Archegos set for insolvency as it braces for legal claims from banks
Credit Suisse was hit with billions of dollars in losses after the US hedge fund Archegos Capital defaulted on margin calls in March. (Photo by Spencer Platt/Getty Images)
Archegos is reportedly planning to file for insolvency as banks seek to recoup their losses after the firm failed to meet margin calls.
The collapse of the family office, run by former Tiger Asia manager Bill Hwang, in March saw its brokers take a $10bn hit.
Nomura posted its biggest quarterly loss in over a decade as a result of its dealings with the firm, while UBS reported a surprise $774m hit last week.
Archegos Capital Management, the family office run by former Tiger Asia manager Bill Hwang, is preparing for insolvency as banks involved in financing its…
Read more about Archegos prepares for insolvency as banks seek $10-bn compensation: Report on Business Standard. Global banks had lost $10 billion after highly leveraged bets from the family office on media stocks like ViacomCBS turned sour.
De animales a nuestro cuerpo: 3 enfermedades nativas de selvas en las Américas sputniknews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from sputniknews.com Daily Mail and Mail on Sunday newspapers.
Before he lost US$20 billion, Bill Hwang was the greatest trader you had never heard of Trader Bill Hwang. Photo: Bloomberg / Emile Wamsteker
Before he lost it all - all US$20 billion - Bill Hwang was the greatest trader you had never heard of.
Starting in 2013, the Korean-American investor parlayed more than US$200 million left over from his closed hedge fund into a mind-boggling fortune by betting on stocks. Had he folded his hand in early March and cashed in, Hwang, 57, would have stood out among the world s billionaires. There are richer men and women, of course, but their money is mostly tied up in businesses, property, complex investments, sports teams and artwork. Hwang s US$20 billion net worth was mostly liquid. And then, in two short days, it was gone.