Fidelity Opens A New Entity In London To Serve Digital Assets To European Institutional Investors
One of the leading global digital asset managers, Fidelity Investments, has announced its intentions to open a new entity that will be based in London targeting European digital assets institutional investors.
In a press statement on Tuesday, the company revealed that the new subsidiary will work under Fidelity Digital Asset Services (FDAS). The firm operates in New York after acquiring a charter as a limited liability trust firm. The new subsidiary was incorporated on Dec. 16, 2019 and will offer custodial as well as trading services to hedge funds and family investors as well as market intermediaries based in Europe.
The company has already settled for Chris Tyrer who will be the overall in-charge of the FDAS affairs in Europe. Tyrer comes with a vast experience having served as the head of Barclays Investment Bank previously where he was tasked to lead the bank’s digital prospects.
He has also previously worked as the overall global in-charge of Barclays commodities trading. In the current job, Tyrer is tasked to lead customer service activities in Europe. Tyrer became a member of Fidelity Digital Assets back in April and has been crucial for the firm’s attraction of new clients from London and other European cities.
Tom Jessop, the head of the firm explained that the firm has experienced increased interest as well as engagement from the institutional community and sees no slowing signs in the near future. He added that the firm has been highly encouraged by the entrance of conventional exchanges in to the virtual assets space. He also stated that there has been high interest of the firm’s services coming from UK and other European countries, which is a sign that the region holds a lot of growth potential.
FDAS was launched one year ago and has seen tremendous growth and just last month it acquired a trust license from NY authorities to provide Bitcoin custodial services for institutions in the region. The company announced that it will bring on board its first client before the end of this year.