Earlier today, Geoff Kendrick, Global Head of Digital Asset Research at @StanChart, published his first research report on @SkyEcosystem. IMHO very cool to see another G-SIB who is paying significant attention to this space! The report describes the specialization of Sky’s agent model: capital provided at a wholesale rate to allocators operating across distinct markets and strategies, within defined parameters. From a capital markets perspective, this creates a modular structure for capital allocation. Individual agents can specialize by asset class, market or strategy, while the broader system retains a common source of capital and framework for risk (the Sky Atlas). As the balance sheet grows, expanding the investable universe doesn’t necessarily require centralizing the investment function; it can instead mean adding specialized sources of origination, execution and risk-taking around a common capital base. Additional reporting: