(Bloomberg) That’s the career path taken by former BlackRock Inc. bond specialists Michael Wong and Adam Grimsley who together with a third founder have set up Prime Factor Capital, a London hedge fund that will trade cryptocurrencies from April.
While they aren’t alone in seeking to harness opportunities in digital currency, the move stands out in an area known for being one of the wilder corners of finance. The allure of cryptocurrencies lies in their lack of correlation with more traditional asset classes, Grimsley said in an interview. This means that in a credit market where valuations are driven by central banks’ quantitative-easing policies rather than the fortunes of individual bond issuers, it’s become difficult to stand out.
