The name of the native South Korean Sung Kook Hwang was previously only known in New York high finance. Now, however, the US citizen, whom everyone calls Bill, is also talking about the small shareholders of Credit Suisse, UBS, Nomura and a few other credit institutions. After all, the collapse of his company Archegos Personal-Financial.com Management costs them the proud sum of $ 10 billion.
Many media are currently using the Hwang case to once again tease the breakneck financial speculation by hedge funds. But Archegos does not belong in this category at all: Hwang operates a so-called family office under this name, which officially only serves to manage its own assets. The banks involved, including originally German ones, were enough