Sitrick And Company is providing crisis support to Archegos Capital Management, the $10B family investment firm that imploded in mid-March.
The Financial Times called the Archegos bust the biggest financial meltdown since the collapse of Long-Term Capital Management in 1998.
Credit Suisse announced April 6 that it will take a $4.7B charge, slash its dividend and overhaul its investment ranks due to the Archegos disaster.
Founded in 2013 by Bill Hwang, a protege of hedge fund legend Julian Robinson, Archegos borrowed billions to invest in US and Chinese stocks.
A massive margin call dealt a blow to Archegos and triggered a $20B wave of liquidations at a number of Wall Street banks.
The Securities and Exchange Commission has opened a preliminary probe into Hwang’s trading. That routine investigation may or may not result in any charges of wrongdoing.
S&C’s Mike Sitrick and Seth Lubove, former editor at Bloomberg, Forbes and Wall Street Journal, represent Archegos.