Archegos Capital Management quietly amassed a stake in Deutsche Bank after its founder Bill Hwang forged ties with the German lender’s leaders before the family office imploded last year, the Financial Times can reveal.
The collapse of New York-based Archegos 12 months ago left its prime brokers, which included Credit Suisse, Nomura and Morgan Stanley, with a combined $10bn in losses after the investment firm’s highly leveraged bets on US media and technology shares unravelled.
