$1.7 trillion asset manager Franklin Templeton is establishing a new dedicated active crypto investment management arm through the acquisition of 250 Digital.
Franklin Templeton has established Franklin Crypto to offer institutional investors actively managed cryptocurrency strategies, the asset manager said in a statement.
The San Mateo, Calif.-based wealth manager first announced the acquisition and new crypto division in April as part of its growing push into digital assets. It has not disclosed financial terms of the deal
The new division will combine the investment capabilities of the former 250 Digital team with Franklin Templeton’s global distribution. Franklin Templeton will also invest its own capital in these liquid strategies as part of the closing agreement.
The new entity will absorb the entire 250 Digital investment team, along with all liquid cryptocurrency strategies they previously ran under CoinFund, according to the statement.
Crypto industry veterans Christopher Perkins and Seth Ginns will jointly lead the new division. Perkins will serve as head of Franklin Crypto and chief investment officer, respectively.
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