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British fund firm Ruffer has 550 million pounds bitcoin bet - spokesman
12/16/2020 | 09:17am EDT
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LONDON (Reuters) - British fund manager Ruffer Investment Management last month made a bet on bitcoin now worth around 550 million pounds ($745 million), a spokesman for the company told Reuters, in one of the largest signals of rising institutional interest in the digital currency this year.
The allocation by Ruffer, which managed 20.3 billion pounds ($27.3 billion) in assets at end-November on behalf of more than 6,500 investors globally, acts as a hedge to some of the risks that we see in a fragile monetary system and distorted financial markets, the spokesman said via email.
Dreamstime
Bitcoin crossed $20,000 on Wednesday for the first time, the latest milestone in a rally that has made it the best-performing investment of 2020. Bitcoin was trading just above $20,500 on Wednesday morning, up 180% for the year.
Bitcoin has crossed $19,000 several times this year, after first hitting that number in 2017. But it consistently faltered just before hitting $20,000 and had fallen below $4,000 as recently as March.
It is nearly impossible to explain Bitcoin’s price changes, but analysts had described $20,000 as a key psychological level like other big round market numbers that don’t mean very much on their own.
The rise has been fueled this year by institutions, which have been growing more comfortable with Bitcoin and even holding some on their balance sheets. Massachusetts Mutual Life Insurance Company (MassMutual), an institution that has been around for 169 years, announced last week that it had bought $100 million in Bitcoin, joining c
Equivalent to around 2.7% of total assets -spokesman Larger investors see bitcoin as inflation hedge (Updates prices, adds comments, graphic, context)
LONDON, Dec 16 (Reuters) - British fund manager Ruffer Investment Management last month made a bet on bitcoin now worth around 550 million pounds ($745 million), a spokesman for the company told Reuters, in one of the largest signals of rising institutional interest in the digital currency this year.
The allocation by Ruffer, which managed 20.3 billion pounds ($27.3 billion) in assets at end-November on behalf of more than 6,500 investors globally, “acts as a hedge to some of the risks that we see in a fragile monetary system and distorted financial markets,” the spokesman said via email.
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Platform delivers innovative product solutions and further enhances MassMutual s digital strategy and talent
Massachusetts Mutual Life Insurance Company (MassMutual) and Stone Ridge Asset Management (Stone Ridge), an asset manager with more than $10 billion in assets under management (AUM) that focuses on registered investment advisers (RIAs), institutions, and insurance companies, today announced that MassMutual and Stone Ridge Holdings Group have entered into a definitive agreement for MassMutual to acquire Flourish, a fintech platform for RIAs. Financial terms of the transaction are not being disclosed.
Flourish provides digitally enabled products and services to RIAs through various modules, including an established cash management offering, Flourish Cash. Flourish Cash is offered through Stone Ridge Securities LLC, Stone Ridge s registered broker-dealer, which MassMutual will acquire pending regulatory approval. Flourish s highly talented and experienced team is expect