Jupiter forced to divest crypto ETP holding on compliance team demands

21Shares’ Ripple XRP ETP

clock • 1 min read

Jupiter was forced to divest its position in a crypto ETP following demands from its compliance team, owing to Irish regulations banning the inclusion of cryptoassets in UCITS funds.

In the first half of 2023, the investment team of the firm's Ireland-domiciled €565mn Gold & Silver fund, managed by Ned Naylor-Leyland, Joe Lunna and Chris Mahoney, bought into 21Shares' Ripple XRP ETP for £2,571,504. The asset manager's compliance department picked up the holding through a "regular oversight process", and the managers then sold it for $2,570,670 at a loss of $834. A Jupiter spokesperson told the FT the fund has since "made up the difference". Retail access to crypto ETFs to face Consumer Duty hurdles even if 'unlikely' UK approval granted "There was no regulatory...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now


Already an Investment Week