Article: Comeback quashed for faith-driven investor Bill Hwang

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Comeback quashed for faith-driven investor Bill Hwang

Lawrence Delevingne, 30 March 2021

(Reuters) – Bill Hwang’s comeback was nearly complete. Once punished by U.S. and Asian regulators for stock trading rule violations at his former hedge fund, the New York investor rebuilt his fortune to about $10 billion. Major Wall Street banks once again competed for his business. And his charitable foundation’s coffers swelled by hundreds of millions of dollars.

Hwang was making big money again, inspired by a renewed Christian faith.

“When we create good companies through the capitalism that God has allowed, it enhances people’s lives….God delights in those things,” Hwang said in a video posted online in 2019 here.

But Hwang’s image on Wall Street unravelled again in the last week as Archegos Capital Management LP, the so-called family office that handled his fortune, defaulted on margin calls and triggered a fire sale of stocks, according to sources. As a result, Japanese bank Nomura and Switzerland’s Credit Suisse are facing billions of dollars in losses.

Hwang did not directly respond to messages seeking comment.

Karen Kessler, a spokesperson for Archegos, said in an emailed statement, “This is a challenging time for the family office…our partners and employees. All plans are being discussed as Mr. Hwang and the team determine the best path forward.”

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