X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
collage of crypto currency and globe (Photo: immimagery/Adobe Stock)

(Bloomberg) — The pension fund for Houston’s firefighters is tip-toeing into cryptocurrency investing. The Houston Firefighters’ Relief and Retirement Fund, which has $5.5 billion of assets, said it invested $25 million in Bitcoin and Ether through NYDIG, a Bitcoin-focused subsidiary of asset manager Stone Ridge.

“I see this as another tool to manage my risk,” said Ajit Singh, the chief investment officer for fund. “It has a positive expected return and it manages my risk. It has a low correlation to every other asset class.”

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?

 

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.