Key Takeaways
- • Galaxy Digital Holdings hired William Burt, a former Blackstone managing director, as Chief Operating Officer of Galaxy Digital Asset Management, which manages approximately $2.9 billion in assets.
- • Burt brings a decade of experience from Blackstone's $55 billion Portfolio Solutions group, where he oversaw hedge fund allocations and client relations for institutional investors including pension and sovereign wealth funds.
- • The hire represents Galaxy Digital's continued strategy of recruiting senior talent from traditional finance firms to build institutional credibility; the firm previously appointed ex-Goldman Sachs executive Michael Daffey as chairman.
- • Galaxy Digital, founded by cryptocurrency pioneer Michael Novogratz in 2018, was trading on the Toronto exchange at the time of this announcement with a planned U.S. listing expected in Q1 2022.
Summary
Galaxy Digital Holdings, the cryptocurrency-focused financial services firm founded by former hedge fund manager Michael Novogratz, announced the hiring of William Burt as Chief Operating Officer of its Asset Management division on January 20, 2022. Burt joins from Blackstone Group, where he held the position of Managing Director overseeing the firm's $55 billion Portfolio Solutions business—a division that manages allocations for major institutional clients including pension funds and sovereign wealth funds.
The appointment reflects Galaxy Digital's deliberate strategy to establish institutional credibility by recruiting senior executives from traditional finance powerhouses. During his decade-long tenure at Blackstone's hedge fund unit BAAM, Burt played a key role in investment allocation and client liaison functions, serving some of the world's leading hedge fund managers. Prior to joining Blackstone, he worked at management consulting firm McKinsey & Company, providing him with broad operational and strategic experience across investment management disciplines.
At Galaxy Digital Asset Management, Burt will oversee day-to-day operations and report to Steve Kurz, the firm's Global Head of Asset Management. The division currently manages approximately $2.9 billion in assets. Kurz stated that "Bill's decades of experience scaling investment management businesses will be invaluable as we continue to rapidly expand our capabilities," indicating the firm's aggressive growth trajectory in institutional asset management.
Galaxy Digital's hiring pattern demonstrates a coordinated effort to bridge the gap between crypto-native finance and institutional asset management. The firm previously appointed Michael Daffey, a former Goldman Sachs executive, as chairman. Founded in 2018 as an investment management firm, Galaxy Digital has since expanded into investment banking and trading to serve institutional and high-net-worth clients. The New York-headquartered firm was listed on the Toronto exchange and had announced plans for a U.S. listing in the first quarter of 2022.
The appointment reflects Galaxy Digital's deliberate strategy to establish institutional credibility by recruiting senior executives from traditional finance powerhouses. During his decade-long tenure at Blackstone's hedge fund unit BAAM, Burt played a key role in investment allocation and client liaison functions, serving some of the world's leading hedge fund managers. Prior to joining Blackstone, he worked at management consulting firm McKinsey & Company, providing him with broad operational and strategic experience across investment management disciplines.
At Galaxy Digital Asset Management, Burt will oversee day-to-day operations and report to Steve Kurz, the firm's Global Head of Asset Management. The division currently manages approximately $2.9 billion in assets. Kurz stated that "Bill's decades of experience scaling investment management businesses will be invaluable as we continue to rapidly expand our capabilities," indicating the firm's aggressive growth trajectory in institutional asset management.
Galaxy Digital's hiring pattern demonstrates a coordinated effort to bridge the gap between crypto-native finance and institutional asset management. The firm previously appointed Michael Daffey, a former Goldman Sachs executive, as chairman. Founded in 2018 as an investment management firm, Galaxy Digital has since expanded into investment banking and trading to serve institutional and high-net-worth clients. The New York-headquartered firm was listed on the Toronto exchange and had announced plans for a U.S. listing in the first quarter of 2022.
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