Wall Street head scratching over the recent, meteoric rise and fall of ViacomCBS and Discovery shares ended Monday with some aha!
news — a little known, now bankrupt hedge fund had invested heavily then was forced to sell massive blocks of stock in the two companies.On Monday, Credit Suisse and Nomura revealed that they will incur large losses from the collapse of an unnamed client reported to be Archegos Capital Management, the family office of Bill Hwang, a former manager of Tiger Asia, after the fund defaulted on margin calls by the banks.Family offices manage wealthy family assets and are exempt from SEC disclosure rules that require other funds and investors to report large holdings in publicly traded companies.
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