Wells Fargo recently started offering cryptocurrency exposure to high-net-worth clients, a company spokesperson confirmed to Insider on Friday, the latest such offering for mainstream firms' wealth management clients as Wall Street warms to crypto.
In May, Insider first reported that Wells Fargo Investment Institute, the investment-research division of Wells Fargo Wealth and Investment Management, was planning to evaluate and onboard an actively managed cryptocurrency strategy to its platform for qualified investors.
The search for "a professionally managed solution" had been in the works for months, Darrell Cronk, the research unit's president, said at the time. At the time, he said the strategy was likely to join the platform around mid-June.
Wells Fargo's wealth and investment management arm, which includes its private banking services and Wells Fargo Advisors, oversees nearly $2 trillion in assets as one of the largest US wealth managers. Greg Maddox, who leads the research institute's global manager research team, has led the research and due diligence effort for the crypto strategy.
Not long ago, the research group was wary of the regulatory vagueness related to the crypto space. At its 2021 outlook media briefing in December, John LaForge, the head of real asset strategy at the investment institute, said the analyst team did not have an official recommendation on crypto and clients could not hold crypto at Wells Fargo.
So what's chang...