Kathy Wood reveals that Bill Hawang, the investor whose family office Archegos Capital caused billions of dollars in losses, played a central role in the launch of his assets manager, Arc Invest.
In a television interview on Friday, Wood He added that he changed his mind with Huang about US stocks and the media sector in 2013, when Archegos was still focused on investing in Asia.
Made of wood extract, which runs Exchange business funds After a long career on Wall Street at Alliance Bernstein and Jensen Associates, in 2014 focused on innovative technology companies.
“She is OK [Hwang] Our first four provided seeds for the ETF and we are extremely grateful to him. It was a time when market makers were sick of creating new strategies because they were stuck with eight million dollars in an ETF that went nowhere, ”he told CNBC.
“We needed to go out and find those seeds and bills, hearing what I was saying about the company I was going to start. . Was very interested and very interested with our interested stocks, “he said.” He started learning about them. “
A fierce royalty in tech stocks has helped Orc to the top ten ETF managers in the top ten and investors have invested in its funds. The Flagship Innovation Fund now has সম্প 22 billion in assets. The other three Orc funds managed by Huang are the Genomic Revolution, Next Generation Internet and the Autonomous Technology and Robotics Fund.
Wood, at Huang Devout Christians, Who named Orc after the gold-covered book described in the book of Exodus, said he met the former manager of the hedge fund when the Wall Street youth ministers were both advisers to religious groups.
“On the way back from the event, we were just exchanging stock ideas and I know he bought a stock where we had a high level of confidence, Netflix,” Wood said.
Who has acted as chief broker in banks Arkegos Huang suffered a loss of 10 10 billion in losses in late March after a small number of U.S. and Chinese stocks turned against him, including media group Viacom CBS.
Asked if Huang was still a shareholder in any of Ork’s funds, Wood said ETFs did not know who their shareholders were, adding: “I never asked him if he kept the money. If he wanted to volunteer, he could have it, but no, We never had that conversation. ‘
Several banks are seeking compensation after losses associated with the derivatives trade Archegos, Which the Financial Times reported this week was ready for insolvency. Securities regulators in Washington are investigating the frustration.
Wood said he hasn’t spoken to Huang since the Archegos exploded. “I sent him a letter after hearing of the unfortunate incident and I congratulate him,” he told CNBC. “He was there for us in the early days and we are extremely grateful to him.”