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.
Digital Assets
Revenue is not a claim: the limits of fundamental analysis in tokens
Some protocols now generate substantial, verifiable revenue, and a growing number direct it into buying back their own tokens. That has revived the argument that tokens can be valued like equities. This note takes the revenue seriously and then asks the question the argument tends to skip: what exactly does a tokenholder have a right to, and who can take it away?
Manuel E. De Luque Muntaner · · 11 min read
Portfolio Construction
What you actually own: ETPs, funds and the access decision
Getting exposure to digital assets is no longer the hard part. With well over a hundred further exchange-traded products awaiting approval, the allocator's problem has shifted from access to selection. This note sets out what each route — listed product, fund, fund of funds, mandate, direct holding — actually gives you, where a listed product is genuinely the right answer, and what it structurally cannot do.
Manuel E. De Luque Muntaner · · 10 min read
Market Commentary
The first drawdown of the institutional era
Digital assets are deep in a cycle drawdown — and for the first time, institutions rather than retail participants are the dominant marginal buyer. This note looks at what that combination has actually done to the market's behaviour, whether the familiar four-year cycle still describes anything useful, and why the productive question for an allocator is position size rather than timing.
Manuel E. 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
30+ years in investment management, private banking, hedge funds and a blockchain and digital asset pioneer. Previously held senior roles at Citibank, Lloyds TSB and Credit Suisse, specialising in private banking and portfolio management.
Kevin Ballard
Co-Founder & CCO
25+ years in banking, wealth and fund management, with deep expertise in UK and offshore markets and compliance. Previously at Lloyds International and co-founder of a fund distribution firm.
Juan Carlos Serrano
Partner & CFO / COO
Senior leadership roles at Crèdit Andorrà, Credit Suisse and AXA-Winterthur, specialising in financial management, risk control and compliance.
Paul Brown
Partner & Global Head of Distribution
A 40-year career in financial services, over 35 of them in international wealth management. Founded an IFA firm in 1996 and launched Gateway Mastertrade in 2025.
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.