NEW YORK: Morgan Stanley sold US$5bil (RM21bil) of shares owned by Archegos Capital Management a day before a deluge of block trades sent shockwaves across capital markets.
The sale of the basket of shares on March 25 was completed at a fixed discount, according to a person with knowledge of the matter, who asked not to be identified discussing private transactons.
The Wall Street bank sold shares held by Bill Hwang’s family office in about 10 companies after the market close, mainly to hedge funds, the person said.
CNBC reported earlier Tuesday on the size of the stock sale.
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