UBS profit hit by meltdown of Archegos ‘SHINE GONE’: The CEO said that the bank would be seeking more transparency from family offices and other large clients at its wealth management division Bloomberg UBS Group AG yesterday posted a US$774 million hit from the implosion of Archegos Capital Management LLC and said it plans to review its risk procedures after it joined Morgan Stanley in surprising investors over the size of the impact from the collapse of the US family office. Even with the Archegos hit, UBS reported better-than-expected first-quarter profit of US$1.82 billion as wealth management income climbed. Switzerland’s largest bank had remained quiet on the collapse of Bill Hwang’s family office for weeks, even as its biggest rival, Credit Suisse Group AG, unveiled a US$5.5 billion hit and Japan-based Nomura Holdings Inc confirmed losses of US$2.3 billion for fiscal 2020-2021.