Australia’s leading pension fund Rest Super is considering investing in cryptocurrencies, Rest Super’s chief investment officer said at the fund’s annual general meeting.
The Retail Employees Superannuation Trust, also known as Rest Super, is one of the top pension funds in Australia. The fund has over $40 billion in assets and roughly 1.8 million members. If approved, the pension fund would become Australia’s first superannuation fund to invest in cryptocurrencies, Business Insider Australia reported Wednesday.
The plan was hinted at by Rest Super’s CIO Andrew Lill at the annual general meeting, where he called cryptocurrencies a still “very volatile investment.” Due to this volatility, “any allocation exposure we make to cryptocurrencies is likely to be part of our diversified portfolio,” Lill said on Tuesday.
“We are currently conducting extensive research into the asset class prior to making any decisions,” Lill added. “We are also considering the security and regulatory aspects of investing in this class.”
While Rest Super has indicated its intention to invest in the budding market, cryptocurrencies remain a divided issue amongst pension funds in Australia. The other day, the CEO of the country’s largest pension fund, Australian Super, denied the possibility of the fund’s investing in cryptocurrencies.
Meanwhile, the fifth largest pension fund, Queensland Investment Corporation revealed its plans to invest in cryptocurrencies in October.