Hedge Fund and Insider Trading News: Michael Novogratz, Chris Hohn, Jupiter Fund Management, FirstService Corp (FSV), Intuitive Surgical, Inc. (ISRG), and More

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Former Hedge Fund Billionaire Makes The Case For $20,000 Bitcoin Price By The End Of 2020 (Forbes)
Bitcoin has rocketed higher over the last few days, breaking months of inaction and sparking excitement among bitcoin investors. The bitcoin price, still about half its all-time high set in late 2017, rallied almost 20% in less than a week – peaking at just over $11,400 per bitcoin on Monday evening before falling back. Now, former hedge fund billionaire-turned crypto investor, Michael Novogratz, has said he expects the bitcoin price to hit $20,000 by the end of the year—fueled by a global “liquidity pump” and an influx of retail investors.

Sir Chris Hohn’s Foundation Must Pay £277m to Ex-Wife’s Charity (Telegraph.co.uk)
A charity set up by one of Britain’s richest men has been ordered by the Supreme Court to pay $360m (£277m) to his former wife’s philanthropic organisation. The UK’s highest court ruled that the Children’s Investment Fund Foundation (CIFF) cannot block the payment to a new charity set up by Jamie Cooper, the former wife of financier Sir Chris Hohn. The pair agreed to transfer the money to Big Win Philanthropy, a charity set up by Ms Cooper after their record-breaking divorce, in return for her resigning as a trustee of CIFF.

Jupiter Profit Plunges 50% as Covid Fears Drive Investor Exodus (FNLondon.com)
Jupiter Fund Management, the FTSE 250-listed asset manager, suffered a 50% drop in profits for the first six months of the year, the result of the ongoing Covid-19 crisis ravaging markets and jittery investors pulling money from its funds. Interim results for Jupiter show net revenues of £161.9m were down 15% compared to the first half of 2019, while pre-tax profits of £40.8m were down from £81.4m.

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Major Hedge Fund Sees Customers’ Personal Data Stolen by Hackers (YourMoney.com)
SEI is a fund administrator for Angelo Gordon, Pacific Investment Management Co., Centerbridge Partners, and several other money managers. The cyber incident was detected in May but only recently disclosed to SEI clients. According to the firm, an unidentified group of hackers compromised systems of M.J. Brunner Inc on 17 May. They stole discrete pieces of user information, including names and emails, as well as phone numbers and physical addresses. Jonathan Knudsen, senior security strategist at Synopsys, said: “The aftershocks from the SEI Investments compromise continue to ripple outward, causing heartburn, financial damage, and reputational damage in equal parts. How can we learn from this incident? Every organisation is a software organisation, regardless of underlying mission or purpose.

Hedge Funds Lift Off with 11.48% Returns in Q2 2020 (Opalesque.com)
Hedge funds returned 11.48% in Q2 2020, the highest gains since 2009, following losses of 10.63% in Q1, said Preqin. According to the report, hedge funds have broken even for H1 2020, with YTD returns hitting -0.37% as of the end of June. Hedge fund launches remain timid as the quarter saw just 59 funds launched, a decrease from Q1 2020 when 182 were incepted. While equity and credit strategies still accounted for the largest proportions of these, there was a significant uptick in the proportion of funds launched pursuing event-driven and niche strategies, reflecting investors’ appetite for approaches that have proven more resilient during the recent turmoil.

Hedge Fund Investors Ditch Misfiring Quant Trade Losing Billions (Bloomberg)
Quant strategies designed to zig when markets zag are getting thrashed by extreme stock swings in a year that should have proved their shining moment. These market-neutral funds keep lagging other alternative strategies, while Eurekahedge data this month showed they’re already reeling from $2 billion of outflows in 2020. Not only did they largely fail to live up to their promise in the historic equity selloff, the ferocious rebound is confounding their risk models with its unprecedented whiplash.

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