UBS Reveals $774M Hit From Archegos Default

Law360, London (April 27, 2021, 11:58 AM BST) -- Swiss investment bank UBS reported a $774 million hit on Tuesday from its exposure to Archegos Capital Management, in a surprise announcement that confirmed it has become the latest victim of the collapse of the U.S. hedge fund.

UBS Group AG said that its financial reporting for the first quarter of 2021 included a loss of $774 million from a default by Archegos, a so-called family office, which handles only the investments of a family with at least $100 million in assets. The loss in operating income left the bank with a net profit of $1.8 billion for the first three...

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