Major Swiss investment bank UBS Group AG is reportedly planning to offer cryptocurrency investments to wealthy clients, likely including Bitcoin exposures.
“The Swiss company is examining various alternatives to offer the asset class, according to the people familiar with the plan,” it says in Bloomberg. “Any investment offering would make up a very small fraction of clients’ total assets due to volatility, while options involve investing through third-party investment vehicles, one respondent said.”
Sources also expressed concern that clients would leave UBS if they didn’t offer their clients investment options in cryptocurrencies. More recently, many of the best-known competitors have signaled their plans to add Bitcoin exposure to their own customers.
For example, this year BNY Mellon announced a bitcoin strategy for its clients, Morgan Stanley announced plans to allow clients to invest in bitcoin funds, and Goldman Sachs has details on its work on offering BTC investment vehicles and recently offered Bitcoin derivatives.
It is still unclear how or when the Swiss company will address cryptocurrency offerings or how much it will highlight Bitcoin specifically. But a large legacy institution like UBS will likely start first with BTC offerings, an asset that is becoming increasingly popular with wealthy investors.
“UBS Chief Executive Officer Ralph Hamers is deeply investigating where to cut costs and digitize operations, including the high-touch business of serving the world’s richest.” Bloomberg. “The bank spends approximately $ 3.5 billion a year on technology to maintain and upgrade its existing infrastructure and develop new tools for employees and products for customers.”