Financial fictions: the old ones

Michael Roberts Blog

I must declare an interest.  In days of old, many moons ago, I worked for an investment consultancy that advised Bill Hwang, the owner of Archegos, the ‘family office’ hedge fund that recently collapsed leaving $20bn owed to two big banks, Credit Suisse and Nomura.

Bill Hwang

Hwang was then a ‘Tiger cub’, someone that veteran hedge fund manager, Julian Robertson of the pioneering Tiger hedge fund showed favour on with ‘seed’ investment capital.  After leaving Tiger, Hwang struck out on his own back in 2001 to great success. But then there was the first scandal when in 2013 Hwang was barred from the US investment business. Authorities alleged that, as part of an insider-trading scheme, his Tiger Asia Management hedge fund had violated promises it made to some of the world’s most powerful investment banks.

But no matter, Hwang, a pastor’s son and deeply religious, soon re-invented himself to…

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