Pimco, an asset manager with $2.2 trillion under management, is looking to start trading cryptocurrencies. “We’re trading from a relative value perspective,” the firm’s chief investment officer said. Pimco’s clients include central banks, sovereign wealth funds, public and private pension funds, financial and non-financial corporations, foundations, and endowments.
Pimco Getting Into Crypto
Pimco’s chief investment officer, Daniel Ivascyn, told CNBC in an interview Wednesday that his company is looking to trade digital assets, noting that some of its hedge fund portfolios are already investing in crypto-linked securities.
Pimco, an asset management subsidiary of Allianz Group, is a global leader in fixed income, its website details. Pimco manages $2.2 trillion in assets as of June 30. Its clients include central banks, sovereign wealth funds, public and private pension funds, financial and non-financial corporations, foundations and endowments, financial advisors, family offices, and individual investors.
Now we’re looking at potentially trading certain cryptocurrencies as part of our trend-following strategies or quant-oriented strategies, then doing more work on the fundamental side.
“This will be a gradual process where we spend a lot of time on the internal diligence side speaking to investors. And, we’ll take baby steps in an area that’s rapidly growing,” he added.
His comments came as the price of bitcoin hit all-time highs Wednesday following the launch of the first U.S. bitcoin futures exchange-traded fund (ETF) on the NYSE.