Business & Investment

Morgan Stanley invested $ 5 billion in Arquegos shares on the eve of a fire sale: CNBC By Reuters

© Reuters.File Photo: People take pictures near the Morgan Stanley building in Times Square, New York

(Reuters)- Morgan Stanley (NYSE :) CNBC reported on Tuesday that it had sold about $ 5 billion in Arquegos shares the night before the fire sale hit its rivals, citing people with trading knowledge.

According to the report, Morgan Stanley agreed that Arquegos, run by former Tiger Management analyst Bill Hwang, would go to buy shares late Thursday.

According to CNBC reports, the bank offered shares at a discounted price and told hedge funds that it was part of a margin claim that could prevent the collapse of unnamed clients.

Morgan Stanley did not immediately respond to Reuters’ request for comment.

Early on Tuesday Credit suisse (SIX :) said the deal with Archegos Capital Management would be hit by CHF 4.4 billion ($ 4.72 billion) and urged a review of the leadership of investment banks and the risk sector.

Other banks exposed to Archegos Goldman Sachs Group Reuters reported on Monday that Inc (NYSE :) and Deutsche Bank AG (NYSE :) had canceled the deal, citing sources who knew the deal directly.

($ 1 = 0.9313 CHF)

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Morgan Stanley invested $ 5 billion in Arquegos shares on the eve of a fire sale: CNBC By Reuters

https://www.investing.com/news/stock-market-news/morgan-stanley-dumped-5-billion-in-archegos-stock-night-before-fire-sale-cnbc-2467406 Morgan Stanley invested $ 5 billion in Arquegos shares on the eve of a fire sale: CNBC By Reuters

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