Hedge Fund and Insider Trading News: Mike Novogratz, Crispin Odey, Steve Cohen, Fulcrum Asset Management, Elliott Management, Envestnet Inc (ENV), Arrowhead Pharmaceuticals Inc (ARWR), and More

Bitcoin is Like ‘Digital Gold’ and Won’t Be Used the Same as a Traditional Currency in at Least 5 Years, Billionaire Investor Mike Novogratz Says (Business Insider)
Bitcoin is like “digital gold” and won’t be used in the same way as traditional currency for at least the next five years, billionaire investor Mike Novogratz told Bloomberg on Friday. “I don’t think Bitcoin is going to be used as a transactional currency anytime in the next five years,” the bitcoin bull said in an interview with Bloomberg TV and Radio. “Bitcoin is being used as a store of value.”

Crispin Odey’s Hedge Fund Business Considers Rebrand that could See Tycoon’s Name Drop Off Some Funds (MSN Money)
Crispin Odey‘s hedge fund business is considering a rebrand that could see the tycoon’s name drop off some of its funds. Odey Asset Management, the Mayfair-based company he founded in 1991, has also drawn up emergency plans in case he is unable to continue running investments. But the 61-year-old told The Mail on Sunday he does not intend to retire or step down any time soon. ‘I’m having a great time at the moment,’ he said. ‘Provided you’re understanding the world you’re investing in accordingly, it’s a great world to be in.’

Steve Cohen, Sandy Alderson Already Eyeing International Scouting Plan, Improvements: Source (Amny.com)
Every passing day seems to ease any sort of trepidation that hedge-fund billionaire Steve Cohen will recklessly spend when he takes over majority ownership of the New York Mets. Since amNewYork Metro reported over the last month that analytics will be one of the Mets’ top priorities under Cohen — along with using the trade market to acquire roster upgrades just as much as free agency — a source alerted us that the soon-to-be owner and president of baseball operations, Sandy Alderson, have already discussed international scouting strategies.

A Major Value Investor is Shutting his Fund and Returning Money to Investors. Warren Buffett Did the Same Thing in 1969 (Business Insider)
Ted Aronson, the cofounder and co-CEO of AJO Partners, plans to shutter the value-investing firm after more than three decades and return $10 billion to investors. The unusual decision echoes Warren Buffett‘s closure of his Buffett Partnership in 1969. “Our relative performance has suffered because our investment edge, our ‘secret sauce,’ is at odds with many forces driving the market,” Aronson wrote in a letter to AJO clients this month. AJO provided a copy of the letter to Business Insider.

Somerset Capital Brings on China Team (Pensions&Investment)
Min Chen joined Somerset Capital Management in Singapore to head up a team that will add standalone China offerings to the London-based global emerging markets equity specialist’s product line-up, said Dominic Johnson, CEO and founding partner. With China approaching 50% of the global emerging markets universe, positioning Somerset to meet growing investor demand for China-specific strategies has been a priority, Mr. Johnson said in an interview Monday.

Hedge Fund Giants Lose Their Appeal as Havens in Global Turmoil (Bloomberg)
Investors have thronged the largest hedge funds since the last financial crisis as they sought safety in size. Now, they’re paying a hefty price. Supersized funds are failing their clients during a period of market upheaval that in theory should pose an unprecedented chance to make money. Instead of profiting, though, some of the world’s biggest hedge funds have barely managed to protect their investors from losses.

Fulcrum Hires Ex-Arrowgrass Chief Economist Cartiglia for Senior Macro Role (Hedge Week)
Global multi-asset manager Fulcrum Asset Management has hired Filippo Cartiglia, former chief international economist at Arrowgrass Capital Partners, as a senior member of its investment team. Cartiglia’s hire is aimed at strengthening the GBP3.6 billion firm’s macro effort, with his role focusing on macroeconomic research. Before joining Fulcrum, he spent nine years at multi-asset hedge fund manager Arrowgrass Capital Partners as chief international economist. He was previously based in Goldman Sachs International’s economic research group in London, and was later a managing director in its private wealth management division.

Asset Managers Plan to Outsource Data Management to Focus on Investing (Opalesque.com)
Asset managers plan to outsource functions such as data management and middle and back-office operations in order to cut costs and focus on their core job of generating investment returns for clients, said a study. “Many asset management firms are increasingly realizing the benefits that can be gained by partnering with external providers to outsource their business processes. Outsourcing is a way for many firms to achieve scale and gain access to capabilities usually only available to the largest players – potentially leveling the playing field,” said a report by Northern Trust. A recent survey, conducted by Northern Trust, which polled 300 asset managers around the world, has highlighted an increasing trend for asset managers to outsource front-to-back office operations in order to optimize their operating models, gain operational resiliency and improve bottom-line performance.

Aryzta Takeover Talks with Elliott Advisors Conclude Without Any Offer Put on Table (Just Food)
Aryzta said talks with Elliott Advisors (UK) about a potential takeover of the European bakery group have “concluded” without any offer being made, an outcome welcomed by one of the firm’s largest shareholders. Discussions with Elliott Advisors, part of New York-based hedge fund Elliott Management, have been going on for weeks under what were believed to be exclusive talks while other potential bidders were sitting in the background. That exclusivity period ended last week, according to a report in the Irish press, which had claimed, without providing sources, Aryzta had been approached by almost 20 other interested parties.

Agree Realty Corp (ADC) President & CEO Joey Agree Bought $1 million of Shares (Guru Focus)
President & CEO of Agree Realty Corp., Joey Agree, bought 15,293 shares of ADC on 10/23/2020 at an average price of $65.69 a share. The total cost of this purchase was $1 million. Agree Realty Corporation is engaged in real estate activities primarily in the United States. It manages retail properties for the purpose of generating shareholders income on a consistent basis. Agree Realty Corp has a market cap of $3.62 billion; its shares were traded at around $65.42 with a P/E ratio of 35.55 and P/S ratio of 13.96.

The CIO of Envestnet (NYSE: ENV) is Selling Shares (Analyst Ratings)
Yesterday, the CIO of Envestnet (ENV), Brandon Thomas, sold shares of ENV for $3.33M. Following Brandon Thomas’ last ENV Sell transaction on July 01, 2019, the stock climbed by 15.7%.

Arrowhead Pharmaceuticals Inc (ARWR) CEO Christopher Richard Anzalone Sold $5.8 million of Shares (Guru Focus)
CEO of Arrowhead Pharmaceuticals Inc, Christopher Richard Anzalone, sold 100,000 shares of ARWR on 10/23/2020 at an average price of $58.21 a share. The total sale was $5.8 million. Arrowhead Pharmaceuticals Inc is a biotechnology company. It is engaged in the development of medicine to treat diseases such as hepatitis B, and thrombosis with a genetic origin, primarily divided by the overproduction of one or more proteins.

Last Week’s Notable Insider Buys: Del Taco, First American And More (Benzinga)
Selecta Biosciences: Last week, a Selecta Biosciences Inc (SELB) director indirectly added more than 5.31 million shares at $2.17 to $2.80 apiece. That totaled more than $13.36 million and brought the director’s stake to over 14.48 million shares. This director also purchased around 3.73 million shares of this clinical-stage biopharmaceutical company earlier this month. Radius Global Infrastructure: New York-based Radius Global Infrastructure Inc (RADI) saw a beneficial owner return to the buy window. At $8.00 per share, the 250,000 shares most recently acquired totaled $2.00 million. That owner also bought 500,000 shares in the previous week and more than 668,000 shares before that, all for the same price.

The Non-Executive of Hargreaves Lansdown (Other OTC: HRGLF) is Buying Shares (Analyst Ratings)
Today, the Non-Executive of Hargreaves Lansdown (HRGLF), John Adrian Troiano, bought shares of HRGLF for $196.2K. This is Troiano’s first transaction since reporting a Sell transaction on GB:SDR back in March 2010. The company has a one-year high of $27.71 and a one-year low of $13.82. Currently, Hargreaves Lansdown has an average volume of . The Company has a Price to Book ratio of 12.68.