Morgan Stanley, one of the leading investment banks and wealth managers, has dramatically expanded access to crypto funds, according to a recent report by CNBC.
Starting from Oct. 15, the financial giant’s financial advisors will be able to offer BlackRock’s and Fidelity’s exchange-traded funds (ETFs) to any clients and any accounts.
This essentially means that these funds will no longer be available only for a subset of wealthy clients.
As reported by U.Today, Morgan Stanley previously allowed advisers to pitch crypto funds only to clients with at least $1.5 million worth of assets.
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The funds were also restricted only to taxable brokerage accounts, but now they will be available in retirement accounts as well.
The recent U-turn comes after the banking behemoth’s highly influential global investment committee recommended cryptocurrency allocations of up to 4% in a byte win for the industry.
Important guardrails
Despite relaxing eligibility rules, Morgan Stanley will keep important guardrails in place.
Morgan Stanley will monitor the portfolios of its clients to make sure that they do not get too much exposure to cryptocurrencies. Its system will automatically flag such cases.