(Bloomberg) — Three former Citigroup Inc. executives who left the bank last month formed Motus Capital Management, a firm that seeks to make it easier for high-net-worth individuals to bet on cryptocurrencies.
Alex Kriete, Greg Girasole and Frank Cavallo are looking to raise $100 million for a pair of actively managed hedge funds that will focus on digital assets, they said in an interview. Each of them is a founding partner of Motus, the Latin term for the word “motor”.
“Customers are hungry for returns,” Kriete said. “They want exposure, but they find it difficult to know what a scam is and what the real investment opportunities are.”
Kriete and Girasole made a splash last month when they left Citigroup less than a year after being chosen to oversee a new group of digital assets within the Wall Street giant's wealth management division. Prior to that, Kriete managed $3 billion and Girasole $5 billion for Citigroup's private banking clients. Cavallo recently served as an investment advisor at Citigroup, where he oversaw $8 billion in assets and held positions within the company's commercial and cross-asset sales division.
The three are investing their own assets in Motus funds, they said in the interviews. Funds will not be self-custodial, which means they will not control the private keys of their digital assets, and they will limit the assets they hold with exchanges as part of their efforts to meet due diligence processes with sophisticated investors.
“We're working with best-in-class suppliers to meet the fiduciary standard our customers expect,” Girasole said.
New York-based Motus intends to offer both growth and revenue funding. The growth fund will focus on investing in tokens with smaller market capitalizations that larger funds find it more difficult to invest in, Cavallo said.
“We think we got to the heart of the matter,” he said. “With assets like Bitcoin and ETH, customers can do it on their own. They don't need to pay someone to buy them bitcoin.”
Original Note:
Former Citi Executives Seek $100 Million for Crypto Hedge Funds
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