Cross Light Capital has partnered with Affin Bank to introduce Malaysia’s premier digital asset fund, marking a significant milestone in the country’s financial landscape. The Performa Digital Asset Fund, as reported by The Edge Malaysia, is tailored to cater to affluent banking clients seeking exposure to digital assets through ETFs and ETPs.
Exclusive to Affin Bank’s prestigious Affin Invikta suite, the fund offers a diverse investment portfolio that includes prominent digital assets such as Bitcoin, Ether, and blockchain-related entities. Noteworthy holdings within the fund encompass stakes in leading companies like Coinbase Global Inc. and Ubisoft Entertainment SA.
In a strategic move, Cross Light Capital has revealed that one-third of the fund’s investments will be allocated to bitcoin ETPs, another third to ether ETPs, and the remaining portion to equities associated with blockchain initiatives. Jason Lee, the CEO and Chief Investment Officer of Cross Light Capital, emphasized the active management approach adopted by the fund to navigate the dynamic digital asset landscape effectively.
Targeting sophisticated investors with a high-risk tolerance, the fund anticipates potential drawdowns ranging from 30% to 60% within a one-year period. Investors are encouraged to adopt a long-term investment horizon spanning five to ten years to maximize returns.
To access the fund, investors are required to make an initial minimum investment of US$1,000, accompanied by an upfront sales charge of up to 5% and an annual management fee of 2%, with no withdrawal charges. MTrustee Bhd serves as the fund’s trustee, with Crowe Malaysia PLT as the external auditor and Interactive Brokers LLP fulfilling roles as the prime broker and custodian.
Affirming the bank’s commitment to providing exceptional value to its clientele, Calvin Goon Cheng Yu, Head of Wealth Management at Affin Bank, expressed enthusiasm for facilitating access to Cross Light Capital’s digital asset fund.
In a related development, Malaysian authorities recently dismantled a forex investment fraud and cryptocurrency syndicate operating within the country. Following a series of raids in the Klang Valley from May 13 to 21, eight local men and two women were arrested, and substantial assets were seized. This crackdown underscores the ongoing efforts to combat fraudulent activities within the cryptocurrency industry.
Despite challenges, the cryptocurrency sector witnessed a decline in combined losses from hacks and scams in April, marking the lowest losses since 2021. Approximately $25.7 million was lost to exploits, hacks, and scams during the month, highlighting the need for enhanced security measures and investor awareness.