New York’s asset manager Neuberger Berman gives the green light to take advantage of a part of his assets for indirect Bitcoin exposure (BTC).
Neuberger Berman says his Commodity Strategy Fund can now the investment in Bitcoin products in a regulatory report with the US Securities and Exchange Commission (SEC).
“The investment strategy of the Neuberger Berman Commodity Strategy Fund (the ‘Fund’) will enable the fund to invest up to 5% of its assets in Bitcoin investment futures and investments in exchange-trading securities organized and traded in Canada to gain indirect exposure to Bitcoin.”
Neuberger Berman adds that its common market strategy fund can also seek exposure for BTCs by investing in bitcoin futures registered under the Commodity Futures Trading Commission, the United States Derivatives Markets Regulator (CFTC).
“In addition, through a Bitcoin future traded for the future bonds registered with the Commodity Futures Trading Commission, the Neuberg Berman Commodity Strategy Fund could try to increase investment exposure to cryptocurrencies.”
The assets under the management of Neuberger Berman amounted to $401.8 billion as at March 31st. The Fund is valued at $164 million in commodity strategy.
In the movement of the company to invest in Bitcoin, the company calls taxation a risk factor.
“Due to the changing nature of digital assets, potential future developments regarding digital assets cannot be predicted. Any future guidance for federal, state or local tax purposes on the processing of digital assets may have adverse tax impacts on the Fund or the Subsidiary and can adversely impact Bitcoin’s value.”
Neuberger Berman was founded in 1939 and is a private, 100 percent owned asset management company. It provides direct and financial intermediaries to retirement plans, charitable organizations, sovereign assets funds, and other institutions, and to high net worth individuals and mutual fund investors. It is capable of gaining numerous public strategic partnerships with leading institutional pension systems and major financial institutions through a wide range of investment capabilities. Neuberger Berman also offers financial planning, trust, and trust services to its private customers.