Cross Light Capital Partners With Affin Bank

Cross Light Capital, a local fund management company, has partnered with Affin Bank to establish Malaysia’s inaugural digital asset fund.

The Performa Digital Asset Fund is designed to provide premier banking clients with access to digital assets through exchange-traded funds (ETFs) and exchange-traded products (ETPs), as per a report from The Edge Malaysia.

The fund, accessible through Affin Bank’s invitation-only Affin Invikta platform, invests in Bitcoin, Ether, and blockchain-related entities through publicly traded investment instruments.

The fund’s allocations are notable for their investments in companies such as Ubisoft Entertainment SA and Coinbase Global Inc.

Cross Light Capital to Designate One-Third of Investments to ETPs

Cross Light Capital has disclosed that the Performa Digital Asset Fund implements an equitable distribution strategy. This strategy allocates one-third of investments to bitcoin ETPs, another third to ether ETPs, and the remainder to equities associated with blockchain initiatives.

Jason Lee, CEO and Chief Investment Officer of Cross Light Capital, says, “Our actively managed approach enables us to effectively navigate the digital asset space, offering our clients a sophisticated investment vehicle that surpasses traditional asset classes.”

Foreseeing a potential drawdown of 30% to 60% within any given one-year period, the fund primarily targets sophisticated investors with a pronounced risk appetite.

It is recommended that investors employ a long-term perspective that extends from five to ten years.

The fund requires an initial minimum investment of US$1,000, an upfront sales charge of up to 5%, and an annual management fee of 2%. Withdrawal charges are not included.

Crowe Malaysia PLT serves as the external auditor, while Interactive Brokers LLP assumes the roles of prime broker and custodian. MTrustee Bhd serves as the fund’s trustee.

Calvin Goon Cheng Yu, the Head of Wealth Management at Affin Bank, reiterated Lee’s sentiments, stating that the bank is dedicated to providing its clientele with unparalleled value by enabling access to Cross Light Capital’s digital asset fund.

“By offering access to Cross Light Capital’s digital asset fund, we enable our clients to diversify their portfolios and tap into the potential of the digital economy.”

Calvin Goon Cheng Yu, the Head of Wealth Management at Affin Bank

Crypto Investment Fraud Busted in Malaysia

Last month, Malaysian authorities dismantled a cryptocurrency and foreign investment fraud syndicate.

From May 13 to 21, the syndicate was the target of a series of investigations conducted throughout the Klang Valley. The syndicate had been laundering funds collected through overseas scams.

Subsequently, eight local males and two women were apprehended, and substantial assets were confiscated.

It is essential to acknowledge that the cryptocurrency industry experienced a significant decline in combined losses from breaches and scams in April.

The month experienced the lowest combined losses from crypto-related breaches and scams since 2021, with an estimated $25.7 million lost to exploits, hacks, and scams.