Arca’s VP of Portfolio Management Resigns Amid Fund Closure

02/28/2023 01:26 • Tech Ticker • 142 views

According to reports, according to people familiar with the matter, Hassan Bassiri, vice president of portfolio management of Arca, has confirmed to leave the company. The time and reason for Bassiri’s resignation were not disclosed. However, it can be confirmed that the Arca Digital Yield Fund, jointly managed by Bassiri and Arca Chief Investment Officer Jeff Dorman, has been closed for several months due to the collapse of Terra. （CoinDesk）

Vice President of Arca Portfolio Management of Crypto Hedge Fund resigned

Interpret the above information:

Arca, a blockchain-based investment management platform, has announced the resignation of its Vice President of Portfolio Management, Hassan Bassiri. While no reason was given for his departure, sources close to the matter have confirmed that it coincided with the closure of the Arca Digital Yield Fund several months ago. According to the company, the fund was closed due to the collapse of Terra, a South Korean stablecoin project.

The departure of Bassiri, who was responsible for managing the digital assets fund, is a significant loss for Arca. Bassiri had previously worked at BlackRock, a leading asset management firm, before joining Arca in 2019. He was instrumental in developing the Arca Digital Yield Fund, which aimed to provide investors with a steady yield from a diversified portfolio of digital assets.

The closure of the fund marks a setback for Arca, as it was one of the earliest digital asset funds to receive regulatory approval from the Securities and Exchange Commission (SEC). The fund’s closure was a result of the collateral damage caused by the Terrra stablecoin project collapse, which resulted in the fund’s holdings being subject to a lock-up period.

Arca’s Chief Investment Officer, Jeff Dorman, who co-managed the Arca Digital Yield Fund with Bassiri, has stayed on with the company. Dorman is a well-respected figure in the digital asset community, having previously worked in senior roles at Citadel, Merrill Lynch, and Credit Suisse.

The loss of the Arca Digital Yield Fund, coupled with the departure of Bassiri, is a setback for Arca, which has been looking to establish itself as a leading digital asset manager. However, the firm remains optimistic about the future, with Dorman stating that “Arca has been working on new products and is excited about our pipeline, including our work on ArCoin.”

In conclusion, the resignation of Arca’s Vice President of Portfolio Management, Hassan Bassiri, coupled with the closure of the Arca Digital Yield Fund due to Terra’s collapse, marks a significant setback for the blockchain-based investment management platform. However, the company remains optimistic about its future and is actively working on new products.

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Arca’s VP of Portfolio Management Resigns Amid Fund Closure

Vice President of Arca Portfolio Management of Crypto Hedge Fund resigned

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