Fidelity Investments, one of the world's largest asset managers, is setting up a new entity to serve European institutional investors in digital assets.

The firm said Tuesday the new business will be provided through Fidelity Digital Asset Services (FDAS), its New York state-chartered limited liability trust company. Launched in 2018, FDAS already offers custody and trade execution services services to U.S.-based institutional investors.

It will now also provide European digital assets investors such as hedge funds, family offices and market intermediaries with these services, Fidelity said in press release shared with CoinDesk.

The firm has appointed Chris Tyrer as the head of FDAS in Europe. Tyrer previously worked as a managing director at Barclays Investment Bank. leading its digital asset project. He's also served as global head of commodities trading for the bank following a long career in the traditional financial markets. In the new role. Tyrer will lead client service activity in the region.

The firm recently made significant progress in the U.S. FDAS bagged a New York Trust Charter to custody bitcoin for institutions in November and said at the time it would onboard its first client by the end of 2019.

Tom Jessop, president of Fidelity Digital Assets, said the firm has seen "significant interest and engagement" from institutional investors since its U.S. launch a year ago.

“We’re also encouraged by continued corporate and venture investment in market infrastructure companies as well as the entry of traditional exchanges into the digital assets ecosystem," Jessop said. "These and other market indicators, alongside interest expressed from U.K. and European client prospects, indicate a market with increasing potential which gives us the confidence to expand the digital assets business geographically.”