On the morning of May 14, 2025, Vietnam time, Andrew Peel – former head of digital assets at Morgan Stanley – left the bank to establish a DeFi investment fund and trading technology company in Switzerland. Could this be a turning point connecting traditional finance with decentralized finance? Let's analyze in detail.
Andrew Peel Leaves Morgan Stanley: A New Journey in Switzerland
Andrew Peel, head of the digital asset market segment at #MorganStanley since 2018 after a stint at Credit Suisse, left the bank in March 2025. According to internal sources, Peel will establish a crypto and digital asset investment fund while developing a trading technology company in Zug – Switzerland's crypto hub. The fund will focus on DeFi, both investing in and issuing tokenized assets such as token funds, while also building trading products to help traditional financial companies enter the crypto space as regulations become clearer. Morgan Stanley declined to comment on this departure.
New Strategy: Connecting Traditional Finance and DeFi
Peel's new company will operate in two areas: asset management (investing in and issuing DeFi assets) and technology (developing trading products for institutions). The goal is to bridge the gap between traditional and decentralized finance, leveraging the tokenization trend from giants like BlackRock and Franklin Templeton. Zug, with its crypto-friendly environment, is the ideal choice for Peel to implement the plan, expected to start fundraising in the coming months.
Industry Context: Morgan Stanley and Crypto Trends
Peel leaves as Morgan Stanley prepares to launch crypto trading on the E*Trade platform in 2026, after offering Bitcoin funds to institutional clients since 2021. Crypto support in the U.S. surged following Trump's re-election in 2024, with Bitcoin ETFs launching earlier and tokenized money market funds becoming increasingly popular. Crypto fund inflows reached $3.4 billion last week, with a projected accumulation of $330 billion into Bitcoin by 2029, indicating the significant potential that Peel aims to tap into.
Another Departure: BNY Also Changes Leadership
At the same time, Caroline Butler – Global Head of Digital Assets at BNY – also leaves the bank after five years, according to confirmation on Monday. Carolyn Weinberg, BNY's Head of Solutions Innovation, will take over the digital assets strategy. The leadership change at major banks indicates a wave of personnel shifts in the industry, as experts seek new opportunities in the evolving crypto space.
Impact on the Crypto Market
This event brings many positive signals:
Increasing institutional confidence: The involvement of former leaders from major banks like Peel in DeFi reinforces the trend of institutionalizing crypto.
Promoting DeFi: Peel's new fund could promote projects like Haedal (TVL $200 million), expanding asset tokenization.
Future Prospects
If Peel's fund successfully raises capital in the next 1-2 years, Zug could become the new DeFi hub, attracting traditional financial companies to participate in the decentralized space. The development of E*Trade crypto and tokenized products will also boost the market, with revenue potential in the hundreds of millions of dollars for pioneering companies like Peel's fund.
Conclusion: Will DeFi Be the New Bridge for Global Finance?
Andrew Peel departs Morgan Stanley today to establish a DeFi fund in Switzerland, aiming to connect traditional and decentralized finance. With the wave of crypto support in the U.S. and the departure of leaders like Butler (BNY), the digital asset industry is entering a new phase. Investors should closely monitor to capitalize on the trend, especially in the promising DeFi space.
Risk Warning: Investing in crypto and DeFi carries high risks due to price volatility and legal uncertainties. Please consider carefully before participating. #anhbacong