Crypto investment and trading firm CrossTower has hired hedge fund services veteran Cory Thackeray as its new chief financial officer.
In his new role, Thackeray will be responsible for managing CrossTower’s finance functions and capital structure, as the firm looks to further drive its offering to hedge funds and other institutional clients.
Thackeray joins from State Street where he was co-head of hedge fund services within its alternative investment solutions business, overseeing more than $600 billion in assets under administration (AuA).
Previously in his career, he also oversaw the successful integration of the Goldman Sachs Administration Services (GSAS) business in 20212, which involved the transfer of $200 billion in AuA to the Boston-headquartered bank and the retention of personnel and client.
Prior to that, he spent over 16 years at the US investment bank as global head of GSAS.
“Hedge funds and other institutions are looking for opportunities to work in crypto with reputable firms and I have been impressed with the team that has been assembled and the breadth of services offered by CrossTower,” said Thackeray on his appointment.
The appointment of Thackery is the latest high-profile hire Crosstower has made from the hedge fund services industry.
Earlier this year, the firm hired Greg Bunn, the former global head of counterparty strategy at Citadel and global co-head of prime finance at Deutsche Bank, as its chief strategy officer.
It then appointed Bryan Christian, former head of institutional services at market making firm Old Mission and head of US sales at Cboe Global Markets, as head of exchange.
Research has shown that hedge funds are leading the charge in the crypto space, with the more traditional hedge funds (non-crypto specific) beginning to dabble. A report by the Alternative Investment Management Association (AIMA), PWC and Elwood Asset managers in May found that 21% of traditional hedge fund managers are investing in digital assets, with another 26% planning to invest.
However, the barriers to investing cited by the hedge funds surveyed included regulatory uncertainty, lack of infrastructure, and client risk or reputational risk.