Tony Fenner-Leitao is the President of Cambrian Asset Management, a quantitative digital asset investment firm, and a co-founder of the Web3 venture capital firm WAGMI Ventures ^{[3] [4]}. Before transitioning to digital assets, he was the Chief Executive Officer of Winton Group, a prominent systematic hedge fund, and held senior roles at Goldman Sachs and UBS ^{[2] [5]}. Fenner-Leitao is a frequent commentator on the institutional adoption of cryptocurrencies and serves on several boards, including the Alternative Investment Management Association's (AIMA) Digital Assets Working Group and the Portuguese Diaspora Council ^{[6] [7]}.

Education

Fenner-Leitao has pursued higher education at several institutions in the United Kingdom and the United States. He earned a Master of Business Administration (MBA) with Honors from the University of Chicago Booth School of Business ^{[1] [2]}. His undergraduate studies include a Bachelor of Arts (B.A.) in Modern Languages, focusing on French and Spanish, from Durham University ^[2]. He also holds a Master of Arts (MA) in Modern Languages, specifically French and German, from The University of Edinburgh, which he attended from 1987 to 1991 ^[3]. Additionally, he has been pursuing a second Bachelor of Arts degree in History from the University of London in his spare time ^[2].

Career

Fenner-Leitao's career of more than 30 years spans traditional finance, including roles at major investment banks and leadership of a multi-billion dollar hedge fund, before moving into the cryptocurrency and venture capital space ^{[1] [3]}.

Digital Assets and Venture Capital

Cambrian Asset Management

Fenner-Leitao was appointed President of Cambrian Asset Management, a quantitative digital asset investment firm, in August 2020 ^{[4] [5]}. He had previously served as an advisor to the firm's co-founders since 2018 and was an early investor ^[5]. His role as president involves leading the firm's business development, investor relations, and other non-investment functions, with a mandate to scale operations for an institutional client base that includes family offices, endowments, foundations, and pension funds ^[4].

Under his leadership, Cambrian launched products to increase investor access to digital assets. In September 2021, the firm introduced the Cambrian Bitcoin Trust and Cambrian Ethereum Trust, which were designed as cost-effective vehicles for long-only exposure to the two largest digital assets ^[8]. Fenner-Leitao also facilitated a strategic partnership with PPB Capital Partners in 2021 to make Cambrian's investment strategies available to the independent wealth advisor community ^[9].

WAGMI Ventures

In October 2021, Fenner-Leitao co-founded WAGMI Ventures, a venture capital firm that invests in early-stage Web3 companies, where he serves as Managing Partner ^[3]. The firm's portfolio includes investments in projects such as Aptos, Sui, and Nym Technologies ^[3].

Wave Financial

Fenner-Leitao's first professional role in the digital asset sector was as Head of Europe for Wave Financial from 2019 to 2020 ^[8].

Traditional Finance

Prior to entering the digital asset industry, Fenner-Leitao spent the majority of his career in senior roles within traditional finance.

Winton Group

From March 2013 to December 2015, Fenner-Leitao was the Chief Executive Officer of Winton (formerly Winton Capital), a prominent systematic hedge fund based in London ^[2]. He initially joined the firm in 2009 as Head of Marketing and Investor Relations. During his tenure at Winton, the firm's assets under management (AUM) grew from approximately 34 billion ^[2].

Other Asset Management Roles

Before his time at Winton, Fenner-Leitao was the Head of Marketing and Investor Relations at Passport Capital, a global investment firm in San Francisco, from January 2016 to July 2020 ^[2]. He also served as the CEO of Armajaro Asset Management LLP, an emerging markets-focused hedge fund manager with approximately $2 billion in AUM, from April 2012 to March 2014 ^[3].

Investment Banking

Fenner-Leitao's career began in investment banking. He worked at Goldman Sachs for 14 years, from 1993 to 2007, where he became a Managing Director ^[3]. At Goldman, he held several roles within the Equities Division, including Head of European Equity Derivative Sales, and was based in London, Frankfurt, and London again during his tenure ^[3]. Prior to Goldman Sachs, he was with UBS Investment Bank in London and New York from 1993 to 2000, working in US Equity Sales to UK institutions ^[2]. He started his finance career in the corporate finance division of BZW (Barclays de Zoete Wedd) from 1990 to 1993 ^[2].

Between his banking and hedge fund roles, he also served as the Chief Financial Officer for a technology start-up in Lisbon, Portugal, from 2000 to 2002 ^[7].

Board Memberships and Affiliations

Fenner-Leitao is active in several professional, educational, and cultural organizations.

• AIMA (Alternative Investment Management Association): He is a board member and serves as the Chairman of AIMA's Digital Assets Working Group (DAWG). This group is focused on developing industry standards and practices for digital assets within the alternative investment community ^{[8] [4]}.
• Portuguese Diaspora Council: A member since 2016, Fenner-Leitao is part of the World Portuguese Network. The council is a global network of influential Portuguese expatriates that aims to leverage their expertise and influence for the benefit of Portugal ^{[7] [3]}.
• French American International School & International High School (San Francisco): He serves on the Board of Trustees for the San Francisco-based educational institution, and from July 2022 was President of the board ^{[7] [3]}.

Public Commentary and Views

As a figure who bridges traditional finance and digital assets, Fenner-Leitao is a frequent speaker at industry conferences and provides commentary on the evolving market. He is scheduled to speak at the Consensus Hong Kong conference in February 2026, where he will lead a roundtable on conducting due diligence on liquid crypto strategies ^[1].

On the Impact of Spot Bitcoin ETFs

Fenner-Leitao has commented extensively on how the approval and launch of spot Bitcoin ETFs in the United States have impacted the market. In early 2024, he stated that the ETFs have "fundamentally altered" the structure of the crypto market by creating a "fire hose of demand" ^[4]. He argued that the ETFs removed the "single biggest hurdle to institutional investment in crypto, which is the custody issue," allowing institutions to access the asset class through a familiar and regulated vehicle ^[2].

He further explained that this development has moved the entire space into an institutional asset class, making it "professionally acceptable to invest in bitcoin" and removing a significant "psychological hurdle" for asset managers ^{[3] [8]}. He described the capital flowing into the ETFs as "permanent capital" that is held for the long term, creating a new and consistent source of demand ^[3].

On Institutional Adoption and Investment Strategy

Fenner-Leitao's public statements often emphasize the need for professional, risk-managed approaches for investors entering the digital asset space. Upon joining Cambrian in 2020, he noted the "rapidly growing interest in digital assets as a new, uncorrelated asset class from the institutional and wealth management communities" ^[3].

He has expressed his belief that a systematic, quantitative approach is the best way to participate in the emerging asset class. When announcing Cambrian's partnership with PPB Capital Partners, he said, “Most investors understand the potential in digital assets, but few have access to strategies that approach the space with institutional discipline. In working with PPB, we’re excited to reach a broader audience of wealth investors who are looking for intelligent, risk-managed ways to participate in this evolving asset class.” ^[9].

When launching Cambrian's single-asset trusts, he elaborated on the firm's strategy: "Our funds use a directional systematic investing approach that include momentum and mean reverting signals. Our approach enables investors to get the compounding benefits of the space while limiting downside risks compared to what they’d experience from passive holding digital assets." ^[8].

Interviews

Systematic Approaches to Digital Asset Markets #01

An interview featuring Tony Fenner-Leitao, President of Cambrian Asset Management, was published on the YouTube channel Alpha Uncovered on November 26, 2023, and recorded on September 9, 2023. The discussion was conducted by Alvin Fan, CEO of OP Investment Management, and focused on market structure, regulation, and systematic approaches to cryptocurrency investment.

During the interview, Fenner-Leitao outlined market conditions affecting digital asset strategies at the time, including reduced trading volumes, lower volatility, and increased regulatory scrutiny. He referenced the market events of 2022 and drew a comparison to periods of systemic stress in traditional finance, framing large drawdowns and liquidity contraction as recurring characteristics observed in both asset classes under certain conditions.

Fenner-Leitao discussed regulatory developments in the United States, describing them as influenced by political and enforcement-driven actions rather than comprehensive legislative frameworks. He cited examples of regulatory pressure affecting banking access for crypto-related firms and stated that these conditions contributed to shifts in early-stage investment activity toward jurisdictions with more defined regulatory environments, including regions in Asia and Europe. According to his analysis, this redistribution of activity altered the geographic concentration of crypto-related development without eliminating global participation in the sector.

The interview also addressed the involvement of traditional financial institutions in digital asset markets. Fenner-Leitao noted that asset managers and financial firms entering crypto-related products, such as exchange-traded vehicles, reflected changes in market participation and infrastructure. He characterized this trend as an adjustment in market composition that introduced new competitive dynamics and compliance expectations.

With respect to decentralized finance and asset tokenization, Fenner-Leitao stated that Cambrian Asset Management did not engage directly with decentralized trading venues due to counterparty and operational considerations. He referenced tokenization and real-world asset representation on blockchain networks as areas under observation, citing factors such as liquidity constraints, infrastructure readiness, and regulatory uncertainty as elements influencing adoption timelines.

The interview presents Fenner-Leitao’s perspective on the digital asset sector as an environment shaped by regulatory conditions, market structure constraints, and evolving institutional participation, with ongoing adjustments in strategy and geographic distribution of activity. ^[11]

Spot ETFs and Structural Changes in Crypto Markets #02

In an interview published on January 29, 2025, on the YouTube channel The Block, Tony Fenner-Leitão, President of Cambrian Asset Management, discussed his assessment of how spot cryptocurrency exchange-traded funds (ETFs) have influenced market structure and trading behavior. The conversation was conducted by Frank Chaparro as part of The Scoop series.

Fenner-Leitão described Cambrian Asset Management as a systematic crypto investment firm that applies data-driven models and machine learning techniques to liquid digital assets. According to his explanation, the firm employs long-short strategies and does not rely on discretionary decision-making regarding individual tokens. Portfolio construction is based on factors such as liquidity, market capitalization, and volatility characteristics, with an emphasis on risk management within continuously operating markets.

He stated that the launch of spot crypto ETFs by large financial institutions has contributed to higher levels of institutional participation and market liquidity. In his view, these products have also introduced new trading behaviors and structural dynamics, including additional layers of financial intermediation. Fenner-Leitão noted that such changes affect how market data is generated and interpreted by systematic trading models.

The interview also addressed regulatory and institutional considerations. Fenner-Leitão indicated that regulatory conditions have evolved compared to earlier periods of uncertainty, which he associated with changes in how institutions assess participation in crypto markets. He further discussed challenges faced by systematic crypto funds, including exposure to daily price fluctuations and difficulties integrating liquid crypto assets into traditional portfolio frameworks. According to his perspective, ongoing regulatory developments and broader market participation may influence the range of assets considered investable over time. ^[12]