Australian asset management company AMP: BTC futures investment exposure accounts for about 0.05% of total pension assets

Australian superannuation and wealth management company AMP has become one of the country's first major retirement fund managers to invest in cryptocurrency products, putting about A$27 million ($17.2 million) into bitcoin futures. AMP Chief Investment Officer Anna Shelley said in emailed comments that the investment in bitcoin futures reflects "structural changes" in the digital asset industry over the past year, including the launch of exchange-traded funds (ETFs) that invest directly in bitcoin and ether by leading investment managers. She added that after testing and careful consideration by our investment team and committee, we included a small and risk-controlled position in digital assets through our dynamic asset allocation program in May, adding that the exposure accounts for about 0.05% of its total superannuation assets. The Australian Prudential Regulation Authority declined to comment on AMP's investment in bitcoin futures, instead citing a letter it sent to the financial industry in 2022, which said: "While our super members have benefited from this exposure, we fully understand the risk and volatility characteristics of this emerging asset class and will continue to carefully manage our holdings, which are a small part of a highly diversified portfolio." (newsbtc)