Former Millennium portfolio manager Jerome Busca has joined Fasanara Digital, the $300m London-based crypto hedge fund, as it looks to broaden its strategy suite and capitalise on rising institutional demand for digital assets, according to a report by Financial News.

The report cites unnamed sources familiar with the matter as confirming that Busca, who was with Millennium from 2010 to 2014, officially joined Fasanara Digital’s London team last week after relocating from Paris. His appointment coincides with the firm’s ongoing efforts to build an “all-weather” digital asset fund designed to monetise volatility across varying timeframes and instruments within the crypto space.

Busca brings more than 20 years of experience across quantitative trading and research. He previously held a quant trading role at BNP Paribas and more recently ran JB Quantitative Solutions, a research-focused firm he founded.

Fasanara Digital, which posted a 24% return in 2024 amid a broader market rally, is among a growing cohort of hedge funds positioning to capture alpha in the maturing digital asset space. The firm’s expansion comes as institutional flows into crypto continue to accelerate, bolstered by renewed interest in bitcoin and increasing regulatory clarity in key markets.

The move echoes a broader trend of talent migration from traditional hedge fund giants into the digital asset sector. Last year, US-based Tephra Digital – backed by Jefferies’ Leucadia Asset Management – returned 100%, while Brevan Howard Digital and Pythagoras Investments posted gains of 51% and 41.8%, respectively.