[20210510]IF11825_从Archegos事件看家族理财办公室的监管.pdf

https:/crsreports.congress.gov May 10, 2021Family Office Regulation in Light of the Archegos FalloutIn late March 2021, Archegos Capital Management and its investment bank financiers started liquidating huge stock positions, causing significant turbulence in capital markets. The stock sell-offs led to pronounced declines among a number of stocks and left various investment banks with large losses. The developments sparked an array of responses from financial regulators. Some scrutiny has turned to Archegoss regulatory status as a family officea lightly regulated entity with numbers in the thousands. What Happened? Archegos, a family office managing assets for investor Bill Hwang, reportedly had $20 billion in net worth immediately before its collapse. Its entire investment portfolio, assembled by borrowing from multiple investment banks, reportedly totaled $100 billion. In March 2021, Archegos defaulted on its loans after losses on a concentrated portfolio of risky stocks. As a result, Archegoss $20 billion in net worth disappeared, and the losses spread to several lenders and counterparties to the firm. Credit Suisse, Nomura, Morgan Stanley, and UBS accumulated collective losses