Specialist alternative investment manager
Specialist investment management across digital assets and systematic markets.
Block Asset Management is a Luxembourg-based specialist investment manager focused on digital assets, multi-manager research and systematic investment strategies for professional and institutional investors.
- Since 2017
- Focused on digital assets
- Luxembourg
- European investment-management base
- Multi-manager + systematic
- Complementary investment capabilities
- Professional investor focus
- Controlled access to product materials
Investment capabilities
Two specialist investment capabilities
Research-led capabilities addressing distinct sources of return. Product-specific materials are available to eligible investors through controlled access.
Multi-Manager Digital Assets
Manager research, due diligence and portfolio construction across complementary digital-asset investment approaches.
Systematic Liquid Alternatives
Quantitative research and rules-based implementation across liquid digital assets, FX and commodity markets.
Institutional framework
An institutional investment framework
The processes applied consistently across every capability.
Investment Due Diligence
Assessment of investment process, team, edge, track record and risk.
Operational Due Diligence
Review of legal, operational, custody, valuation and control frameworks.
Portfolio Construction
Diversification, correlation, concentration, liquidity and risk considerations evaluated at portfolio level.
Risk Governance
Defined oversight of exposure, concentration, liquidity, leverage and investment risks.
Quantitative Research
Systematic research, validation and ongoing model monitoring.
Ongoing Monitoring
Continuous review of investment, operational and organisational developments.
Investment process
How an allocation is researched, made and monitored
Research
Continuous research into markets, managers and models, and into where a source of return actually comes from.
Due Diligence
Structured investment and operational assessment. Most candidates do not proceed, and most are declined on operational grounds.
Portfolio Construction
Exposure combined by return driver, within defined concentration, correlation and liquidity limits.
Ongoing Risk & Monitoring
Continuous review of investment behaviour, operational developments and organisational change.
Governance
Governance designed for specialist investment strategies
Defined functional responsibilities across the firm, with oversight of investment, operational and regulatory obligations.
Senior Management
Accountable for firm strategy, resourcing and the overall control environment.
Investment & Research
Responsible for manager research, quantitative research, due diligence and portfolio construction.
Risk & Operations
Responsible for exposure monitoring, operational processes, service-provider oversight and reporting.
Compliance
Responsible for regulatory obligations, investor eligibility, marketing review and record keeping.
Research & insights
Research for digital-asset and alternative-investment allocators
Written for allocators, free of forecasts, and updated when the facts change.
Portfolio Construction
What market neutral does in a drawdown
A market neutral strategy is built to remove the direction of the market from a return. It does not remove everything else, and the episodes in which these strategies have lost money badly were rarely caused by the market going down. This note sets out what neutrality actually removes, what it leaves behind, and what a drawdown is really testing.
Manuel Ernesto De Luque Muntaner · · 11 min read
Manager Selection
What ends a manager review, and what only looks like it should
A due diligence process that never says no is not a process. This note sets out what genuinely ends a manager review, why most of it is about response rather than fact, and the characteristics that look disqualifying to an inexperienced reviewer and are not.
Manuel Ernesto De Luque Muntaner · · 10 min read
Portfolio Construction
Digital assets in a multi-asset portfolio: the questions before the allocation
Most of the difficulty in adding digital assets to a multi-asset portfolio is not the sizing decision. It is the set of questions that have to be answered first — what the allocation is funded from, where it sits in the risk framework, how it is governed, and what would end it.
Manuel Ernesto De Luque Muntaner · · 10 min read
Leadership
The people responsible
Investment, research, risk and compliance responsibilities across the firm.
Manuel Ernesto De Luque Muntaner
Founder & CEO
Over 30 years in investment management and private banking, with extensive experience in manager selection and due diligence in the traditional fund of hedge funds space. Previously held executive roles in private banking at Citibank, Lloyds TSB and Credit Suisse.
Kevin Ballard
Co-Founder & Chief Commercial Officer
More than 25 years in banking, wealth and fund management, with deep expertise in UK and offshore markets. Previously at Lloyds International, and co-founder of a fund distribution firm.
Juan Carlos Serrano
Partner & CFO / COO
More than 25 years in financial services in a range of leadership roles. Previously held key positions at Crédit Andorrà Financial Group in Panama, at Credit Suisse in Panama and Zurich, and at AXA-Winterthur, specialising in financial management, control and operational risk management. Further experience in reinsurance, project management and regulatory compliance.
Paul Brown
Partner & Global Head of Distribution
A 40-year career in financial services, over 35 of them in international wealth management, and founded an IFA firm in 1996.
Antonio Llabrés
Partner & CMO
More than 25 years in private banking and business development.
Recognition
External recognition
Independently assessed awards. Rankings and listings are labelled separately and are not awards.
- 2025
The Digital Banker
Digital Assets Awards 2025 — Best Institutional Asset/Fund Manager for Digital Assets
Winner
View source - 2025
The Digital Banker
Digital Assets Awards 2025 — Digital Assets Leader of the Year, Europe
Winner
View source - 2025
The Hedge Fund Journal
Digital Currency Award 2025 — Fund of Funds, Digital Assets: Best Performing Fund over 6 Years
Winner
View source
Awards, rankings and recognition relate to specific past periods and to the entity or fund named in each entry. They are not an indicator of future results, not a guarantee of performance, and do not constitute a recommendation, endorsement or investment advice. Selection criteria, methodologies and the universe considered vary between issuers and editions, and some recognitions are based on periods of past performance. Capital is at risk. This page is intended for professional and qualified investors.
Continue the conversation
Institutional and professional investors may contact our team regarding BAM's investment capabilities. Product-specific materials are available through controlled investor access.