Seek Capital, the family office of British billionaire Simon Nixon, is planning to invest additional funds into cryptocurrency assets, according to a media report. The firm's Managing Director Adam Proctor stated that Seek Capital intends to increase “allocation to crypto as we feel it is an important area for the future.” Proctor, who spent over a decade at Citigroup before joining Nixon's family office this year, also revealed that the firm is looking to hire a crypto analyst.
Simon Nixon and Seek Capital Background
Simon Nixon is the co-founder of price-comparison site Moneysupermarket.com, which started as a mortgage-listings platform in the early 1990s. He sold his last shares in the company in 2016. According to his venture capital firm, the 54-year-old Nixon manages over $1 billion of personal assets in the tech sector.
Family Office Crypto Investment Trend
Interest in crypto investments among family offices has remained steady this year despite market volatility, the report notes. With Bitcoin (BTC) and other cryptocurrencies rebounding in recent weeks, the trend is likely to stay strong. A Goldman Sachs survey in July revealed that nearly half of the firm's family office clients want to invest in digital assets. The poll indicates that ultra-wealthy individuals and their wealth management firms increasingly view cryptocurrencies as a hedge against higher inflation and low interest rates. Research from 2019 by Campden Wealth valued family offices at almost $6 trillion.
Institutional Adoption and Outlook
Growing mainstream acceptance has also played a role. According to another study last month, 70% of institutional investors are likely to acquire crypto assets in the near future. Despite price volatility and regulatory uncertainty, 90% of respondents expect their firms and clients to buy digital coins or make other crypto investments within five years.
Simon Nixon's move follows Mexican billionaire Ricardo Salinas Pliego's disclosure in November that he had invested some of his liquid funds in cryptocurrency. Bloomberg also noted that in June, Cryptology Asset Group, founded by Michael Novogratz and Christian Angermayer's family office, pledged to allocate $100 million to crypto-related funds in the next two years.
As more family offices and institutional investors enter the space, cryptocurrency's status as an alternative asset class continues to solidify. However, regulatory uncertainty and price volatility remain potential risks. It remains to be seen whether this trend will accelerate further in the coming years.