Societe Generale-Owned Bank Launches Blockchain Exchange Note

Kleinwort Hambros, a Societe Generale-owned bank and wealth manager, has launched a Luxembourg-listed blockchain exchange-traded note.

Apr 8, 2019 at 12:10 p.m. UTC
Updated Sep 13, 2021 at 9:03 a.m. UTC

Kleinwort Hambros, a Societe Generale-owned private bank and wealth manager, has launched an actively managed exchange-traded note (ETN) targeting the blockchain sector.

The London-based bank announced the news on Monday, saying its Luxembourg-listed ETN will invest in companies that could "profit most" from the development and increasing uptake of blockchain technology. ETNs are unsecured debt securities that, like exchange-traded funds (ETFs), are traded on a stock exchange.

The blockchain note will initially have 20 stocks diversified across areas including technology, shipping, oil and gas, custody and industrials.

Kleinwort Hambros’ portfolio manager John Birdwood said:

"We have seen increasing interest from clients in the area of blockchain and we are very excited to be able to cater to this demand with the launch of our first blockchain note."

The product will provide its clients with the “diversified exposure to the promising growth prospects blockchain technology offers, while maintaining the rigorous active management,” Birdwood added.

It's worth noting that the ETN will be only available for Kleinwort Hambros’s existing and new clients, with a minimum investment of £1,000 ($1,305).

The centuries-old bank has assets under management of £14.2 billion ($18.52 billion) and over 900 employees as of last year, according to its own figures.

In similar news, investment management company Invesco and Elwood Asset Management jointly launched a blockchain exchange-traded fund (ETF) on the London Stock Exchange last month.

The crypto community's ongoing wait for a bitcoin ETF, however, is still awaiting a decision from the Securities and Exchange Commission in the U.S. However, several exchange-traded products (ETPs) for bitcoin and other cryptos have gone live for trading in Europe.

Societe Generale image via Shutterstock

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