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Prime Factor Capital Is Shutting Down: Lack of Capital Cited as Prime Factor
The firm became Britain's first FCA-approved crypto hedge fund last July.
Prime Factor Capital has exited the cryptocurrency investments game less than a year after becoming the first regulated British crypto hedge fund to gain approval.
STORY CONTINUES BELOW
- The alternative assets manager, founded in 2018, failed to attract many institutional investors during its two-year run and is shutting down completely, according to a report by Financial News.
- Founded by BlackRock alumni, the firm became Britain's first approved crypto hedge fund in July 2019 when it secured a Financial Conduct Authority (FCA) license to manage in excess of 100 million euros.
- That wasn’t enough to lure big fish investors, however, and neither was the firm’s claim to deliver existing clients a 4% average monthly return, CEO Nic Niedermowwe told Financial News.
- FCA records show Prime Factor Capital’s authorization expired on June 25.
Read more: UK Regulators Approve First Cryptocurrency Hedge Fund
Danny Nelson
Danny is CoinDesk's managing editor for Data & Tokens. He formerly ran investigations for the Tufts Daily. At CoinDesk, his beats include (but are not limited to): federal policy, regulation, securities law, exchanges, the Solana ecosystem, smart money doing dumb things, dumb money doing smart things and tungsten cubes. He owns BTC, ETH and SOL tokens, as well as the LinksDAO NFT.
