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buy apple developer account :Seduced by Archegosu0027 growth, Nomura took a chance on Hwang comeback


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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.

Nomura had previously had a relationship with Hwang's Tiger Asia Management LLC before the investment firm shut down in 2012 after being punished by U.S. and Hong Kong regulators over insider trading of Chinese stocks.

Like other banks, it initially did not resume the business relationship with the Korean-American investor's new family office, Archegos Capital Management, according to one person familiar with the situation. But Hwang's appetite for huge bets on technology, media and other company stocks in the United States and Asia proved too lucrative to resist.

"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?'"

It took time for executives in Tokyo to approve the renewed relationship, in around 2016, the person said. But once they did, Archegos grew to become one of the ten most profitable clients for the bank's U.S. operations, according to the same two people.

A U.S. spokesman for Nomura declined to comment on the relationship with Hwang.

Hwang and Archegos did not respond to requests for comment. A representative of the family office previously said in a statement that "This is a challenging time for the family office ... our partners and employees."

The story of how Hwang worked his way back in to Nomura's good graces with the promise of a lucrative trading relationship, details of which are reported here for the first time, underscores the risks Nomura was prepared to take to make headway in the world's most competitive capital market.

This story is based on interviews with nearly a dozen people with knowledge of Hwang and Archegos and their relationships on Wall Street, including two people familiar with Nomura's dealings with the fund.

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.

Those banks, including Goldman Sachs and Morgan Stanley, which had helped finance Hwang's trades, initially discussed holding off on unwinding them.

But as the shares that underpinned Hwang's positions continued falling, his banks quickly began scrambling to sell off those stocks to try to stem losses.

Two banks - Credit Suisse and Nomura - are facing billions in losses.


Bankers on Wall Street describe Hwang as a down-to-earth and polite person. Married with children, he was not seen indulging in a flashy lifestyle, said Wall Street sources who knew him.


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