(Reuters) – Celebrity stockpicker and Ark Invest Chief Executive Cathie Wood told CNBC on Friday that hedge fund veteran Bill Hwang had provided seed capital for Ark’s first four exchange-traded funds.
Archegos Capital Management, the New York investment fund run by former Tiger Asia manager Hwang, was preparing for insolvency as banks involved in financing its trades seek to recoup some of their losses, according to a Financial Times report earlier this week.
Archegos fell apart in March when its debt-laden bets on stocks of certain media companies unraveled.
(Reporting by Kanishka Singh in Bengaluru; Editing by Leslie Adler)
