New Zealand Fund Manager Puts 5% of Assets Plan into Bitcoin.
Did you know according to a report by local news, New Zealand Funds Management Ltd. (NZ Funds)’s KiwiSaver growth fund has invested 5% of its money in Bitcoin?
At the end of December, the KiwiSaver Growth Strategy had $244 million in assets and they started investing in Cryptocurrency in October.
James Grigor, the fund’s chief investment officer, said that he is expecting competitors to follow suit in the next five years. He further added that if you are happy investing in gold, you can’t leave Bitcoin.
The fund falls under the national KiwiSaver program that was funded by the New Zealand Labour Party in 2007. The retirement savings scheme is quite similar to a 401(k) in the U.S. that allows access to a user’s savings only after the user reaches a certain age.
According to the recent data from Morningstar, the fund manager move shows that there is a drop in the market, as compared to the $46.3 billion markets for assets.