AMP has made a trial investment in cryptocurrency products, allocating about AUD27 million ($17.2 million) to purchase bitcoin futures. According to AMP Senior Portfolio Manager Steve Flegg, the decision reflects the company’s desire to diversify its investment portfolios and take advantage of the growing interest of Australians in digital assets. The investment was made exclusively to purchase bitcoin futures, and AMP currently does not expect to increase the share of cryptocurrencies in its global investment portfolio by more than 0.05%.
Flegg added that the high level of competition in the Australian pension industry requires market participants to regularly weed out ineffective products. Unfortunately, several tiers of pension products offered by AMP have lost popularity and failed the stress test this year, the manager said.
Anna Shelley, Chief Investment Officer at AMP, attributes Bitcoin futures investments to the disruptive structural changes in the digital asset industry that have occurred in recent years. In particular, the launch of exchange-traded funds (ETFs) in the US that directly invest in Bitcoin and Ethereum was welcomed by leading investment managers around the world.
A year earlier, the Australian Taxation Office (ATO) reported that more than 600,000 Australian self-managed superannuation funds (SMSFs) had declared investments in digital assets by the end of 2023. Compared to the same period in 2019, the growth of cryptocurrency holdings of non-state superannuation funds has grown by more than 400%. The article is taken from
author Demuri Goytiev Author of articles on the cryptocurrency and blockchain industry. Economist, expert in economics, finance and banking payment systems. Crypto enthusiast
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