(Reuters) – Celebrity stockpicker and chief executive of Ark Invest, Cathie Wood, told CNBC on Friday that hedge fund veteran Bill Hwang had provided seed capital for Ark's first four publicly traded funds.
Wood said she had talks with Hwang about U.S. stocks, and the media sector in particular, back in 2013.
"He gave the go-ahead for our first four ETFs and we were very grateful to him. It was at a time when market makers were tired of developing new strategies," she said in an interview with CNBC.
Archegos Capital Management, the New York mutual fund of former Tiger Asia manager Hwang, braced for bankruptcy as banks involved in funding their businesses try to recoup some of their losses, according to a Financial Times report earlier this week balance.
Archegos fell apart in March when its debt-laden bets on stocks of certain media companies dissolved.
Wood said she hasn't spoken to Hwang recently.
"I sent him a message after hearing about the unfortunate events that we all saw and I wish him well," she told CNBC.
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