Billionaire George Soros has handed control of his $25 billion financial empire to his son Alexander, the Wall Street Journal reported.Billionaire George Soros has handed control of his $25 billion financial empire to his son Alexander, the Wall Street Journal reported.
Do You Have These Top Stocks On Your Watchlist In May?
One of the major financial stories in the stock market this year would be Bill Hwangâs Archegos Collapse earlier in March. In fact, it was the first big scandal to hit the family office industry. In case youâre not familiar, Archegos fell apart during the last week of March after amassing large leveraged positions in a concentrated portfolio of U.S. and Chinese companies.Â
Generally, hedge funds are a type of investment partnership that utilizes pooled funds to invest. They may have fairly flexible and aggressive investing styles. Therefore, it is no surprise that many would consider them to be high-risk investments. Borrowing heavily to invest in a booming stock market is certainly an attractive option for many hedge funds over the past year. But when share prices continue to fall (which they did), many banks called in their loans and Archegos defaulted. This has led to a domino effect that has cost nearly $20 bil