Bill Hwang and other executives have been arrested and charged by federal officers for their roles in a “fraudulent scheme” that created a “$36 billion house of cards”.
Tag: Archegos Capital Management
Watchdog has backed new disclosure rules that require hedge funds to more quickly report significant losses that could harm investors or the broader financial markets.
The disastrous entanglement with Archegos Capital Management and its spectacular collapse has left the prime brokerage industry reeling with over $10 billion in losses across the Street. The event has resulted in a major shift in attitudes around risk management, but how far-reaching will these changes be on their reIationships with clients? Asks Joe Parsons.
An extensive review of the prime brokerage business at Credit Suisse will focus on derisking and resizing its hedge fund servicing unit.
James Gorman, CEO at Morgan Stanley, told analysts the loss was 'necessary' and 'money well spent' as the bank totals losses far smaller than other prime brokers.
Collapse of Archegos Capital had little impact on the prime brokerage business at Goldman Sachs as it reached record levels in first three months of this year.