Kleinwort Hambros, a private bank owned by Société Générale, announced today the launch of a blockchain exchange-traded note (ETN).
The London-based bank announced the launch of the new Luxembourg-listed ETN in a press release on Monday. The ETN will be actively managed by the Kleinwort Hambros invement team, and will give investors exposure to companies which are likely to profit the most from the growth of blockchain technology.
Initially, the ETN will consist of 20 globally diversified companies from different industries, including shipping, custody banking, and technology.
Portfolio Manager John Birdwood explained the reasons for the ETN, revealing an “increasing interest from clients in the area of blockchain.” He added:
“We have built an innovative product which will provide our clients with the diversified exposure to the promising growth prospects blockchain technology offers, while maintaining the rigorous active management our clients expect.”
The bank has set a minimum investment of £1,000 GBP, and the ETN is available exclusively to existing and prospective Kleinwort Hambros clients.
Kleinwort Hambros is the private banking and wealth management brand of Société Générale in the UK. The firm has over £14 billion of assets under management for its clients, with over 900 staff employed in offices across the UK.
This isn’t the first we’ve seen of blockchain exchange-traded products, and it’s doubtful it will be the last. Most recently, investment management company Invesco launched a blockchain ETF on the London Stock Exchange, targeting companies with potential to generate “real earnings” from blockchain technology.