UK's First Pension Fund Allocated 3% of Its Assets in Bitcoin

UK pension fund advisory firm Cartwright is urging institutional investors to allocate assets to Bitcoin and has successfully guided the country's first pension fund to allocate the asset. Glenn Cameron, head of digital assets at Cartwright, said the unnamed fund allocated 3% of its £50 million ($65 million) to Bitcoin last month after "a lengthy consultation with the trustees of the scheme, with ESG, investment cases and security all discussed in detail". The investment is particularly notable because the pension fund is actually investing in the cryptocurrency itself, rather than a proxy such as an ETF. The private keys are reportedly split among five independent institutions. Cartwright also said it will also launch a Bitcoin employee benefit program, allowing employers to deposit Bitcoin into wallets created for employees, and that five companies are currently interested in the product. It is unclear how many assets Cartwright advises on. According to LinkedIn, the company has 51-200 employees and is based in Hampshire, UK. (Corporate Advisor)