Yesterday three former Citi executives announced that they had founded a new investment management company for crypto assets, Motus Capital Management.
Co-founders Greg Girasole and Alex Kriete were appointed in January as co-heads of Citi’s newly formed Digital Assets team following stints in Citi’s wealth division. Two months later they announced that they were leaving the bank to start their own venture in the digital asset space.
Frank Cavallo, who worked as an investment counselor at Citi Private Bank for 12 years, has joined Girasole and Kriete as co-founder of Motus Capital Management.
“We will bring our decades of combined experience advising and managing clients’ wealth to this rapidly-developing market, leveraging a robust knowledge of, passion for, and deep network across the ecosystem to drive our research and investment process,” said co-founder and managing partner at Motus Capital Management, Greg Girasole in a LinkedIn post. “We could not be more excited to help our investors navigate the challenges and opportunities this market presents.”
This comes as part of an ongoing brain drain from both banks and enterprise blockchain technology firms.
In February, JP Morgan’s Christine Moy announced that she was leaving the bank to pursue a new opportunity. She served as global head of blockchain, crypto, and metaverse as part of the bank’s Onyx blockchain unit. She also led the bank’s blockchain payments product, Liink.