Prime Factor Capital Is Shutting Down: Lack of Capital Cited as Prime Factor
The firm became Britain's first FCA-approved crypto hedge fund last July.
Jul 23, 2020 at 3:33 p.m. UTCUpdated Aug 19, 2021 at 3:18 a.m. UTC
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Prime Factor Capital has exited the cryptocurrency investments game less than a year after becoming the first regulated British crypto hedge fund to gain approval.
- The alternative assets manager, founded in 2018, failed to attract many institutional investors during its two-year run and is shutting down completely, according to a report by Financial News.
- Founded by BlackRock alumni, the firm became Britain's first approved crypto hedge fund in July 2019 when it secured a Financial Conduct Authority (FCA) license to manage in excess of 100 million euros.
- That wasn’t enough to lure big fish investors, however, and neither was the firm’s claim to deliver existing clients a 4% average monthly return, CEO Nic Niedermowwe told Financial News.
- FCA records show Prime Factor Capital’s authorization expired on June 25.
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