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Cathie Wood has revealed that Bill Hwang, an investor who blasted the family office of Archegos Capital with billions of dollars in losses, played his main role in marketing Ark Invest’s asset manager.
In a television interview on Friday, Wood he also said that with Hwang he exchanged ideas on US equities and especially the media sector in 2013, while Archegos was still focused on Asian investment.
Wood created Ark traded funds exchanged focused on innovative technology companies in 2014 after a long career on Alliance Street and Jennison Associates on Wall Street.
“Same [Hwang] he gave the seed to our first four ETFs and we were very grateful to him. At the time, market makers were tired of growing new strategies because they would be stuck with $ 2 million stuck in an ETF that goes nowhere, ”he told CNBC.
“We had to go out and grow that and Bill, who was going to start hearing what I was saying about the company…. He was very impressed, and we were very interested in the stocks that interested us,” he said. “He was just starting to learn about them.”
A tough technology stock meeting has helped Ark push ten of the largest ETF managers in the U.S. and investors are pouring money into its funds. The Major Innovation Fund now has $ 22 billion in assets. The other three Ark funds created by Hwang are the Genomic Revolution, Next-Generation Internet and Autonomous Technology and Robotics funds.
Wood, like a Hwang Christian god, Who named the gold-plated box described in the Book of Exodus Ark, said he met a former hedge fund manager when they were advisers to a religious group targeting young people on Wall Street.
“Back from that event, we were trading stock ideas back then and I know he bought one of the shares we had a lot of confidence in, Netflix,” Wood said.
Banks acted as the main broker for this Archers He had a $ 10 billion loss in late March after Hwang placed large bets on a small number of U.S. and Chinese stocks, including the ViacomCBS media group.
When asked if Wood has a stake in Ark’s funds, Wood said the ETF doesn’t know who the shareholders are, adding, “I never asked him if he saved the money. Maybe he wanted to volunteer but, no, we never did. have that conversation “.
Some banks are seeking compensation after suffering losses related to derivative business Archers, The Financial Times reported this week that it was preparing for bankruptcy. Washington stock regulators are looking into the problem.
Wood said he hadn’t spoken to Hwang since Archegos exploded. “After hearing about the unfortunate events we have all seen, I wish I had sent him a note,” he told CNBC. “He was there for us in the early days and we are very grateful to him.”
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