Hong Kong has approved its first “digitally native” tokenised fund, allowing professional investors to hold direct ownership of the underlying assets on a public blockchain, issuer Baillie Gifford says, as the city steps up its challenge to the US as a global crypto hub. The British fund manager said on Wednesday it had received approval from the Securities and Futures Commission to launch the Baillie Gifford Enhanced Yield Fund (BAGEY) – an actively managed portfolio of short-duration...