(Bloomberg) -- Marshall Wace is building out a team that invests in private blockchain-related companies, hiring William Benattar for its crossover investment fund, according to people familiar with the matter.
The London-based investment firm manages about $60 billion, mostly in hedge funds that bet on stocks rising or falling. Last July, Bloomberg News reported the firm was raising a new digital finance fund to bet on private companies in areas such as blockchain technology, digital payments and stablecoins.
Hedge funds have increasingly looked to break into digital asset investment as the sector gains traction with institutional investors. Last year, Brevan Howard Asset Management formed a new unit to manage cryptocurrency and digital assets.
Benattar previously led tech investing for U.K. property developer Nick Candy's family office, according to his LinkedIn page. He started at Marshall Wace this week in its London office, one of the people said, asking for anonymity because the move hadn't been announced.
Read more: Marshall Wace Joins Hedge Fund Peers Betting on Crypto Boom
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