Cross Light Capital Partners with Affin Bank to Launch Malaysia’s First Digital Asset Fund

Cross Light Capital, a local fund management company, has joined forces with Affin Bank to launch Malaysia’s first digital asset fund.

According to a report from The Edge Malaysia, the Performa Digital Asset Fund is geared towards granting exposure to digital assets via exchange-traded funds (ETFs) and exchange-traded products (ETPs), with a target demographic of premier banking clientele.

Exclusively accessible through Affin Bank’s invitation-only Affin Invikta suite, the fund ventures into investments in Bitcoin, Ether, and blockchain-related entities via publicly traded investment instruments.

Notable allocations within the fund include stakes in companies like Coinbase Global Inc. and Ubisoft Entertainment SA.

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

Cross Light Capital has disclosed that the Performa Digital Asset Fund employs an equitable distribution strategy, with one-third of investments designated for bitcoin ETPs, another third for ether ETPs, and the residual portion for equities tied to blockchain endeavors.

“Our actively managed approach allows us to navigate the digital asset space effectively, providing our clients with a sophisticated investment vehicle beyond traditional asset classes,” Jason Lee, CEO and Chief Investment Officer of Cross Light Capital, said.

The fund caters predominantly to sophisticated investors with a pronounced risk appetite, foreseeing a potential drawdown ranging from 30% to 60% within any given one-year period.

Investors are advised to adopt a long-term outlook spanning five to ten years.

The fund necessitates an initial minimum investment of US$1,000, coupled with an upfront sales charge of up to 5% and an annual management fee of 2%, while omitting withdrawal charges.

Acting as the fund’s trustee is MTrustee Bhd, with Crowe Malaysia PLT serving as the external auditor and Interactive Brokers LLP undertaking responsibilities as the prime broker and custodian.

Calvin Goon Cheng Yu, Head of Wealth Management at Affin Bank, echoed Lee’s sentiments, saying the bank is committed to delivering unparalleled value to its clientele by facilitating 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.”

Crypto Investment Fraud Busted in Malaysia

Last month, Malaysian authorities dismantled a forex investment fraud and cryptocurrency syndicate that had been operating in the country.

The syndicate, which had been laundering funds obtained through overseas scams, was targeted in a series of raids conducted across the Klang Valley from May 13 to 21.

As a result, eight local men and two women were arrested, and substantial amounts of assets were seized.

It is worth noting that the cryptocurrency industry experienced a major downturn in combined losses from hacks and scams in April.

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