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Credit Suisse unloads $2.3 billion of stocks tied to Archegos Capital
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Last Updated: Apr 06, 2021, 07:13 AM IST
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The unwinding of Bill Hwang’s Archegos portfolio has turned into one of the biggest fund flameouts since Long-Term Capital Management’s demise in the 1990s.
Reuters
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By Drew Singer, Sridhar Natarajan, Crystal Tse and Gillian Tan
Credit Suisse Group AG unloaded about $2.3 billion worth of stocks tied to the Archegos Capital blowup more than a week after some rivals dumped their shares and skirted losses.
The Swiss bank hit the market with block trades tied to ViacomCBS Inc., Vipshop Holdings Ltd. and Farfetch Ltd., a person with knowledge of the matter said. The stocks traded substantially below where they were last month before Bill Hwang’s family office imploded.
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