Who is Bill Hwang?
CEO Bill Hwang started his second company, Archegos, in 2013 and is the founder of a charity foundation.
His previous company, Tiger Asia Management, was an investment firm that went out of business in 2012.
Who is Bill Hwang?
Bill Hwang, whose full name is Sung Kook Hwang, immigrated with his parents to the US from South Korea in 1982.
He started his career working at Hyundai Securities in New York before moving on to an investment company, Peregrine.
While working at Peregrine, Hwang became acquainted with the hedge fund manager and billionaire, Julian Robertson.
Robertson owned the company, Tiger Management which was an investment firm that brought Hwang onto the team.
When Robertson closed the firm in 2000, Hwang used $25million and launched his own firm, Tiger Asia Management.
The company's time lasted just over a decade and closed in 2012 when the government began looking into Tiger Asia Management's funds.
A year later, Hwang opened Archegos, a family-run business that he said he runs through his faith.
According to , Hwang told Fuller Studio in 2018, “I’m like a little child looking at what I can do today, where can I invest to please our God."
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Why did Tiger Asia Management close?
Tiger Asia Management closed its' doors in 2012 after a government probe into the company's funds resulted in Hwang being charged $44million for insider trading.
The probe was carried out over three years by Hong Kong securities officials and the U.S. Securities and Exchange Commission.
At the time, Hwang wrote a letter to Tiger Asia Management's clients and told them he would be returning his outside money by the end of August 2012.
The reported that Hwang's letter said, “... The firm has been the subject of government investigations of alleged trading based upon confidential information and engaging in certain manipulative trades in late 2008/early 2009 in Asian markets.
“We continue to work to resolve these matters in the U.S. and overseas and look forward to putting them behind us.”
He ended the letter by saying, “I wish that I could have done better for you, especially during the periods of market difficulties such as in 2008.”
What is the Grace and Mercy Foundation?
Hwang founded the Grace and Mercy Foundation in 2018 to help and support others.
According to the , the initiatives carried out are to "support the poor and oppressed" as well as hold public scripture readings and book clubs and help people to learn, grow, and serve.
The Gracy and Mercy Foundation says they work with non-profit organizations to bring their mission to "various communities."
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"Our approach to grantmaking is that of thoughtful investors," the site says.
"We invest in organizations that bring tangible value to their communities and also target overlooked or underfunded opportunities."
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