For a top U.S. derivatives regulator, the recent implosion of Archegos Capital Management sends a clear message: Washington needs to keep much better tabs on so-called family offices like the one that Bill Hwang was running.
Dan Berkovitz, a Democratic commissioner on the Commodity Futures Trading Commission, blasted his own agency for taking too light a touch with the investment funds. Since 2019, the CFTC has been pulling back on its oversight of the vehicles, which don’t take outside investor money but can rival hedge funds or commodity-pool operators in terms of holdings, he said in a statement Thursday. ...
