NEW YORK/HONG KONG - U.S. investor Sung Kook “Bill” Hwang was looking for a second chance on Wall Street after falling from grace and shutting his multibillion-dollar hedge fund firm. Japan’s Nomura Holdings Inc gave him one.
“It was ‘They paid their fines, everything’s settled ... they are open for business’” said a former Nomura employee with knowledge of the revived relationship. “It was like ‘OK ... what are you looking to do?’” Last week, that relationship was looking like a terrible miscalculation as a plunge in the shares of ViacomCBS Inc left Archegos - which had a highly leveraged bet on the stock - facing a massive margin call from its banks looking to cover the increased exposure.
“I’m not afraid of death or money. The people on Wall Street wonder about the freedom that I have," Hwang said in a videoThat contrasts with Hwang the investor, who was “super aggressive” and “considered a guy who was willing to do incredibly bold things,” said a professional hedge fund investor who has tracked his career.
Another of the sources said Hwang would exploit his status as a top client to push banks to reduce their collateral requirements - a key way banks mitigate risks posed by clients. “The relationship really blossomed in the last four to five years as that tied in with push to get a bigger share of the market in the United States,” said another person familiar with Nomura and Archegos.BIG BUSINESS, BIG RISK
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