AMP sparks controversy in the superannuation sector by buying Bitcoin

Small Caps12-16

The pioneering decision by AMP Super to make an investment in Bitcoin has really set the cat among the pigeons in the superannuation sector. While AMP (ASX: AMP) will conceivably get a marketing and ...

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Bitcoin\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-12-16 07:13 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://smallcaps.com.au/amp-controversy-superannuation-sector-buying-bitcoin/><strong>Small Caps</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The pioneering decision by AMP Super to make an investment in Bitcoin has really set the cat among the pigeons in the superannuation sector.\nWhile AMP (ASX: AMP) will conceivably get a marketing and ...</p>\n\n<a href=\"https://smallcaps.com.au/amp-controversy-superannuation-sector-buying-bitcoin/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1668664300.SGD","symbol_name":"Blackrock World Financials A2 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which blasted bitcoin as having “no appropriate role” in long-term investment portfolios because the asset class is risky and lacks intrinsic value.Duncan Burns, the chief investment officer for Vanguard’s Asia-Pacific business, said the investment merits of bitcoin and other cryptocurrencies are “weak”.Other concerns that have been raised by investment managers within the super sector are the possibility of links between bitcoin profits and criminal activity and also the highly speculative and non-fundamental nature of crypto investments.Several large int","collect":0,"end_time":0,"defaultTopTitle":"smallcaps.com.au","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","LU2108987350.USD":"UBS (LUX) EQUITY SICAV GLOBAL OPPORTUNITY SUSTAINABLE (USD) \"P\" (USD) ACC","09439":"嘉实比特币-U","BK4585":"ETF&股票定投概念","03042":"华夏比特币","IE00BGHQF748.EUR":"GUINNESS GLOBAL MONEY MANAGERS \"C\" (EUR) 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blasted bitcoin as having “no appropriate role” in long-term investment portfolios because the asset class is risky and lacks intrinsic value.\nInvestment merits are “weak”\nDuncan Burns, the chief investment officer for Vanguard’s Asia-Pacific business, said the investment merits of bitcoin and other cryptocurrencies are “weak”.\nHe said while speculators have made money on cryptocurrencies, many have also made losses and he predicted many more would lose money in the future.\nOther concerns that have been raised by investment managers within the super sector are the possibility of links between bitcoin profits and criminal activity and also the highly speculative and non-fundamental nature of crypto investments.\nValuing crypto assets is also a mystery, given the lack of underlying cash flows.\nCrypto demand is there\nHowever, there is little doubt that there is a demand from investors for crypto assets in their super and already large international fund managers including Goldman Sachs and BlackRock have been in discussions with Australian super funds about the best way they can integrate crypto investments.\nIt is interesting to note that AMP’s first crypto foray is quite a conservative one.\nAMP made a $27 million investment in bitcoin in May, which equals about 0.05% of the fund’s $57 billion in funds under management.\nThat lies well within BlackRock’s recommendation that no more than 2% of a portfolio should be invested in cryptocurrency.\nAMP already sitting on big profits\nIt also means that AMP is already sitting on some excellent profits given the strong performance of bitcoin since the election of President Trump on November 5.\nAMP’s chief investment officer Anna Shelley said the investment was made after “testing and careful consideration” and said it was a “small and risk-controlled position”.\nBloomberg has reported that the investment was made through futures, which would enable AMP to hedge the position.\nMs Shelley said the move “recognises the structural changes in the industry over the past year, including the launch of exchange-traded funds by leading international investment managers.”\n“While our super members have benefited from the exposure, we fully appreciate the risk and volatility characteristics of this emerging asset class and will continue to carefully manage our holding, which is a fractional component of a highly diversified asset mix.”\nSeveral large international pension funds have already invested in crypto assets with many citing the ability of crypto to preserve purchasing power and to offer an asymmetric risk-return profile that is not related to other asset classes.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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