Billions lost in default by Archegos
Archegos saga likely to have regulatory repercussions, with a slew of US watchdogs probing the incident
18 April 2021 - 00:03
Morgan Stanley disclosed an almost $1bn (R14.3bn) loss from the collapse of private fund Archegos on Friday, muddying a 150% jump in first-quarter profit that was powered by a boom in trading and deal-making.
Morgan Stanley was one of six banks that had exposure to Archegos Capital Management, a family office fund that defaulted on margin calls late last month and triggered a fire sale of stocks across Wall Street...
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