21Shares has appointed a new CEO, COO and president from abrdn as part of a group restructuring.
The new operating structure sees crypto asset manager, 21Shares, separate from specialist technology unit, 21.co Technologies, with 21.co remaining the holding company of the separated entities.
The firm said splitting the two units will allow each to “focus on its strengths” and more easily meet their individual business goals.
As a distinct entity, 21Shares will be able to capitalise on “an increasingly favourable regulatory environment, paving the way for significant opportunity across retail, professional and institutional investors.”
Effective 6 January 2025, co-founders Hany Rashwan and Ophelia Snyder will become co-chairs of 21Shares but will dedicate their executive attention to 21.co Technologies “following a reasonable transition period.” The pair will remain 21.co’s CEO and president, respectively.
Russell Barlow (pictured) is set to join 21Shares as CEO after 26 years at abrdn. As the firm’s global head of multi-asset and alternative investment, he was responsible for over $200bn in assets under management (AUM).
According to abrdn, Barlow’s role at 21Shares is “non-competing” and Peter Branner, CIO at abrdn, said he leaves with the firm’s “very best wishes for the future.”
Head of digital assets at abrdn, Duncan Moir, will become president of 21Shares while abrdn COO of alternative and multi-asset investments Edel Bashir will become the new COO of 21Shares. Both spent more than 15 years at abrdn.
Andres Valencia will become 21Shares' new executive vice president of investment management and rounds out the executive committee.
Raiding abrdn for its leadership team underscores the firm’s desire to capitalise on greater crypto adoption among institutional investors, an asset class typically favoured by retail.
21Shares exchange-traded products (ETPs) house almost $10bn in AUM, with the issuer launching 11 new products across Europe this year. It also recently announced significant fee reductions on a pair of its crypto ETPs.
