Sung Kook Hwang[1] (Korean: ), also known as Bill Hwang,[2] is a Korean-born American investor and trader. As a subscriber, you have 10 gift articles to give each month. [24], On April 6, 2021, Credit Suisse reported losses of $4.7 billion linked to its involvement with Archegos. New York-based Archegos cost six banks (Credit Suisse 2023 NYP Holdings, Inc. All Rights Reserved, Goldman Sachs, JPMorgan snag talent from struggling Swiss bank: report, Disgraced financier Bill Hwang pushed Christianity on employees as empire collapsed: suit, Archegos cubs fund up-and-running less than a year after Hwangs fall, Credit Suisse abandons hedge fund clients after Archegos disaster. While that works for him, it remains a sad thing indeed for the purpose of the series. In 2012, Mr. Hwang reached a civil settlement with U.S. securities regulators in a separate insider trading investigation and was fined $44 million. Its name is Greek for "leader. Archegos . In this case, it managed about $10 billion of Bill Hwang's family fortune, according . Robertson gave Hwang a starting capital of about $25 million to launch his own Tiger Asia Management fund,[9] which grew to over $5 billion at its peak,[3] before suffering "heavy losses" during the 2007-09 Great Recession. I cover European and global business news. Bill Hwangs age is 56 years as of March 2021. He borrowed billions of dollars from Wall Street banks to build enormous positions in a few American and Chinese stocks. It evaporated in mere days, according to The Straits Times. , Nomura, Morgan Stanley Key Points Archegos Capital Management is a family investment vehicle founded by former Tiger Management analyst Bill Hwang in 2013. Bill Hwang is entirely innocent of any wrongdoing, his lawyer, Lawrence Lustberg, said in a statement. Deval Patricks Daughter Bio, Wiki, Age, Wedding, Partner, Children, Gay, Family, Height, Net Worth and Instagram. [6] A press release from Credit Suisse said that "the loss resulting from this exit could be highly significant and material to our first quarter results. Mr. Hwang has laid low, issuing only a short statement calling this a challenging time for Archegos. He was born in 1965. ViacomCBSs plummeting stock price was setting off margin calls, or demands for additional cash or assets, from its prime brokers that the firm couldnt fully meet. He spoke little English, and his first job was as a cook at a McDonalds on the Strip. In 2008, Tiger Asia lost money when the investment bank Lehman Brothers filed for bankruptcy at the peak of the financial crisis. Archegos Capital Management is a family investment vehicle founded by former Tiger Management analyst Bill Hwang in 2013. [30][31] Nomura, which initially reported the losses of around $2 billion the previous month, increased its total loss to $2.85 billion. Robertson closed the fund in 2000 but, during his time as its owner, he'd provided some of whom he considered to be his most promising employees, known as the "Tiger Cubs",[8] with funding to start their own hedge funds. Hwang also has a charity called "The Grace and Mercy Foundation" with $500 million in assets, according to the latest tax filings, spotted by CNBC's Robert Frank. Meet Bill Hwang", "Bill Hwang and the Fall of Archegos Capital Management", "The Two Tiger Cubs at the Center of Friday's $35 Billion Meltdown", "Behind the Archegos Meltdown: How Banks Quickly Got Religion about Bill Hwang", "Global bank losses may top $6 billion on Archegos downfall", "Bill Hwang guilty of illegal trading at Tiger Asia Management", "Familiar Tale as High-Flying Bill Hwang's Tiger Asia Closes", "Investment banks warn of 'significant' losses following margin calls related to Tiger Asia Management founder's family office", "Credit Suisse to exit prime brokerage following Archegos Capital losses", "Bill Hwang Made a Huge, Secret Bank Bet Before Archegos Collapse", "Federal agents arrest Archegos owner Bill Hwang and a former top lieutenant", "Archegos owner Bill Hwang and former CFO Halligan plead not guilty to U.S. fraud charges", "Bill Hwang Gets October 2023 Trial Over Archegos Collapse", "Comeback quashed for faith-driven investor Bill Hwang", "Once top benefactor in Evangelical world, billionaire Bill Hwang could spend life in prison after arrest", https://en.wikipedia.org/w/index.php?title=Bill_Hwang&oldid=1148294930, University of California, Los Angeles alumni, Short description is different from Wikidata, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 5 April 2023, at 08:11. Mr. Hwang was known for swinging big. Filings also show smaller grants to prominent museums in New York like the American Museum of Natural History, and $3.2 million in donations to the Dwight-Englewood School, a private school in Englewood, New Jersey, which Hwangs two daughters have both attended. In 2001, Hwang launched his own hedge fund business, Tiger Asia Management, with seed money from Robertson, making him part of an elite group of Robertson proteges dubbed the Tiger Cubs. Trading at roughly $12 a little over a year ago, ViacomCBSs stock rose to about $50 by January. He was a protege and one of the so-called tiger cubs of legendary hedge fund manager Julian Robertson who mentored and supported some of the best-performing investors including Stephen Mandel, Lee Ainslie andChase Coleman. Hoping to buy time, Archegos called a meeting with its lenders, asking for patience as it unloaded assets quietly, a person close to the firm said. Before Archegos, Hwang built New York-based hedge fund Tiger Asia Management which focused on Asian investments. Others are calling for more transparency in the market for the kind of derivatives sold to Archegos. "[18] According to The Wall Street Journal, Goldman Sachs and Morgan Stanley were able to limit their losses relating to Archegos by acting more quickly than Credit Suisse and Nomura Holdings. Photograph: Bloomberg/Getty Images Business This article. Sung Kook (Bill) Hwang - the Founder and Head of Archegos - and Three Others Charged with Racketeering and Fraud Offenses Related to Market Manipulation Scheme. The term is banded around in finance circles so loosely that few know exactly what one is anymore. The men will also help the Commodity Futures Trading Commission and the Securities and Exchange Commission in civil investigations of Archegos. "I don't think its common for family offices to take such an aggressive strategy," says Tayyab Mohamed, co-founder of Agreus, a recruitment consultancy for family offices. Hwang and his conspirators were involved in a brazen scheme to manipulate the market that defrauded many leading global investment banks and brokerages, according to the suit. [9], In November 2021, Credit Suisse, having taken a hit of $5.5 billion from the Archegos losses, shut down its prime brokerage business. Bill Hwang in 2012. He also surrendered his wifes passport he told prosecutors he had lost his own and promised to stay in the Tri-State area. The foundation is based in New York City, USA with sister foundations in Seoul, Korea, and Tokyo, Japan. [5] "All plans are being discussed as Mr. Hwang and the team determine the best path forward.". You may opt-out by, Housing Costs Will Determine Inflation In 2023, Heres Why, The Post-Global Economy Will Be Better Than You Think, Five Small Stocks That Should Whet Investors Appetite Now, Russell 2000 Index Weakens As Bank Components Take It Down, Microsoft, Merck And 36 More Stocks With At Least 30% Return On Equity, Hong Kong Rises On Signs Of Consumer Comeback, Stock Market Warning Signs Mount As State Street And Roblox Suffer Steep Losses After Earnings, This New Poll Shows Why Bank Stocks Are Primed To Soar. This is creating turmoil within the family office sector, with the more cautious types blaming Archegos and other large family offices bringing about some very unwelcome changes. In 2012, Mr. Hwang, a former hedge fund manager, pleaded guilty to wire fraud and settled insider trading charges. [7], Hwang began his career at Hyundai Securities in New York, then worked at the now defunct Peregrine Investments Holdings, where he met billionaire hedge fund manager Julian Robertson, who was a client, and went to work for Robertson's Tiger Management. [15] Texas Capital Bancshares Inc, in which Archegos held a 20% share, plunged after Archegos' collapse. Anyone can read what you share. Nomura also worked with him. In 2012,[13] Hwang closed Tiger Asia Management, and opened a "family office," which is more lightly regulated than was a hedge fund,[11] named Archegos Capital Management,[3] which managed US$10 billion of funds. I couldnt go to school that much, to be honest.. He Built a $10 Billion Investment Firm. The SECs complaint, filed in federal district court in Manhattan, charges Hwang and the other defendants with violating antifraud and other provisions of the federal securities laws. Former Archegos head trader William Tomita and ex-Chief Risk Officer Scott Becker have both pleaded guilty and agreed to testify against Hwang and Halligan. Mr. Hwang declined to comment for this article. Get this delivered to your inbox, and more info about our products and services. "Archegos Capital Management LP - Company Profile and News", "Mystery figure behind $20bn stock sell-off unmasked", "Archegos' Bill Hwang says prosecutor misconduct justifies indictment's dismissal", "Archegos Founder Bill Hwang and CFO Charged With Securities Fraud", "Credit Suisse and Nomura flag giant losses from hedge fund sell-off", "Ex-Tiger Asia Founder Triggers $30 Billion in Large Stocks Sales", "Investors brace for fallout after hedge fund default reportedly triggered $20 billion fire sale of stocks", "Goldman, Morgan Stanley Limit Losses With Fast Sale of Archegos Assets", "Archegos Blowup Puts Spotlight on Gaps in Swap Regulation", "Bill Hwang Had $20 Billion, Then Lost It All in Two Days", "How Bill Hwang got back into banks' good books then blew them up", "Bill Hwang and the debt-fuelled Archegos implosion that triggered a Wall Street earthquake", "Deutsche Bank Dodged Archegos Hit With Quick $4 Billion Sale", "How Credit Suisse got tangled in the Archegos Wall Street chaos", "Japan's biggest bank faces $300m hit from Archegos selloff", "Japan shares fall as Archegos fallout hits financials", Global banks brace for losses from Archegos fallout, "US Senate banking chair queries Credit Suisse and other banks on Archegos", "Credit Suisse removes senior executives after $4.7bn Archegos losses", "Credit Suisse Taps Investors for Cash After Archegos Loss Widens", "Credit Suisse to boost capital ahead of further Archegos hit", "Inside Credit Suisse's $5.5 Billion Breakdown", Morgan Stanley reveals $911 million Archegos loss as profit jumps, "Nomura and UBS Become Latest to Record Archegos Losses", "UBS, Nomura push global banks' Archegos losses over $10 bln", "Archegos Hit Tops $10 Billion After UBS, Nomura Losses", "Federal agents arrest Archegos owner Bill Hwang and a former top lieutenant", "Archegos owner Bill Hwang, former CFO Patrick Halligan charged with fraud", https://en.wikipedia.org/w/index.php?title=Archegos_Capital_Management&oldid=1145583582, Investment management companies of the United States, Investment companies based in New York City, Financial services companies established in 2013, Financial services companies disestablished in 2021, American companies disestablished in 2021, Short description is different from Wikidata, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 19 March 2023, at 22:54. Ultimately in March 2021, price declines in Archegoss most concentrated positions allegedly triggered significant margin calls that Archegos was unable to meet, and Archegoss subsequent default and collapse resulted in billions of dollars in credit losses among Archegoss counterparties. The new SEC Chairman Gary Gensler has said he may look to expand regulation of family offices possibly by requiring that they disclose their positions. Carnegie Mellon University, where Mr. Hwang received his masters degree after studying economics at U.C.L.A. Hwang donated $16 million in the latest year to Korean Christian causes. [29], On April 27, 2021, UBS Group AG, Switzerland's biggest bank by assets, reported that it lost $774 million in connection with Archegos failure. A Division of NBCUniversal. https://www.wsj.com/articles/who-is-archegos-fund-manager-bill-hwang-11617037264. Washington D.C., April 27, 2022 . Today, Archegos founder Bill Hwang and CFO Patrick Halligan were arrested andcharged with 11 criminal counts, including racketeering conspiracy and securities fraud. After Mr. Robertson closed the New York fund to outside investors in 2000, he helped seed Mr. Hwangs own hedge fund, Tiger Asia, which focused on Asian stocks and quickly grew, at one point managing $3 billion for outside investors. By Kate Kelly,Matthew Goldstein,Matt Phillips and Andrew Ross Sorkin. This copy is for your personal, non-commercial use only. [26][27] Reported losses increased to $5.5 billion in late April on a notional exposure of over $20 billion, or more than half of the bank's capital at the time. This meant that Archegos did not need to disclose its large holdings, while if it had transacted in regular stocks it would have had to. [14], On March 26, 2021, banks offering prime brokerage services to Archegos started to liquidate billions of dollars' worth of various stocks after it had failed to meet a margin call. To see this page as it is meant to appear, please enable your Javascript! our Subscriber Agreement and by copyright law. The grants primarily went to religious-affiliated institutions and nonprofitsHwang has been vocal about how his Christian faith inspires his investments. The reasons arent entirely clear, but RLX, the Chinese e-cigarette company, and GSX, the education company, had both spiraled in Asian markets around the same time. In May, reports surfaced the US Department of Justice had launched a probe into the dramatic implosion of Archegos. Baidu was added to the list of affected stocks. Bill Hwang built a fortune of around $20 billion but lost it in a matter of days, Bloomberg reported. "The more family offices that are out there that's normally good for the economy in terms of investment.". It Fell Apart in Days. [2], Hwang was born in South Korea in 1964. As a result of Hwangs trading, Archegos allegedly underwent a period of rapid growth, increasing in value from approximately $1.5 billion with $10 billion in exposure in March 2020 to a value of more than $36 billion with $160 billion in exposure at its peak in March 2021. in such a nice neighborhood, he told congregants at Promise International Fellowship, a church in Flushing, Queens, in a 2019 speech. "The failure of Archegos underscores the importance of our ongoing work to update the security-based swaps market to enhance the investor protections, integrity, and transparency of this market. Banks were eager to do business with Bill Hwang and his Archegos Capital Management until he ran out of money. "Today, we charged Archegos Capital Management and affiliated individuals withcommitting fraud andmanipulating stock prices using total return swaps. Since 2014, HWANG has run Archegos as a private hedge fund or "family office," meaning that Archegos, unlike other large hedge funds, was not required to tell regulators . Credit Suissesaid the loss resulting from this exit could be "highly significant and material" to its first-quarter results. Hwang, who was arrested early Wednesday by federal officers, will be released on $100 million bail he made by. However, Archegos head trader William Tomita and director of risk management Scott Becker have both pled guilty and are cooperating with investigators, Manhattan US Attorney Damian Williams said at a Wednesday press conference. Marcia Johnson Wiki, Age, Children, Family, Net Worth and Instagram, Who is Katherine Patrick? Regulators formally lifted the ban last year. Archegos is run by former Tiger Asia manager Bill Hwang. [5] One part of his portfolio, which has been traded in blocks since March 26, 2021, by Goldman Sachs Group, Morgan Stanley and Wells Fargo & Co, was worth almost US$40 billion in mid-March 2021. Hwang, who founded Archegos as a family office in 2013, used borrowed money to make large bets on some stocks until Wall Street banks forced his firm to sell over $20 billion worth of shares after . The foundation, where Bill Hwangs wife Becky serves as a director, had nearly US$500 million in assets in 2018, according to a public disclosure. Hes giving ridiculous amounts, said John Bai, a co-founder and managing partner of the equity research firm Fundstrat Global Advisors, who has known Mr. Hwang for roughly three decades. 6LinkedIn 8 Email Updates. In a report issued a year ago, business school Insead noted that the number of single family offices had grown by 38 per cent between 2017 and 2019, to reach more than 7,000. Tiger Asia specialised in Asian securities and grew quickly to more than US$8 billion in assets under management in 2007 after generating a dazzling 40per cent annualized return, according to a 2011 Institutional Investor article. Multi-generational family offices are "uniquely positioned to drive change across many sectors and we have seen an unwavering and momentous shift towards 'building impact', whether from philanthropic activities, impact investing or increased social and environmental responsibility." But while some chased maximum returns in volatile markets, others merely kept the money safe for future generations. A religious man, Mr. Hwang established the Grace and Mercy Foundation, a New York-based nonprofit that sponsors Bible readings and religious book clubs, growing it to $500 million in assets from $70 million in under a decade. The Securities and Exchange Commission opened a preliminary inquiry into Archegos, two people familiar with the matter said, and market watchers are calling for tougher oversight of family offices like Mr. Hwangs private investment vehicles of the wealthy that are estimated to control several trillion dollars in assets. The foundation doesnt exclusively give to religious groups, however. But so much money has proved irresistible to banks. The foundation has also donated $2.4 million since 2016 to the Museum of the Bible, a museum in Washington D.C. funded largely by Hobby Lobbys billionaire founder David Green and his family that opened in 2017. Two of his bank lenders have revealed billions of dollars in losses. Hwang and Halligan pleaded not guilty Wednesday afternoon to 11 criminal charges. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Archegos Capital Management is a family office, which typically manages the money of a few wealthy families. Many of its grants also reflect Hwangs commitment to his Korean heritage. A massive margin call affected a little-known family office last Friday, incurring billions of dollars in losses for certain banks involved and jolted the overall volatility of the broader market. Archegos is a Greek biblical word for leader or prince. [4] On April 27, 2022 Hwang was indicted and arrested on federal charges of fraud and racketeering. [16], On April 27, 2022, Hwang and his former top lieutenant, Patrick Halligan, were arrested and charged with racketeering, conspiracy, securities fraud, and wire fraud as part of a scheme to harm investors. Those hopes were dashed. Language links are at the top of the page across from the title. [17] Lawyers for Hwang and Halligan stated that they were innocent of the charges in the indictment. The next year, Hong Kong regulators accused the fund of using confidential information it had received to trade some Chinese stocks. He built the assets into US$10 billion, according to a source familiar with the situation. For years, private banks have courted family offices with special departments dedicated to serving their every need. The foundation has donated tens of millions of dollars to Christian organizations. But Archegos, a so-called family office that managed the fortune of the former hedge fund manager Bill Hwang, did not publicly file such a document called a 13F in its eight-year history. Now that the considerable cloud of dust has settled following the collapse of Bill Hwang's family office, Archegos Capital Management, one is able to assess the damage inflicted. Each of them declined to detail exactly what changes might be in the works, though Credit Suisse, which lost the most to Archegos's fall ($5.5 billion), said it is "conducting a review of the Groups business strategy and risk appetite.. Credit Suisse Group AG and Japan's Nomura Holdings Inc took the main hit, with reported losses of $5.5 billion and $2 billion, respectively. . Since then the European Central Bank (ECB) has made comments about further regulation and the U.K.'s Financial Conduct Authority (FCA) has said it will look closer at "non-banks.". The prosecutors noted that by using a family office vehicle, the defendants committed fraud in darkness.. We want to hear from you. Morgan Stanley was running the deal. That changed in late March, after shares of ViacomCBS fell precipitously and the lenders demanded their money. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. Opinions expressed by Forbes Contributors are their own. As bankers canvassed the investor community, they were counting on Mr. Hwang to be the anchor investor who would buy at least $300 million of the shares, four people involved with the offering said. This sale was reported to be the cause of a 27% plunge in share price of ViacomCBS and a similar fall in the price of Discovery, Inc.[7][9], On March 29, the share price of Credit Suisse was down by 14%, while Nomura Holdings shares declined by 16%. JPMorgan refused. His silent rise unraveled last Friday, when Archegos defaulted on a margin call, triggering a liquidation of a reported $30 billion of stock in companies like ViacomCBS, Baidu and Discovery Communications as banks tried to limit losses. A number of investors trained by Mr. Robertson who went on to start their own hedge-fund firms became known on Wall Street as the Tiger cubs., Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. How do you invest?'" But sometime between the deals announcement and its completion that Wednesday morning, Mr. Hwang changed plans. [17] In a 59-page indictment, Manhattan federal prosecutors alleged that Hwang and Halligan schemed to manipulate stock prices. However, there are more and more of these "aggressive" family offices entering the market, he adds. The firm was created by Bill Hwang as a family office, essentially a private company to manage his wealth. Jonathan Ferro drives you through the market moving events from around the world on Bloomberg's The Open. The collapse of Archegos last spring demonstrated how activitiesby one firm can have far-reaching implications for investors and market participants. [6], Hwang earned an economics degree from UCLA, and an MBA from the Tepper School of Business at Carnegie Mellon University. As ViacomCBS shares flooded onto the market that Friday because of the banks enormous sales, Mr. Hwangs wealth plummeted. The Securities and Exchange Commission opened an investigation Hwangs actions just weeks after the incident. Archegos Capitol Management, a family-owned investment company, imploded last year, losing $20bn in just two days. Its a tale as old as Wall Street itself, where the right combination of ambition, savvy and timing can generate fantastic profits only to crumble in an instant when conditions change. What do we know about Mr. Hwang? "There's a lobby now for increased regulations for family offices which is contradictory to every fabric of their DNA because family offices by definition don't want to be regulated and they want to have discretion and privacy," says Mohamed. 276 Likes, 11 Comments - Lyric Stage Dallas (@lyricstagedallas) on Instagram: "Lyric Stage is proud to present the cast of Disney's TARZAN featuring heart-pumping . He also contributed smaller amounts of stock in Facebook, Expedia and Hawaiian Airlines. Bill Hwang and the family office New York-based Archegos was set up by Mr Bill Hwang, formerly a stock analyst with storied hedge fund Tiger Management, founded by legendary fund manager. But despite his own millions, Hwang borrowed heavily from banks to build up large stakes in public companies such as Viacom, Farfetch and Vipshop. Credit Suisse was mentioned by the Financial Times as "allowing the family office (of Hwang) to make highly leveraged bets on US and Chinese stocks". That changed in late March, after shares of ViacomCBS fell precipitously the... Promised to stay in the market, he adds into US $ 10 billion, according the! Word for leader or prince the men will also help the Commodity Futures Commission! Enormous sales, Mr. Hwang, a former hedge fund Tiger Asia lost money the. Guilty to wire fraud and racketeering of stock in Facebook, Expedia and Hawaiian Airlines Christian faith his. 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