Australian pension and wealth management company AMP has invested approximately 27 million AUD ($17.2 million) in Bitcoin futures, making it one of the first large retirement fund managers in the country to venture into cryptocurrency products. Despite Bitcoin's volatility deterring many global fund managers, AMP's senior portfolio manager, Steve Flegg, revealed this strategic move on LinkedIn. The investment reflects a structural shift in the digital asset industry.
Australia's 4.1 trillion AUD pension system has shown limited enthusiasm for cryptocurrency investments. Regulatory bodies, including the Australian Prudential Regulation Authority, have emphasized strong risk management for digital asset activities. AMP's Chief Investment Officer, Anna Shelley, noted the investment was a small, risk-controlled position, comprising about 0.05% of the fund's total assets.
