Mike Novogratz Sees Galaxy Digital Crypto Hedge Fund Employees Leave To Pivot Towards Wall Street
Galaxy Digital Has Employees Leaving The Firm As They Pivot Towards Wall Street
A few days back BitcoinExchangeGuide had reported that Mike Novogratz’s crypto investment bank, Galaxy Digital Capital Management had hired former Goldman Sachs banker Ian Taylor. Taylor was supposed to supervise the advisory-services arm, known as Galaxy Digital Advisors LLC.
Now, things have been happening in reverse for them. As the company made plans to focus on larger institutional investors rather than smaller ICOs,many employees did not align with the idea. Two of their major executives said that they will step down from their roles.
The firm had earlier announced:
“The Company is adapting to the regulatory framework and the opportunities it is currently seeing, and therefore repositioning its Advisory business from focusing on small ICO advisory and blockchain consulting to instead serve larger, more institutional clients in the space.”
As part of this shift from their earlier goals, they planned to shut down their Vancouver office. Earlier they were popular for running their advisory business and venture capital firm too.
Given below is the list o major executives who have recently quit the company.
- Richard Tavoso: Tavoso who earlier worked at RBC Capital Markets served as the president of Galaxy Digital Capital Management. The announcement notes:
“He will continue to serve as a trusted advisor and a member of the Board of Managers of Galaxy Digital Holdings GP LLC. Mr. Tavoso has been instrumental in the formation and launch of Galaxy Digital and the Company looks forward to his continued involvement.”
- David Namdar: His departure from the company was the most surprising. He previously worked at Millennium Partners, UBS, and Goldman Sachs. He had earlier directly convinced Novogratz to dedicate a major portion of his family office to cryptos.
- Michael Maloney: Michael managed the company’s advisory business and joined the company in November 2017. In just about a year he withdrew from the company due to change in visions.
- Sean Galvin: Galvin had left the company way earlier than the rest of the executives in the list. He was previously interim chief financial officer and chief accounting officer at KCG. For Galaxy Digital Capital Management he served as the director of finance and tax at Galaxy.
“I would like to thank Richard Tavoso and David Namdar for all of their work and support in helping to launch and build our Company. I look forward to continuing to work with both, Richard as a Director at Galaxy and David, as a key member of the crypto community.”
Notably earlier this year, there were reports that the firm had $13.5 million in realized losses and another $88.5M in paper losses. This did not stop Novogratz from being bullish on cryptos.