The CIO of Australian pension fund Rest Super told members at its annual general meeting that the fund is looking forward to redistributing some of its funds to the digital assets market and gaining exposure to the rapidly developing industry.
Rest Super will be Australia’s first pension fund to invest in digital assets due to its public exposure to the cryptocurrency market. During the meeting, the company’s chief investment officer stated that, even though the industry remains volatile, the fund will continue to allocate a small portion of its assets to it.
The fund’s managers said that they are not looking for long-term market exposure and have decided to invest for the medium term, hoping that this level of exposure will suffice for the $66 billion fund.
According to fund manager Andrew Lill, the fund is currently exploring the industry by researching various asset classes and will make a final investment decision later. Aside from investment options research, Lill stated that the fund must also deal with security and regulatory issues.
Due to the performance of the cryptocurrency market, major funds from Australia and other countries have been preparing to begin investing in the industry. The fund’s decision is only the first step toward more widespread market adoption.
Previously, the Queensland Investment Corporation was another large fund contemplating cryptocurrency exposure. However, it was later revealed that the fund had other plans for cryptocurrency market exposure.
However, according to Stuart Simmons, the QIC’s head of currency, the digital assets industry is still being considered by the fund, and more institutions will most likely receive exposure to it.