Wealth management clients of Morgan Stanley could soon enjoy even more options for exploring Bitcoin.
New York Digital Investment Group (NYDIG), a “financial services firm dedicated to Bitcoin,” and FS Investments have submitted paperwork to the US SEC regarding a pooled investment fund that is targetting the clients of Morgan Stanley.
These funds will permit various entities to have exposure to Bitcoin’s price without having to actually have custody of it. The funds are able to do that by tracking the price of Bitcoin and adding a management fee. Still, there are some funds that are allowed to trade at a premium or discount compared to their underlying asset.
Morgan Stanley is to “receive certain placement and servicing fees with respect to clients it refers to the issuer,” according to the SEC filing.
The FS NYDIG Institutional Bitcoin Fund LP would represent the fourth Morgan Stanley-linked fund that offers exposure to Bitcoin to the portfolios of institutional clients. It would also be the second one from NYDIG and FS Investments.
Source: Decrypt.co