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UBS joins Morgan Stanley with surprise $861 million Archegos hit UBS joins Morgan Stanley with surprise $861 million Archegos hit Bloomberg Bloomberg UBS Group disclosed an $861 million hit from the implosion of Archegos Capital Management and vowed to improve risk management, joining Morgan Stanley in blindsiding investors who d been kept in the dark for weeks about the size of the losses. The loss, mostly booked in the first quarter, overshadowed a better-than-expected profit, with strong performance in the key wealth management business. Chief Executive Officer Ralph Hamers said though the bank will require more transparency from clients to prevent such losses in the future, he defended its business with hedge funds as strategic and said he had no plans to follow rival Credit Suisse Group in cutting back lending. ....
UBS announces surprise $861 million Archegos hit Like Morgan Stanley, UBS kept its investors in the dark for weeks about the size of the losses it incurred in the collapse of Bill Hwang s family office. April 27, 2021 2 MINS UBS Group disclosed an $861 million hit from the implosion of Archegos Capital Management and vowed to improve risk management, joining Morgan Stanley in blindsiding investors who’d been kept in the dark for weeks about the size of the losses. The loss, mostly booked in the first quarter, overshadowed a better-than-expected profit, with strong performance in the key wealth management business. Chief Executive Ralph Hamers said while the bank will require more transparency from clients to prevent such losses in the future, he defended the business with hedge funds as “strategic” and said he had no plans to follow rival Credit Suisse Group in cutting back lending. ....
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. ....
UBS Reviews Family Office Clients Post-Archegos, $861 Million Loss businessinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businessinsider.com Daily Mail and Mail on Sunday newspapers.
UBS Joins Morgan Stanley With Surprise $861 Million Archegos Hit msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.