Small asset managers' overwhelming rejection of crypto is in marked contrast to larger financial institutions. BlackRock, Charles Schwab and abrdn have all done deals or launched products tied to digital assets this summer.
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The survey, by the Independent Investment Management Initiative, suggested boutique managers have widespread concerns about crypto investment risk and volatility.
One IIMI member told the survey: "We do not believe cryptocurrencies have any investment value. They are purely speculative, and should not be considered by any serious investors."
Asked to name their primary concern, 35% of IIMI members said the absence of fundamentals around pricing and valuations.
A quarter (26%) were most concerned about the abundance of poor-quality crypto service providers, together with counterparty risk.
More than a fifth (22%) identified excessive volatility as the biggest deterrent, while 11% were most worried by the lack of regulatory oversight.
Worries about crypto among smaller asset managers are not new, but the survey's findings come amid a particular period of turmoil for digital currencies, with the recent high profile collapse of the FTX crypto exchange sending out shockwaves to investors.
The IIMI survey also asked for views around the potential tokenisation of fund shares and units. This is where a tangible or intangible asset, for example equities or bonds, is converted into a digital token, which can be fractionalised and transacted on a blockchain.
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Still in its infancy, the main selling point of tokenisation is it allows for fractional ownership, enabling investors to buy into funds but at significantly lower cost than normal.
The survey found appetite among IIMI members to be limited.
A third (33%) of members think tokenisation will take off, but over 50% expressed uncertainty about its prospects.
Almost two thirds (63%) said they had no interest in tokenising their funds even if it does make them more attractive to retail. Only 4% said they would tokenise their funds.
Nick Mottram, chair of the Independent Investment Management Initiative, said trepidation towards cryptocurrencies among IIMI's membership "is justified".
He said: "The risks of cryptocurrencies have been extensively covered insofar as they are highly volatile, while the processes determining how they are priced and valued are not transparent.
"Previous arguments that cryptocurrencies are an effective inflation hedge have now been totally undone following the recent volatility, with analysts arguing that bitcoin trades are risk assets, which are increasingly correlated to equity market movements.
"We would certainly welcome further regulatory oversight of this marketplace, and are interested to see how our membership's views change over time."