival Brazilian banking large Itaú additionally purchased a stake in Miami-based monetary providers agency Avenue Securities in early July, including its brokerage providers to the financial institution’s platform which included crypto-trading capabilities.
