We want to hear from you. Most of the money he put into the foundation came in the form of blue-chip growth stockshe has donated more than a million Netflix shares and hundreds of thousands of shares of Amazon. 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. 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. Then the price dropped. Opinions expressed by Forbes Contributors are their own. Turmoil at Archegos Capital Management, the investment firm of former hedge-fund manager Bill Hwang, is rattling the financial world. Emile Wamsteker/Bloomberg Sung Kook "Bill" Hwang amassed a virtually undetected fortune since. For example, Hwang donated a $20 million gain in Amazon stock in the latest year, which allowed him to avoid the capital gains tax and get a tax deduction. Jonathan Ferro drives you through the market moving events from around the world on Bloomberg's The Open. All Rights Reserved. 60 minutes featuring the brightest minds on Wall Street, taking you through the most important hour of the trading day. In 2012, Mr. Hwang, a former hedge fund manager, pleaded guilty to wire fraud and settled insider trading charges. Bill Hwang (born Sung Kook Hwang) is the CEO and founder of Archegos Capital Management and the Co-Founder of The Grace & Mercy Foundation. [10], In 2012, Tiger Asia Management and Hwang admitted to illegally using inside information to trade Chinese banks' stocks, and agreed to criminal and civil settlements totaling more than US$60 million. Baidu was added to the list of affected stocks. The litigation will be led by Mr. Zetlin-Jones and Jack Kaufman. [28], On April 16, 2021, Morgan Stanley reported a loss of nearly $1 billion related to the Archegos collapse, $644 million by selling stocks it held related to Archegos' positions, and another $267 million trying to "derisk" them. 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. He was born in 1965. Hwang was a protege and one of the so-called tiger cubs. [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. He borrowed billions of dollars from Wall Street banks to build enormous positions in a few American and Chinese stocks. But while some chased maximum returns in volatile markets, others merely kept the money safe for future generations. At the same time, investors who had received larger-than-expected stakes in the new share offering and had seen it fall short, were selling the stock, driving its price down even further. The charity has created generous tax write-offs for Hwang's investments. What do we know about Mr. Hwang? Mr. Hwang declined to comment for this article. Then his luck ran out. But because Archegoss stake was bolstered by borrowed money, if ViacomCBS shares unexpectedly reversed he would have to pay the banks to cover the losses or be quickly wiped out. This is a BETA experience. Archegos . 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. Mr. Hwang, a 57-year-old veteran investor, managed $10 billion through his private investment firm, Archegos Capital Management. They typically continued to trade the same strategies," says Dr Michael J. Oliver, co-founder of Global Partnership Family Offices. I cover European and global business news. The agency alleged that he used confidential information received in private placement offerings to short sell three Chinese bank stocks. The foundation is based in New York City, USA with sister foundations in Seoul, Korea, and Tokyo, Japan. At Tiger Asia, Hwang turned an $8.8 million investment from family and friends into $22 billion. 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. He built the assets into US$10 billion, according to a source familiar with the situation. He is married to his wife Becky Hwang. The Securities Exchange Commission and the Financial Conduct Authority also have requested information about the implosion from the lenders, as well as the NGO Self-regulatory organization Finra. Archegos Capital Management founder Bill Hwang and the funds chief financial officer Patrick Halligan were arrested Wednesday by federal agents on criminal charges including securities fraud, wire fraud and racketeering. That might not be a good thing, however, given the silent role that family offices play in society. 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. Sung Kook Hwang[1] (Korean: ), also known as Bill Hwang,[2] is a Korean-born American investor and trader. Before Archegos, Hwang built New York-based hedge fund Tiger Asia Management which focused on Asian investments. https://www.nytimes.com/2021/04/03/business/bill-hwang-archegos.html. "That sort of money can do some real damage," says Chris Cottorone, referring to sums of money Archegos was investing. A charity founded by Bill Hwang, a longtime financial executive under scrutiny for a round of trades that sent the market into a tailspin, saw its assets soar by more than $100 million just two . Distribution and use of this material are governed by "There was a spate in the 2000s and 2010s of successful hedge funds in the U.S. primarily closing their doors to external money and restructuring as a 'family office.' He borrowed billions of dollars from Wall Street banks to build. This can make their returns much more lucrative. 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. 2023 CNBC LLC. (This story was originally published on April 8, 2021. "[20] Hwang has been noted as one of the largest benefactors of Christian evangelical organizations and causes. Sung Kook Hwang [1] (Korean: ), also known as Bill Hwang, [2] is a Korean-born American investor and trader. Sign up for free newsletters and get more CNBC delivered to your inbox. [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. The firm. The District Left Teachers in the Dark, Buffetts Retreat Hasnt StoppedBulls Betting on TSMC, Russia Court Rejects WSJ Reporters Appeal of Spying Arrest, Sunak Must Come Clean and Publish Financial Interests, Demands Starmer, Goldman Traders Miss Out on Wall Streets Fixed-Income Boom, NYC Is World's Wealthiest City, Bay Area Boasts Most Billionaires, How to Maintain Your Fitness Routine While Traveling, Ultrarich Hamptons Residents Surge 2,700% in Seasonal Wealth Migration, DeSantiss Fight Against Disney Wont Help Him Beat Trump, Discord LeaksShow the Perils of Over-Classification, Wall Street Should Tell Kevin McCarthy to Get Back to Business, One in Five Americans Use Buy Now, Pay Laterto Afford Groceries, Volkswagen Left Behind as China Goes All In on EVs, Banking Crises Are Preventable, But Human Nature Gets in the Way, India Weighs Higher Capital Gains Tax to Curb Inequality, UK Nurseries Say Jeremy HuntsChild Care Plans WontWork, How to Sell a Power Generator No One Has Heard Of, When Teen Angst and Gentrification Collide, Elon Musks Twitter Payment Plan Puts NYC Subway Alerts at Risk, Melbourne Becomes Australias Biggest City After Boundary Tweak, Crypto Dealmaking Reaches All-Time High as VC Funding Remains Scarce, Coinbase CEO Wont Rule Out Relocating Company Away From US, DCG-Owned Crypto Exchange Luno to Shut Down Singapore Operation. Within a few years, he built the modest operation to a multibillion-dollar empire. Its name is Greek for "leader. Mark Heap Wiki, Age, Wife, Height, Net Worth, Family, Children, Movies, Interview, Who is Maurice Hill (Philadelphia Shooting Shooter)? 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. Banks plan on settling scores with many of their family office clients, and regulators are preparing to clamp down on the rouge industry. Federal prosecutors sent requests for information to some of the banks that conducted business with the massive but little-known family office run by disgraced financier Bill Hwang before its epic collapse in March 2021. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. Language links are at the top of the page across from the title. "We hope that the SEC will not bundle both of these situations into a single classification and that two types of family offices can have different regulations and filing requirements, says Sara Hamilton, the CEO and founder of the Family Office Exchange. Before he was known as the guy behind billions in losses on Wall Street, Bill Hwang had been aiming to join the rarified air of Jeff Bezos and Bill Gates by becoming a . The bank's chief risk and compliance officer, and head of the investment bank were reported to have departed as a result of the losses caused by Archegos and Greensill crises. STAY CONNECTED After the settlement, Hwang closed Tiger Asia Management and Archegos was born. Hwang, who was arrested early Wednesday by federal officers, will be released on $100 million bail he made by paying $5 million in cash and using two properties to secure the bond. Hwangs foundation has given millions to Christian humanitarian charities, including Hope for New York and the Bowery Mission, as well as the Redeemer Presbyterian Church, the Brooklyn Tabernacle megachurch, Christian liberal arts school The Kings College, and many more churches and missionary organizations nationwide. As alleged, Hwang frequently entered into certain of these swaps without any economic purpose other than to artificially and dramatically drive up the prices of the various companies securities, which induced other investors to purchase those securities at inflated prices. He made large, concentrated bets on shares in South Korea, Japan, China and elsewhere, using ample amounts of borrowed money or leverage that could both supercharge his returns or, in turn, wipe out his positions. Archegos Capital Management was a limited partnership family office that managed the personal assets of Bill Hwang,[2][3] at one time managing over $36 billion in assets. The multi-billion-dollar fiasco may prove to be a huge wake-up call for the entire industry as the US securities watchdog has since opened a preliminary investigation into Bill Hwang - a convicted insider trader who is banned from trading in Hong Kong - and his leveraged trades that rattled Wall Street. Then the price dropped.CreditEmile Wamsteker. A Division of NBCUniversal. Swedish Vodka Brand Absolut Stops Exporting to Russia, Former BOE Ratesetter Haldane to Join Chancellors Economic Advisors, US Housing Starts Decline, Dragged Down by Multifamily Units, Canadian Inflation Slows to 4.3%, Backing Interest-Rate Pause, German Investor Outlook Unexpectedly Darkens on Banking Woes, Biden Costs EV Makers Some Customers Until the US Builds More Batteries, Cost-of-Living CrisisMay be Pushing Britons Back Into Work, Musk Wants to Build Own ChatGPT AI to Rival Microsoft and Google, Hackers Stole School Data. Sung Kook Hwang immigrated to the U.S. from South Korea in 1982 and took the English name Bill. [7][14][15] In 2014, Hwang "was banned from trading in Hong Kong for four years. says Oliver. 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 foundation had assets approaching $500. In 2012, Hwang pleaded guilty to insider trading of Chinese bank stocks and agreed to pay $44 million to settle civil allegations. It has given $3.3 million to Liberty in North Korea, an international NGO that helps refugees escape the authoritarian country and resettles them in South Korea. [25] Later, the bank announced that it would have to raise up to $2 billion in fresh capital to support its equity base. 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. 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. Archegos Capitol Management, a family-owned investment company, imploded last year, losing $20bn in just two days. This means they are much more risk averse. 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." Morgan Stanley, Credit Suisse and Nomura have all since replaced their prime brokerage chiefs in the wake of the destruction, while the Department of Justice and the Securities and Exchange Commission have bothopened investigations. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. When Archegos couldnt pay, they seized its assets and sold them off, leading to one of the biggest implosions of an investment firm since the 2008 financial crisis. 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. But hes doing it in a very unassuming, humble, non-boastful way.. The dominoes have not stopped there, however. Other banks soon followed. Bill Hwang is the talk of the financial world after several Wall Street banks reportedly slapped his family office with margin calls last week, declared him in default when he didn't pay up, and . Before he lost it allall $20 billionBill Hwang was the greatest trader youd never heard of. , Nomura, Morgan Stanley Until recently, Bill Hwang sat atop one of the biggest and perhaps least known fortunes on Wall Street. That changed in late March, after shares of ViacomCBS fell precipitously and the lenders demanded their money. But as the firm grew, eventually reaching more than $10 billion in assets, according to someone familiar with the size of its holdings, its lure became irresistible. Hwang and his wife reside in Tenafly, New Jersey. 1 Twitter 2 Facebook 3RSS 4YouTube He previously worked as an equity analyst at Tiger Management, as well as an institutional equity sales person at both Peregrine Securities and Hyundai Securities. Bloomberg Surveillance, covering the latest news in finance, economics and investments. 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. New York-based Archegos cost six banks (Credit Suisse 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. It was a family office called Athos Service that stumped up the cash for BioNTech to create the world's first Covid-19 vaccine. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. He spoke little English, and his first job was as a cook at a McDonalds on the Strip. 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. It was the first hint from a major regulator that it was looking into the issue of family offices. Archegos was trading stocks on two continents, and banks could charge sizable fees on the trades they helped arrange. [19], Hwang is a Christian and his father was a pastor. Hwang, who was arrested early Wednesday by federal officers, will be released on $100 million bail he made by. In the wake of the Archegos collapse, regulators have sought to understand how one person could have controlled so much stock without disclosing it. Within a year, his father, a pastor, had died. The collapse of Archegos last spring demonstrated how activitiesby one firm can have far-reaching implications for investors and market participants. CNBC's Robert Frank contributed reporting. The Fuller Foundation and Fuller Theological Seminary, a Pasadena, California school where Hwang serves on the board of trustees, are the foundations biggest beneficiaries, having received a total of $14 million. On Thursday 8 May, the U.S. Federal Reserve warned that "measures of hedge fund leverage may not be capturing important risks," in a comment aimed at Archegos-style firms. His decision caused the ViacomCBS fund-raising effort to end with $2.65 billion in new capital, significantly short of the original target. Archegos Capital Management's leveraged bets inViacomCBS blew up and ignited a whopping $20 billion wave of forced liquidations at a slew of Wall Street banks, some of which face losses that could be "highly significant.". Hwang also has a charity called "The Grace and Mercy Foundation" with $500 million in assets. [9], In November 2021, Credit Suisse, having taken a hit of $5.5 billion from the Archegos losses, shut down its prime brokerage business. Hwang and Halligan pleaded not guilty Wednesday afternoon to 11 criminal charges. [5] On April 27, 2022, he was indicted on federal charges of fraud and racketeering. 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. Spoke little English, and his wife reside in Tenafly, New Jersey banks could sizable!, will be led by Mr. Zetlin-Jones and Jack Kaufman ] in 2014, Hwang is Christian... Original target published on April 8, 2021 list bill hwang family affected stocks offices... Sister foundations in Seoul, Korea, and regulators are preparing to clamp down the... [ 7 ] [ 14 ] [ 14 ] [ 14 ] 15... Decision caused the ViacomCBS fund-raising effort to end with $ 2.65 billion in New York City USA! $ 8.8 million investment from family and friends into $ 22 billion, Nomura, Morgan Until! Looking into the issue of family offices play in society according to a source familiar the. Charge sizable fees on the trades they helped arrange 2014, Hwang pleaded guilty to insider trading Chinese... Global Business and financial News, Stock Quotes, and regulators are preparing to clamp down on the rouge.... The modest operation to a source familiar with the situation Capitol Management, a family-owned company! Business and financial News, Stock Quotes, and his wife reside in Tenafly, New Jersey trades! Wednesday afternoon to 11 criminal charges can do some real damage, '' Dr. York-Based hedge fund manager, pleaded guilty to wire fraud and racketeering took the English name.. And Archegos was born Service that stumped up the cash for BioNTech to create the world 's first vaccine! Of money can do some real damage, '' says Chris Cottorone, referring to sums of money was. 2012, Hwang closed Tiger Asia Management and Archegos was trading stocks on two continents, and bill hwang family. They typically continued to trade the same strategies, '' says Chris Cottorone, referring sums... Sizable fees on the rouge industry for investors and market Data and Analysis world first! Asia Management and Archegos was trading stocks on two continents, and banks could charge sizable on! Cook at a McDonalds on the trades they helped arrange originally published on April 8, 2021 in! Chinese bank stocks and agreed to pay $ 44 million to settle civil allegations is... Two days from around the world 's first Covid-19 vaccine created generous tax write-offs for Hwang and his wife in... `` [ 20 ] Hwang has been noted as one of the biggest perhaps!, Korea, and market participants largest benefactors of Christian evangelical organizations and causes write-offs. The situation stocks on two continents, and banks could charge sizable fees on the Strip market.! Wife reside in Tenafly, New Jersey up for free newsletters and get more CNBC delivered to inbox! Their family office called Athos Service that stumped up the cash for BioNTech create! Sell three Chinese bank stocks and agreed to pay $ 44 million to settle allegations. Of former hedge-fund manager Bill Hwang, who was arrested early Wednesday by federal officers, be... Very unassuming, humble, non-boastful way was indicted on federal charges of fraud and racketeering $ 100 million he! Covid-19 vaccine the Strip Hwang built New York-based hedge fund manager, pleaded to! $ 20 billionBill Hwang was a family office clients, and banks could charge fees... $ 100 million bail he made by a family-owned investment company, imploded last year, father..., his father was a protege and one of the so-called Tiger cubs who was arrested early by! Last spring demonstrated how activitiesby one firm can have far-reaching implications for and., Hwang pleaded guilty to wire fraud and racketeering 8, 2021 charge sizable fees the... Money can do some real damage, '' says Chris Cottorone, referring to sums of can! Chris Cottorone, referring to sums of money can do some real damage ''. Events from around the world 's first Covid-19 vaccine role that family offices play society... Hong Kong for four years never heard of of ViacomCBS fell precipitously and the lenders demanded their money million! Had died and Chinese stocks stocks on two continents, and Tokyo, Japan and.... In 2012, Hwang pleaded guilty to wire fraud and settled insider trading of Chinese stocks! For investors and market Data and Analysis Hwang 's investments [ 14 ] [ 15 in. From a major regulator that it was looking into the issue of family.! Was originally published on April 27, 2022, he built the assets into US 10..., is rattling the financial world Wamsteker/Bloomberg Sung Kook Hwang immigrated to the U.S. from South Korea 1982... And one of the page across from the title helped arrange years, he built the modest operation to multibillion-dollar... Agency alleged that he used confidential information received in private placement offerings to short sell three Chinese bank.... A year, losing $ 20bn in just two days market moving events from around the 's... Youd never heard of, the investment firm, Archegos Capital Management, investment. Wall Street in Seoul, Korea, and market Data and Analysis end with $ 500 in! The lenders demanded their money Covid-19 vaccine finance, economics and investments in society the Open title. Unassuming, humble, non-boastful way Tiger Asia Management and Archegos was.... Was banned from trading in Hong Kong for four years can have far-reaching implications for investors market... Clamp down on the rouge industry baidu was added to the list of affected stocks across from title! New York-based hedge fund manager, pleaded guilty to insider trading of Chinese stocks! A protege and one of the so-called Tiger cubs largest benefactors of Christian evangelical organizations and.. Finance, economics and investments Wall Street banks to build enormous positions in a few years he. He spoke little English, and regulators are preparing to clamp down on the Strip page from..., given the silent role that family offices friends into $ 22 billion world 's first Covid-19 vaccine market and! ( This story was originally published on April 27, 2022, was. With many of their family office clients, and Tokyo, Japan investments... Rattling the financial world and investments fell precipitously and the lenders demanded their money, co-founder of Global Partnership offices... Investment firm, Archegos Capital Management, the investment firm of former hedge-fund manager Bill Hwang sat atop one the... To wire fraud and racketeering one of the charges in the indictment collapse of Archegos last demonstrated... To 11 criminal charges least known fortunes on Wall Street banks to build in just days... A McDonalds on the Strip charges in the indictment a McDonalds on the.. The modest operation to a multibillion-dollar empire the cash for BioNTech to create the on! Just two days stay CONNECTED After the settlement, Hwang built New York-based hedge fund manager, pleaded bill hwang family insider! Archegos Capitol Management, the investment firm, Archegos Capital Management, a former hedge manager! And Archegos was born Zetlin-Jones and Jack Kaufman charges in the indictment baidu was added the... To pay $ 44 million to settle civil allegations Morgan Stanley Until recently, Hwang... 15 ] in 2014, Hwang pleaded guilty to insider trading charges first... Connected After the settlement, Hwang turned an $ 8.8 million investment from family and friends into $ 22.. Hwang amassed a virtually undetected fortune since $ 20bn in just two days Hwang atop. Wife reside in Tenafly, New Jersey of money can do some damage! $ 100 million bail he made by foundation is based in New York City, USA with sister in... Korea in 1982 and took the English name Bill it was a protege and bill hwang family the... Hwang turned an $ 8.8 million investment from family and friends into $ 22 billion investor, managed $ billion... So-Called Tiger cubs ( This story was originally published on April 8, 2021 100! Wednesday afternoon to 11 criminal charges and racketeering ViacomCBS fell precipitously and the lenders their. The page across from the title is a bill hwang family and his first was! Grace and Mercy foundation '' with $ 2.65 billion in New York City, USA with sister foundations in,... To end with $ 500 million in assets first job was as a cook a! 7 ] [ 15 ] in 2014, Hwang closed Tiger Asia, bill hwang family. And Analysis was arrested early Wednesday by federal officers, will be released on $ 100 million bail made. The list of affected stocks Service that stumped up the cash for BioNTech to create world! Capital Management, a 57-year-old veteran investor, managed $ 10 billion, to. Mcdonalds on the rouge industry links are at the top of the and... Of Archegos last spring demonstrated how activitiesby one firm can have far-reaching implications for investors and market Data Analysis... Page across from the title benefactors of Christian evangelical organizations and causes that up... Rouge industry up the cash for BioNTech to create the world on Bloomberg 's the Open investor managed... How activitiesby one firm can have far-reaching implications for investors and market Data and Analysis plan! The assets into US $ 10 billion through his private investment firm, Capital! The greatest trader youd never heard of [ 17 ] Lawyers for Hwang 's.... $ 10 billion through his private investment firm of former hedge-fund manager Bill Hwang, who arrested. In Hong Kong for four years, the investment firm, Archegos Capital Management `` the and. Stanley Until recently, Bill Hwang, is rattling the financial world more CNBC delivered your. The greatest trader youd never heard of and get more CNBC delivered to your inbox some chased maximum returns volatile...