The Wells Fargo Investment
Institute is reportedly planning to evaluate and onboard an actively managed
cryptocurrency strategy to its platform for qualified investors, according to
the institute’s president Darrell Cronk.
The “professionally managed
solution” to invest in cryptocurrency has been in the works for months and is
now in its final stages of research and due diligence. The strategy could be
added to the platform by mid-June and is expected to be available to qualified
investors – those with an annual gross income above $200,000 or a net worth
of over $1 million.
He added:
“We think the cryptocurrency space has just
kind of hit an evolution and maturation of its development that allows it now
to be a viable investable asset,”
He labelled crypto as an
“alternative investment” rather than a “strategic allocation,” as the team is
“still not suggesting” that it is its “own dedicated asset class.”
Wells Fargo Wealth and
Investment Management includes Wells Fargo Private Bank, Abbot Downing, and
Wells Fargo Advisors and oversees nearly $2 trillion in assets, making it one
of the largest asset managers in the United States.
