LedgerPrime rebrands as MNNC Group, secures new funding

LedgerPrime, a cryptocurrency hedge fund affected by the FTX bankruptcy, has rebranded as MNNC Group and successfully raised an undisclosed sum from investors, including some from its previous iteration. The Cayman Islands-registered multi-strategy hedge fund, now with 11 employees mostly from LedgerPrime, has launched a new quantitative market neutral strategy fund that yielded a 4% return in January. MNNC Group, led by former LedgerPrime Chief Investment Officer Shiliang Tang, is set to introduce a new directional fund in March.

The rebranding and relaunch of MNNC Group come after LedgerPrime was forced to wind down operations due to the fallout from the FTX collapse. Despite the setback, the firm has managed to secure funding in the “mid-eight-figures,” according to Tang, although the exact amount remains undisclosed. The firm’s ability to attract new capital is attributed to its strong track record, with LedgerPrime having managed up to $400 million and recorded an annualized return average of approximately 40%.

MNNC Group’s Chief Operating Officer Ayesha Kiani emphasized the importance of the firm’s untarnished reputation, noting that they were not at fault with FTX and had returned outside capital in September 2022. This distinction has been vital in a market that heavily values trust and past performance. The continuity of expertise is ensured by the presence of LedgerPrime veterans like Laura Vidiella del Blanco, head of business development and strategy, and Kiani herself. New hires, such as Boris Iyutin from Tower Research Capital, are expected to contribute fresh perspectives and strengthen the fund’s strategic direction.

The firm’s journey represents a story of renewal and strategic foresight, with plans to expand its team in anticipation of new strategies. MNNC Group is positioning itself for growth in a volatile market, demonstrating resilience and adaptability in the face of industry challenges. Earlier this year, LedgerPrime alumni Zaheer Ebtikar and Michael Churchouse also launched a new fund called Split Capital, focusing on liquid token investments and taking a longer-term investment approach.