Three members of BlackRock’s institutional clients’ team in London have jumped ship in order to launch their own fund, dubbed Eterna Capital according to Financial News. According to the report, the fund will be able to focus entirely on blockchain-based solutions and while taking its inspiration from the UN’s Sustainable Development Goals.
Eterna means to raise €20 million and will be driven by Andrea Bonaceto, who established HiredGrad in 2014 subsequent to procuring a back degree at Imperial College London. The other three establishing accomplices all originate from BlackRock: Nassim Olive will fill in as a boss business analyst and COO, Asim Ahmad as head of portfolio administration, and Mattia Mrvosevic as head of research.
The fund, Eternia, aims to raise €20 Million, to be led by Andrea Bonaceto, who founded HiredGrad in 2014, after earning a finance degree at Imperial College London. The other three founding partners all come from BlackRock: Nassim Olive will serve as chief economist and COO, Asim Ahmad as head of portfolio management, and Mattia Mrvosevic as head of research.
Ahmad disclosed the choice to leave BlackRock and begin a blockchain-focused fund in an interview on Skype.
“BlackRock, they pay well, it’s a great place to learn … [but] the opportunity is just too big to miss.”
That kind of thinking appears to be gaining traction on Wall Street and in the City of London, where people are leaving traditional finance to join or launch ventures focused on cryptocurrencies or blockchain technology. April saw a Goldman Sachs executive leave to join the wallet and data provider Blockchain, as well as Lewis Ranieri – who pioneered the sale of mortgage-backed securities at Salomon Brothers – partner with the blockchain startup Symbiont.
Ex-Wall Streeters also into blockchain technology includes Blythe Masters, the former JPMorgan Chase exec who founded Digital Asset Holdings.
But unlike these firms, Eterna Capital’s founders were “at relatively early stages in their careers in finance. Asked why he left BlackRock, Asim mentioned the ability “to shape the industry.”