Following the failure of FTX, the digital asset hedge fund LedgerPrime has relaunched as MNNC Group. Former LedgerPrime backers have contributed an undisclosed amount of money to the Cayman Islands-based corporation. Several key former LedgerPrime staff members are still employed at MNNC Group, including Shiliang Tang, the former CIO.
MNNC Group, which now goes by the new name, employs 11 people, the majority of whom previously worked at Ledger Prime. The business intends to continue the investing effort that LedgerPrime started. In addition, former LedgerPrime employees Zaheer Ebtikar and Michael Churchouse have launched a new firm named Split Capital. That fund employs a long-term strategy, concentrating on liquid token investments.
At its peak, LedgerPrime handled approximately $400 million in assets, with an average annualized return of 40%. LedgerPrime was acquired by FTX’s sister company, Alameda Research, in September 2022 and transformed into a family office. It was compelled to shut down operations after FTX declared bankruptcy.
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