In the first half of 2023, the investment team of the firm’s Ireland-domiciled €565mn Gold & Silver fund, managed by Ned Naylor-Leyland, Joe Lunna and Chris Mahoney, bought into 21Shares’ Ripple XRP ETP for £2,571,504.
The asset manager’s compliance department picked up the holding through a “regular oversight process”, and the managers then sold it for $2,570,670 at a loss of $834. A Jupiter spokesperson told the FT the fund has since “made up the difference”.
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“There was no regulatory intervention or impact on the fund. The trade was made, picked up by our regular oversight process and then cancelled,” they added.
The Central Bank of Ireland does not currently permit direct or indirect exposure to cryptoassets in UCITS funds due to risk management concerns.
Jupiter’s divestment comes as fund managers are having increased interest in holding cryptoassets in funds, following the Securities and Exchange Commission (SEC) in the US approving bitcoin ETFs.
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