London-based Crypto Asset Manager Prime Factor Capital Is Reportedly Shutting Down

  • On July 3rd, 2019, Prime Factor Capital became the first crypto hedge fund in the UK.
  • UK hedge fund, Prime Factor Capital now set to shut down its operations on accounts of not being able to attract enough investors.

On July 3rd, 2019, Prime Factor Capital became the first crypto hedge fund in the UK. Nearly, one year after, this UK hedge fund set to close down in accounts of failing to attract investors.

The Financial Conduct Authority approved Prime Factor Capital as a full-scope Alternative Investment Fund Manager (AIFM) in 2019. The firm permitted to operate under European Regulations. Hedge Fund allowed to manage more than €100 million ($113 million) in assets and targeted institutional investors.

Insight on Prime Factor Capital

Prime Factor Capital, being under the Financial Conduct Authority, one of the most recognized financial market regulators globally. Back then, the hedge fund team was confident about attracting many investors. This is because authenticity was very relevant in the cryptocurrency space. Time after time, we have come across low operating standards and even fraudulent activities, said Nic Niedermowwe, the CEO of Prime Factor Capital.

Reason for Shutting Down Prime Factor Capital

Established by Michael Wong, this hedge is set to shut down its operations on accounts of not being able to attract enough investors. According to sources, the founder is in the process of dissolving the company.

This crypto hedge fund’s team consisted of seasoned professionals from firms like BlackRock, Deutsche Bank, and Goldman Sachs but still couldn’t manage to attract sufficient investors.

The firm which promised that the staff would combine decades of experience in the financial services industry is now failing and thus set to close. Their ability to manage complex investment portfolios and construct customer solutions was not enough to entice investors.

When the company was functioning, it aimed to provide institutional investors with suitable investment opportunities to deploy capital in this emerging asset market with a unique risk-return profile.

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