Investing
Archegos ‘Friendship’ With Nomura Ended in $3 Billion Loss
- Archegos founder cultivated close ties at bank’s top levels
- Nomura tightened risk management after Hwang’s fund imploded
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Not long before the implosion that would rock Wall Street and threaten Bill Hwang with life in prison, he tapped out an email to a bank that had been vital to the success of his investment fund, Archegos Capital Management.
Hwang appreciated the “corporate partnership and friendship” of Nomura Holdings Inc.’s executives for 25 years, he wrote in December 2020, and he was “so glad to see our partnership is growing even stronger.” He was eager to host them at his penthouse apartment — “I know all the good Korean restaurants in NJ and NY! :)”