Former Citi Bank executives launch crypto focused asset manager
Three former Citi execs have walked out on the US banking giant to start a crypto focused asset management firm.
Alex Kriete and Greg Girasole, formerly the co-heads of Citi’s digital assets group, exited the bank alongside Frank Cavallo. Kriete, Girasole and Cavallo are seeking to raise $100m for a pair of hedge funds which will focus on crypto and sit within their new venture Motus Capital Management.
“We will bring our decades of combined experience advising and managing clients’ wealth to this rapidly-developing market, leveraging a robust knowledge of, passion for, and deep network across the ecosystem to drive our research and investment process,” wrote Kriete in a Friday LinkedIn post.
“We could not be more excited to help our investors navigate the challenges and opportunities this market presents,” he added.
Kriete and Girasole have left their posts as co-leads of Citi’s digital asset department after just four months in the role.
Citi bank has made no secret of its ambitious plans in the crypto space. The company appointed Puneet Singhvi as the Head of Digital Assets for the bank’s institutional-clients group. Citi created 100 new roles to take on new talent in digital assets.
Read more: Own boss: Citi suffers blow as crypto lead walks out