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FirstFT: Asset managers’ big crypto bet

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Good morning. Big money managers are stomping on digital assets and discovering ways to monetize investor interest, even as trading volumes and prices for bitcoin and other cryptocurrencies have plummeted.

FTSE 100-listed Abrdn this week became the latest investment house to take the plunge and buy a stake in regulated UK digital asset exchange Archax.

The stake will give the fund manager of £508 billion in assets a board seat. It represents a gamble that Archax’s technology will support how funds, stocks and other securities are traded in the future.

Abrdn’s investment, which has not been previously reported, comes as BlackRock, the world’s largest money manager, has not only announced plans for a spot bitcoin trust for institutional investors, but has also agreed to link its Aladdin technology platform to Coinbase. crypto exchange.

The final step should clear the way for the 82,000 investment professionals who use Aladdin to provide clients with access to bitcoin.

Charles Schwab, the US brokerage and investment group, last week launched an exchange-traded fund that aims to give investors exposure to crypto without actually buying the currency. In the meantime, British asset manager Schroders bought a stake in digital asset manager Forteus in July.

Thanks for reading FirstFT Europe/Africa. Have a great weekend. — Jennifer

1. US Justice to Revoke Trump Residence Search Order U.S. Attorney General Merrick Garland said the Justice Department had moved to unlock the search warrant and list of items retrieved Monday by the FBI from Donald Trump’s Mar-a-Lago estate, causing days of silence over the extraordinary operation was aborted.

How well have you kept up with the news this week? Take our quiz.

2. TikTok employees complain about ‘killlist’ The viral video app company, owned by the Chinese ByteDance, created what the staff called a “kill list” from colleagues who wanted to force it out of its London office, in a move that some say created a work culture of fear.

3. UK energy bill rises to over £5,000 Households will face an average annual energy bill of more than £5,000 next year, according to the latest forecast from consultancy Auxilione, putting even more pressure on the government to intervene to alleviate the rising cost of living.

  • Opinion: Some will complain that government intervention on energy prices is un-Tory, but the alternative is distasteful, writes Sebastian Payne.

4. IEA: Sanctions have ‘limited impact’ on Russian oil production Crude oil exports from Moscow to Europe, the US, Japan and South Korea have fallen by nearly 2.2 million barrels a day since the invasion of Ukraine, the International Energy Agency said. But diverting flows to countries like India, China and Turkey has limited financial losses.

5. Bank of England warns Truss and Sunak of city regulation plans BoE Governor Andrew Bailey has sent a strong warning to the UK’s next prime minister not to get involved politically in the regulation of the City of London, as it would hurt the country’s competitive position.

The next few days

Economic data Monthly industrial production figures for the EU are coming, as well as the French end consumer price indices for July, which will provide insight into the extent of rising prices and energy costs. Russia and the UK will release their gross domestic product estimates.

CPI image

Inflation Reduction Act The bill is expected to pass in the US House of Representatives before it is signed by President Joe Biden.

British train drivers on strike The Aslef union will shut down large parts of the rail network tomorrow when it organizes its second one-day strike at nine of the country’s train operators, including Avanti, in a wage dispute.

Come to the FTWeekend Festival in person or online on Saturday September 3rd and enjoy a day full of debates, tastings, performances and more. Hear from speakers such as Great British Bake Off winner Nadiya Hussain, Member of Parliament and former Health Secretary Jeremy Hunt, Ukrainian chef Olia Hercules and psychotherapist Esther Perel. Claim £20 off your festival pass using promo code FTWFxNewsletters.

What else do we read and listen to?

Afghan women speak Since the fall of Kabul to the Taliban in August last year, women across the country have had to find ways to cope with their lives being turned upside down. They have used an app to share their thoughts, fears and dreams. Read their posts here.

“Although it is daylight, the darkness has spread. For girls and women, it’s been 20 years.”​—Nargis, August 16, 2021, 02:09.

A girl in Kabul reads a book next to a window

The Taliban said they would defend women’s rights ‘within the framework of Islamic law’, but analysts and diplomats remain highly skeptical

German industry in a sweat After an unusually dry winter, a parched spring and a sweltering summer, the water level of the Rhine dropped to a record low — well below the 80 cm required to allow fully loaded barges to pass safely. As a result, container ships carry a fraction of their usual cargo, leading to higher transportation costs and serious delays.

What happened to Mandela’s dream In Rachman Review’s latest podcast, Gideon Rachman talks with South African writer and political activist Songezo Zibi about the need to build a coalition for change to restore some of the hope that came with the end of apartheid.

Russian diplomats are reduced to propagandists Once considered a sophisticated elite, State Department officials now use extreme language to prove their loyalty to the Kremlin. Their statements are increasingly aimed not at the external public, but at the domestic public, writes Alexander Baunov, a former Russian diplomat.

My handwriting is terrible. Do I have to worry? Having years of typing and texting have taken their toll on Pilita Clark. “My words shot across the page like the traces of a snail dipped in crystal meth,” she says. This can be important – studies show that we learn more when we write by hand.

Fashion

A swimsuit is no longer something to just rent and hand in on holiday. Grace Cook looks at the hottest swimwear – influenced by cold water sports.

Recycled Mara Hoffman Reese Swimsuit With Print Bondi Born Tatum Stretch Swimsuit And Vegan Leather Platform Sliders With Embossed Ganni Logo

Mara Hoffman Reese printed recycled swimsuit, £275; Bondi Born Tatum stretch swimsuit, £260; Ganni logo embossed vegan leather platform slides, £175, all at net-a-porter.com © Vivianne Sassen

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