Vice President of Crypto Hedge Fund Arca Steps Down
The Los Angeles-based crypto hedge fund Arca announced a vacancy for the company vice president of the portfolio asset management unit. Arca management updated the company website revealing the departure of the outgoing vice president Hassan Bassiri. The Arca team eliminated Bassiri’s career profile from the website, which signaled a transition in management.
Arca Vice President Resigns
A statement issued by a person privy to the matter on February 27 revealed that Arca concealed the departure of Bassiri. The report failed to update the reason behind Bassiri’s unplanned departure.
Before joining the crypto hedge firm, Bassiri worked with leading financial provider KPMG. In his previous role, Bassiri worked closely with decentralized finance (DeFi) experts whose valuable input towards building his career propelled him to the top executive position.
Nevertheless, Bassiri replicated the move made by Argo Blockchain chief executive Peter Wall who exited the firm for undisclosed reasons.
Arca Market Operation
Bassiri’s exit was followed by strong crypto market headwinds that prompted the company to shut down Arca’s digital yield fund. Before his departure, Bassiri liaised with investment director Jeff Dorman to develop and execute the organization strategies of the now-defunct Arca’s digital yield fund unit, which had been operational since 2021.
Besides Arca’s obsolete unit, the firm owns three investment asset management firms, including Digital Investment Fund (DIF) that controls the issuance of the company’s native token. The Acra Endeavor Fund (AEF)and the non-fungible token (NFT) unit enable the firm to provide innovative investment services.
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