‘Tiger Cub’ stumble leaves banks with giant trading losses
Al Jazeera
US-based Archegos Capital was forced to sell $20bn worth of stocks on Friday leading to losses at several large banks.
He was a hot-shot disciple of the hedge-fund legend Julian Robertson — one of the stars to strike out on his own from the vaunted Tiger empire. Now Bill Hwang is at the center of an extraordinary spree of giant stock trades that’s reverberated through financial markets and set Wall Street abuzz. Morgan Stanley and Goldman Sachs Group Inc., along with other major banks, forced the liquidation of more than $20 billion of holdings for Hwang’s New York-based Archegos Capital Management on Friday, according to people familiar with the transactions. Among the sales were shares of ViacomCBS Inc., GSX Techedu Inc., Farfetch Ltd. and Discovery Inc. The unprecedented selloff is the latest twist in Hwang’s long and controversial career. About two decades ago, he was a peer at Robertson’s firm of Chase Coleman, who was Wall Street’s highest-earning hedge fund manager last year. Today, having long ago stopped managing outside money, he’s facing his second major scandal.More Related News