04 May 2022

Carey Olsen supports IDEG on launch of three digital asset funds

Carey Olsen's investment funds team in Hong Kong SAR has advised IDEG Asset Management (IDEG) on the launch of three new digital asset funds – the Ethereum Enhanced Portfolio, IDEG Renaissance SP and IDEG DeFi Tracker SP.

The Ethereum Enhanced Portfolio is an actively managed fund tracking the price of Ether (ETH). The Renaissance SP is a mixed basket of digital assets that holds weighting among public chain, decentralised finance (DeFi), metaverse, Bitcoin and ETH. The DeFi Tracker SP covers the decentralised finance space.

Working alongside lead counsel Tiang & Partners, the Carey Olsen team advising IDEG on all British Virgin Islands (BVI) and Cayman Islands legal and regulatory aspects of the launches, including the formation and registration of the BVI approved manager to the funds, was led by partner Michael Padarin, assisted by legal manager Eason Huang.

All three funds were launched within the space of one month and are part of IDEG's growing tracking, interest, mining, yield earnings and structured solutions (TIMES) suite of products.

Suen Poon, chief operating officer and chief compliance officer for IDEG, said: "We are impressed by Michael Padarin and his team's responsiveness and commercial awareness; delivering good quality work under extremely tight timelines. They understand digital assets well and have proven to be a strong business partner for our fast-growing digital asset management business."

Commenting on the launch of Ethereum Enhanced Portfolio, IDEG Renaissance SP and IDEG DeFi Tracker SP, Michael added: "It was a pleasure helping IDEG launch this series of new digital asset funds. IDEG is a large institutional player within the crypto and digital asset space and our involvement in its latest structures underlines Carey Olsen's knowledge and expertise in what is a rapidly fast-moving and evolving sector."

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