Bill Hwang, founder of Tiger Asia Management LLC, exits federal court in Newark, New Jersey, U.S., on Wednesday, Dec. 12, 2012.
Emile Warnsteker | Bloomberg | Getty Images
Morgan Stanley posted blockbuster results for the first quarter, but a single prime brokerage client cost the firm nearly $1 billion.
The firm had a $644 million loss from a “credit event” for that client, as well as $267 million in related trading losses, the New York-based bank said Friday in first-quarter earnings results that handily exceeded analysts’ expectations for the quarter.
That client was Bill Hwang’s Archegos, according to a person with direct knowledge of the matter, who added that the bank had no more exposure to the fund collapse.
This story is developing. Please check back for updates.