Merrill Lynch’s Former ETF Boss to be the Head of its Newly Created Crypto Assets Initiative
Bank of America Merrill Lynch’s former head of exchange-traded products (ETF) will be leading the bank’s newly created digital assets initiative, including crypto strategies.
Mark Donoghue was previously leading the ETP and SMA group at the firm but has been given a new role during the second quarter to serve as head of digital trading within the wider investment products group aimed at defining and executing the wealth management strategy related to digital assets, reported Citywire.
However, so far, no crypto-related offerings are available to the advisors and users of the bank.
A spokesperson for Merrill Lynch confirmed that this division is separate from the cryptocurrency research team, which is part of the bank's global research group, lead by Alkesh Shah, that provides company views, investment insights, and economic forecasts. A spokesman for Merrill Lynch said,
“These moves highlight our continued focus on talent mobility, as well as our strong commitment to product and trading innovation within our wealth management business”
Recently, BofA became a new strategic investor along with FTX, Coinbase Ventures, and Founders Fund in New York-based Paxos’ $300 million Series D funding that it raised three months back.
With this, the investment giant has joined its competitors. JPMorgan started to pitch an in-house private Bitcoin fund to its wealthy investors just this week after announcing in July that it would make five crypto funds available to all of its wealth management clients. Morgan Stanley also made three bitcoin-focused funds available to its wealth management clients in March.