(Business Insider) Rest Super CIO Andrew Lill has approved a small portion of the pension fund to crypto-assets, paving the way for the first exposure to the asset class by an Australian asset manager.
Lill says a small allocation makes sense for the Australian superannuation fund as crypto assets remain a volatile asset class.
The CIO says crypto inroads are part of the fund’s plan for a diversified portfolio, promising to allocate more over time.
The company says it is conducting research into crypto assets before venturing further. The CIO also says the fund is scrutinizing the regulatory and security assets of investing in digital assets.
Rest Super has about $66 billion in managed super, with the latest move a shift from a hesitation by other funds in Australia from making crypto investments.
The crypto inroad by Rest Super is seen to reflect growing appetite for digital assets in Australia, with policymakers, regulators, and banks warming up to the asset class. Senator Jane Hume, on Monday, refuted existing crypto-label as a fad.
BTCUSD is down -2.61%, ETHUSD is down -3.54%.
