Schroders, the £738bn ($920bn) asset manager, is looking to hire a third-party custodian for cryptocurrencies as it prepares to expand into digital assets, according to sources familiar with the matter.
Zodia Custody, which is mostly owned by Standard Chartered, is among the companies listed by Schroders as potential suppliers, according to sources.
While Schroders does not currently have a direct investment in Bitcoin and cryptocurrencies, the London-based firm took a step into the industry by purchasing a minority stake in digital asset manager Forteus in July last year. Schroders said at the time that he planned to "give customers access to Forteus' capabilities when appropriate."
In the deal announcement, Schroders CEO Peter Harrison explained that blockchain technology "represents a new frontier of technological and financial innovation."
In his latest annual report, published in March, Schroders stated that he wanted to replace the outgoing director, Damon Buffini, with a board member with experience in areas such as fintech and crypto.
“Given the potential transformative impact blockchain technology can have, we want to expand our understanding of the infrastructure that may be needed to support emerging classes of digital assets,” a Schroders spokesperson said in an email, and did not comment on hiring a crypto custodian.
*Not investment advice.
