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Kleinwort Hambros, a private bank and wealth manager owned by Societe Generale, has launched an actively managed exchange-traded security, focused on the blockchain sector.
The London bank announced the new Monday, announcing that its ETN, listed in Luxembourg, would invest in companies likely to "make the most of" the development and increasing use of blockchain technology. ETNs are unsecured debt securities that, like Exchange Traded Funds (ETFs), are traded on a stock exchange.
The blockchain rating will initially have 20 diverse actions in areas such as technology, shipping, oil and gas, conservation and industries.
John Birdwood, Portfolio Manager at Kleinwort Hambros, said:
"We have seen growing interest from customers in the blockchain industry and we are excited to be able to respond to this demand with the launch of our first blockchain rating."
The product will offer its customers "a diversified exposure to the promising growth prospects that blockchain technology offers, while maintaining rigorous active management," added Birdwood.
It should be noted that the ETN will only be available for existing and new customers of Kleinwort Hambros, with a minimum investment of £ 1,000 ($ 1,305).
The centuries-old bank manages 14.2 billion pounds ($ 18.52 billion) and has employed more than 900 people since last year, according to its own figures.
Similarly, investment management company Invesco and Elwood Asset Management jointly launched a blockchain-traded fund (ETF) on the London Stock Exchange last month.
The current expectation of the cryptographic community for a bitcoin ETF, however, awaits a decision by the US Securities and Exchange Commission. However, several exchange-traded products (ETPs) for Bitcoin and other cryptos are now marketed in Europe.
Societe Generale image via Shutterstock
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