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Archegos Capital Management
 | |
| Company type | Private |
|---|---|
| Industry | Investment management |
| Founded | 2013 |
| Founder | Bill Hwang |
| Defunct | March 26, 2021 |
| Fate | Defaulted on margin calls |
| Headquarters | New York City, New York[1] |
Archegos Capital Management was a limited partnership[1] family office that managed the personal assets of Bill Hwang,[2][3] at one time managing over $36 billion in assets.[4] On April 27, 2022, Hwang was indicted and arrested on federal charges of fraud and racketeering.[5]
On March 26, 2021, Archegos defaulted on margin calls from several global investment banks, including Credit Suisse and Nomura Holdings,[6][7] as well as Goldman Sachs and Morgan Stanley.[8][9] The firm had large, concentrated positions in ViacomCBS, Baidu, Vipshop, Farfetch, and other companies,[10] and the firm's use of total return swaps had helped to hide its high exposure from lending banks.[11] Its derivative contracts "exposed the firm to severe losses when the trades went bad."[10] The Wall Street Journal reported that Hwang lost $8 billion in 10 days,[12] while Bloomberg News reported that Hwang lost $20 billion in 2 days.[13] The fate of Archegos has been compared to the meltdown caused by Long Term Capital Management.[14]
- ^ a b "Archegos Capital Management LP - Company Profile and News". Bloomberg.com. Retrieved April 9, 2021.
- ^ "Who is Archegos' Bill Hwang?". finews.asia. March 29, 2021.
- ^ Cook, James (March 28, 2021). "Mystery figure behind $20bn stock sell-off unmasked". The Telegraph. Telegraph Media Group Limited.
- ^ Stempel, Jonathan (December 3, 2022). "Archegos' Bill Hwang says prosecutor misconduct justifies indictment's dismissal". Reuters. Archived from the original on December 3, 2022.
- ^ Ramey, Corinne; Pulliam, Susan; Chung, Juliet. "Archegos Founder Bill Hwang and CFO Charged With Securities Fraud". The Wall Street Journal. Retrieved April 27, 2022.
- ^ Foy, Simon (March 29, 2021). "Credit Suisse and Nomura flag giant losses from hedge fund sell-off". Telegraph Media Group Limited.
- ^ Chung, Juliet; Farrell, Maureen (March 28, 2021). "Ex-Tiger Asia Founder Triggers $30 Billion in Large Stocks Sales". Dow Jones & Company, Inc. The Wall Street Journal.
- ^ Papuc, Andreea; Sivabalan, Srinivasan. "Investors brace for fallout after hedge fund default reportedly triggered $20 billion fire sale of stocks". National Post, a division of Postmedia Network Inc. Bloomberg News.
- ^ Maureen Farrell; Margot Patrick; Juliet Chung (March 30, 2021). "Goldman, Morgan Stanley Limit Losses With Fast Sale of Archegos Assets". The Wall Street Journal. ISSN 0099-9660. Wikidata Q114833181. Retrieved October 23, 2022.
- ^ a b Benoit, Alexander Osipovich and David (April 1, 2021). "Archegos Blowup Puts Spotlight on Gaps in Swap Regulation". Wall Street Journal. ISSN 0099-9660. Retrieved April 1, 2021.
- ^ "The Last 72 Hours of Archegos". Bloomberg News. 2024.
- ^ Zuckerman, Gregory; Chung, Juliet; Farrell, Maureen (April 1, 2021). "Inside Archegos's Epic Meltdown". The Wall Street Journal. Retrieved April 2, 2021.
- ^ Schatzker, Erik; Shridhar, Natrajan; Burton, Katherine (April 8, 2021). "Bill Hwang Had $20 Billion, Then Lost It All in Two Days". Bloomberg News. Retrieved April 10, 2021.
- ^ Burton, Lucy (March 29, 2021). "Bill Hwang and the debt-fuelled Archegos implosion that triggered a Wall Street earthquake". Telegraph Media Group Limited.
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