Bill Hwang’s Archegos: A timeline of the fund’s spectacular $10 billion failure

NEW YORK, May 8 (Reuters) – Sung Kook “Bill” Hwang, founder of the $36 billion private investment firm Archegos Capital Management which collapsed spectacularly in 2021, arrived in court on Wednesday for the start of his criminal trial.

Here is a timeline of the fund’s blow up – one of the biggest in years – which left global banks with $10 billion in losses:

1996-2001: Hwang, who moved to the United States as a child from South Korea, works at the late billionaire Julian Robertson’s pioneering hedge fund Tiger Management, where he hones his stock-picking skills.

2001: Hwang launches his own hedge fund, Tiger Asia Management. The firm was started with seed money from Robertson, making him part of an elite group of the billionaire’s protégés dubbed the Tiger Cubs.

2012: Regulatory issues in Hong Kong and the United States lead Tiger Asia Management to shut down in 2012. Hwang pleads guilty to wire fraud relating to illegal trading of Chinese bank stocks and separately pays $44 million to U.S. authorities to settle insider trading charges.

Source: REUTER

Bill Hwang’s Archegos: A timeline of the fund’s spectacular $10 billion failure

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