Julian Robertson, founder of the now defunct Tiger Management and mentor of ‘tiger cub’ Bill Hwang, spoke positively about his protege and called the Archegos collapse a «business mistake» that could happen to anyone.
«I’m just very sad about it,» said 88-year old hedge fund billionaire Julian Robertson in an interview with «Bloomberg». «I’m a great fan of Bill, and it could probably happen to anyone. But I’m sorry it happened to Bill.»
While Hwang previously pled guilty to financial malpractice charges that led to $60 million in criminal and civil settlements, Robertson noted that the current case is different.
«This is not an insider-trading thing here,» Robertson said. «I think that’s a business mistake. And he was hurt by the mistake more than anybody else. So it’s not as if he took money from a bank or something like that.»
«Very Decent Guy»
Robertson repeatedly underlined that Hwang was a decent person, adding that they remained friends.
He said that he left Hwang a message, leaving his regards on the situation while his protege responded with thanks and that it was «wonderful [for Robertson] to come to my corner».
«He’s a devoted Christian. He works with a lot of young people and all of that,» Robertson said. «You can say all this, but he’s a very fine guy. If you ever do a story on the good side of Bill, call me, you hear?»
Hwang’s Third Attempt?
The Archegos collapse – which has thus far reportedly unveiled more than $6 billion in losses for global banks – will mark the second major setback Hwang has seen in his financial career after he closed his renowned Tiger Asia Management fund in 2012 following insider trading charges.
On potentially supporting him in his third attempt, Robertson said he would continue investing with Hwang.
«Because he’s a good investor,» he said. «And he’ll learn from this. We’re always learning.»
