Archegos hedge fund losses like ‘fender bender’ on highway: UBS portfolio manager
UBS managing director and senior portfolio manager Jason Katz weighs in on today’s markets and economy.
As the implosion of hedge fund Archegos continues to roil select financial stocks, Wells Fargo investors are breathing a sigh of relief after the bank offered the following update:
“We had a prime brokerage relationship with Archegos. We were well collateralized at all times over the last week and no longer have any exposure. We did not experience losses related to closing out our exposure" the company noted.
WELLS FARGO & CO.
The $10 billion hedge fund, run by Bill Hwang, was forced to liquidate positions last week, causing extreme swings in a number of stocks, including Discovery and ViacomCBS, according to reports.