Ark Make investments CEO Wooden says Hwang supplied seed capital for first 4 ETFs By Reuters
(Reuters) – Superstar stockpicker and Ark Make investments Chief Government Cathie Wooden instructed CNBC on Friday that hedge fund veteran Invoice Hwang had supplied seed capital for Ark’s first 4 exchange-traded funds.
Wooden mentioned she had held discussions with Hwang about U.S. shares and, specifically, the media sector again in 2013.
“He did present the seed for our first 4 ETFs and we had been very grateful to him. It was at a time the place market makers had been sick of seeding new methods,” she mentioned within the CNBC interview.
Archegos Capital Administration, the New York funding fund run by former Tiger Asia supervisor Hwang, was making ready for insolvency as banks concerned in financing its trades search to recoup a few of their losses, in response to a Monetary Instances report earlier this week.
Archegos fell aside in March when its debt-laden bets on shares of sure media firms unraveled.
Wooden mentioned she had not spoken to Hwang just lately.
“I despatched him a be aware after I heard concerning the unlucky occasions that we have all witnessed and I am wishing him nicely,” she instructed CNBC.
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