NEW YORK: Morgan Stanley sold about US$5 billion of Archegos' stocks the night before the fire sale hit rivals, CNBC reported on Tuesday, citing people with knowledge of the trades.
Morgan Stanley had the consent of Archegos, run by former Tiger Management analyst Bill Hwang, to shop around its stock late Thursday, according to the report.
The bank offered the shares at a discount, telling the hedge funds that they were part of a margin call that could prevent the collapse of an unnamed client, CNBC reported.
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