By CCN Markets: Dow Jones futures rose on Tuesday, but money managers on Wall Street aren’t convinced the stock market rally has longevity. Billion-dollar investors are pulling money out of stocks and piling into cash, according to a survey by Bank of America Merrill Lynch. The investors, who manage $ 528 billion between them, are also cycling into defensive investments and treasury bonds. It’s a sure sign that investors are building defensive portfolios in the face of trade war fears and weak economic data. Dow creeps higher on hopes of Federal Reserve rate cut As of 6.44 am ET Tuesday, Dow
Two Ex-BlackRock Managers to Launch Cryptocurrency Hedge Fund
Two of BlackRock’s fixed-income managers have resigned from the world’s largest asset manager to launch a cryptocurrency hedge fund.
The two BlackRock ex-managers are Adam Grimsley, who was a fixed income specialist for eight years, and Michael Wong, who was the senior portfolio manager and head of fixed income asset allocation, are launching a cryptocurrency hedge fund called Prime Factor Capital.
Grimsley and Wong are partnering with Nic Niedermowwe, an Oxford Maths PhD. He will serve as the chief executive, while Wong and Grimsley will head up as CIO and Head of Investment Solutions, respectively.
Michael Wong, Nic Niedermowwe, and Adam Grimsley