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Goldman Sachs blessings in disguise, migration from Wall Street to Crypto Hedge Fund universe
Blocktower Capital has expanded yet again in the form of head hunting the executive ranks at Goldman Sachs as the migration from Wall St. to crypto land continues.
Cryptocurrency hedge fund BlockTower Capital keeps scooping up talent from Goldman Sachs, as Wall Streeters continue to flee big banks in favor of bitcoin firms.
Steve Lee, a former portfolio manager at Goldman’s Asia division as part of its asset management unit, is one of the latest hires by the Connecticut-based hedge fund, which was co-founded by a former Goldman vice president, a person familiar with the matter told Business Insider.
Blocktower Capital is one of the most prominent of over two hundred hedge funds in the booming crypto space right now. Founded in April 2017 by Ari Paul and Matthew Goetz who was previously in Goldman’s asset management division Blocktower has attracted several high-level executives away from the legendary banking firm.
While Lee who is expected to maintain relationships he made while working in Japan and South Korea will be involved in researching new investment opportunities at the firm as was reported by Business Insider.
Lee’s move tracks closely behind Blocktowers acquisition of Elizabeth Ralston, formerly a vice president at Goldman, as the firms legal and complicate director. In January the fund hired another of Goldman’s VPs away, Michael Bucella as head of strategic partnerships and business development.
These latest recruits have been hot potatoes in Wall Street surpassing over to the quickly developing crypto fund space that has gone from 19 in 2016 to nearly 250 this year as institutional money comes to terms with the growth and stabilization of cryptocurrencies. Blocktower which opened it’s doors in 2017 quickly raised a $140 million in capital from investors like Andreessen Horowitz along with a mix of VR and family offices.
For now, these executives foresee the Future in Crypto, Other fintech startups have cherry-picked Goldman’s upper floors as well.
The New York Stock Exchange has also lost top employees to the digital market as Christine Sandler former head of sales for NYSE Euronext and Eric Scro former head of finance both left to join crypto exchange Coinbase.
Cryptocurrency exchange Kraken has attracted Nelson Minier formerly of Credit Suisse and Nick Gustafson former senior vice president at Jeffries to its new over the counter trading desk.
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