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ARK INNOVATION ETF ACC - USD

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Ark Invest CEO Wood says Hwang provided seed capital for first four ETFs

05/07/2021 | 08:29pm EDT

(Reuters) - Celebrity stockpicker and Ark Invest Chief Executive Cathie Wood told CNBC on Friday that hedge fund veteran Bill Hwang had provided seed capital for Ark's first four exchange-traded funds.

Wood said she had held discussions with Hwang about U.S. stocks and, in particular, the media sector back in 2013.

"He did provide the seed for our first four ETFs and we were very grateful to him. It was at a time where market makers were sick of seeding new strategies," she said in the CNBC interview.

Archegos Capital Management, the New York investment fund run by former Tiger Asia manager Hwang, was preparing for insolvency as banks involved in financing its trades seek to recoup some of their losses, according to a Financial Times report earlier this week.

Archegos fell apart in March when its debt-laden bets on stocks of certain media companies unraveled.

Wood said she had not spoken to Hwang recently.

"I sent him a note after I heard about the unfortunate events that we've all witnessed and I'm wishing him well," she told CNBC.

(Reporting by Kanishka Singh in Bengaluru; Editing by Leslie Adler)


ę Reuters 2021
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ARK INNOVATION ETF Acc - USD Technical Analysis Chart | MarketScreener
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Description
Currency USD
Management fees 0.75%
AuM (2021-04-26) 8279.69 M USD
Provider Ark Investment
Features and characteristics
Jurisdiction United_States
Structure Open-end Management Investment Company
Date of creation 2014-10-31
Dividend Policy Capitalization
AuM evolution (2021-04-26)
Last one 8279.69 M USD
1-month 7569.33 M USD
3 months 5206.26 M USD
6 months 2670.4 M USD
1-year 1434.85 M USD
Technical analysis trends ARK INNOVATION ETF ACC - USD
Short TermMid-TermLong Term
TrendsBullishBearishNeutral