Chanchal Samadder has been named head of product at ETC Group, a European-based provider of digital asset-backed securities, the firm announced in an Oct. 10 news release.
Samadder was hired to help grow the firm's existing product suite as well as to design and implement institutional-grade investment products, the news release said.
He will be responsible for developing the firm's global product strategy, while also focusing on managing the existing suite of cryptocurrency exchange-traded products.
Samadder will be based in London and report to CEO Tim Bevan, the release said.
Previously, Samadder worked as a consultant at AssetCo, helping it with its digital asset strategy, Bevan said in emailed comments. Prior to that, Samadder held positions at abrdn, Lyxor Asset Management and BlackRock, according to Bevan and the release.
In the release, Bevan cited Samadder's "many years of experience in the European ETF/ETP market" and his track record of building successful products.
"He has a deep passion for digital assets and blockchain technology, and we're confident that he will play a key role in managing the company's existing suite of products as well as developing new product strategy with oversight of all aspects of the product life cycle," Bevan said in the release.
ETC Group currently has $590 million in assets under management, Bevan said.