State Street’s asset management business State Street Global Advisors and Galaxy Asset Management have joined forces to introduce investors to an enhanced level of digital asset investing.
Through the partnership, the parties aim to bring the next generation of digital asset-based strategies to investors. The new strategies will offer exposure to companies involved in the digital asset space beyond cryptocurrencies and bitcoin.
The collaboration of global asset managers will also introduce investors to the newest innovation in digital asset investing.
By bringing together the capabilities State Street Global Advisors and Galaxy Asset Management, both firms plan to offer investors access to the $2.4 trillion digital asset ecosystem through manager-directed strategies.
State Street Global Advisors chief business officer Anna Paglia said: “We believe that the digital assets landscape is so much more than the single crypto components and that crypto native companies are best equipped to understand that ecosystem and its correlation with financial markets.
“We are pleased to be working with Galaxy to educate investors about the role digital assets can play in a diversified portfolio, and provide the opportunity to participate in the next level of growth and innovation for the digital asset ecosystem.”
State Street Bank and Trust is expected to provide administrative and accounting services for the new digital assets exchange-traded funds (ETFs).
These ETFs are being developed jointly by State Street Global Advisors and Galaxy Asset Management as part of their collaboration.
Established in 2018, Galaxy Asset Management is an affiliate of Galaxy Digital and is said to be one of the world’s largest digital assets and blockchain investment managers.
The company oversees $6.2bn in assets across passive, venture, and active strategies.
Galaxy asset management global head Steve Kurz said: “Since Galaxy was founded, active management across the full ecosystem of digital assets and crypto companies has been a core competency.
“By partnering with State Street Global Advisors and utilising our combined expertise, we believe we are in a strong position to make digital assets more accessible to the broader investment community through the creation of new ETFs offering exposure to digital assets.”
