London, late night time, City.

Ren Ruowei, who was about to leave the office at the end of the day, was about to leave the office when the phone on his desk rang. He let out a long sigh, shook his head helplessly, and picked up the phone casually, "Hello, this is the London headquarters of Tianyu Fund, how can you help?" ”

Since Ma Jiarui is already in a semi-retired state, he is now managing affairs outside the United States. Although it is management, there is not much cumbersome thing. At present, Tianyu Fund is divided into several sub-funds, and each group is divided into several groups according to the country and trading variety. These teams share their investments in a team model and are evaluated annually. To date, there are as many as 30 sub-funds spread across continents and countries, each with an start-up share of $1 billion, and the number of groups below is too numerous to count.

With such a diversified investment, the risk is minimized. However, in order to prevent the collapse, the transactions subdivided into each group still have to go through the risk control system in the background of the headquarters, so whether it is the movement of funds, the management of positions, the setting of take-profit and stop-loss points and the allocation of reserve funds, they need to be authorized at a higher level.

This shackles the hands of traders and fund managers in a certain way, but generally speaking, the corresponding investment allocation must be supported by risk control, because once the loss falls below the stop line, the team will all leave. In order to implement the reward, the top 10 teams with annual returns will have the opportunity to incorporate their own funds into the management of the main fund, which is naturally managed by Zhong Shi himself.

So far, Zhong Shi has managed more than $70 billion in assets in flagship funds, investing in industries such as Internet, oil, aviation, film and television, real estate, and automobiles. From the United States to China, from Germany to the Arab region, there is the shadow of Tianyu Fund.

These are just the industrial part. And in the Tianyu Global Fund, which is only open to insiders. Insiders talk about it the fact that when the subprime mortgage crisis broke out last year, Zhong Shi's investment in the Paulson Fund made a wild profit of $10 billion, making it the largest single investment return.

Therefore, being able to enter this fund is undoubtedly the ultimate dream of those external teams. While they have outperformed their flagship funds in some years, they wonder if they can't consistently achieve positive returns for two decades in a row. Almost with bare hands, building an empire worth hundreds of billions of dollars.

As a sub-fund, it is generally from the headquarters of Tianyu Fund. Headquarters does not interfere with their operations on a day-to-day basis, but if time is needed, these funds must be accompanied by orders from headquarters. Naturally, the table of these funds will not be included in the assessment of the current year.

Ren Ruowei flew from Hong Kong to London to convey the matter of selling British bank shares. Because it is equivalent to being "drafted", the British side welcomes the arrival of Ren Ruowei.

Because London is a financial center, there are seven sub-funds here, second only to the ten sub-funds in the United States. Among them, the initial funds in the stock market amounted to as much as $5 billion. Now the market capitalization of these stocks is around $12 billion, with banks accounting for more than $2 billion.

In addition to these shares, X-Spatial Global Fund also holds about $1 billion in bank stocks in the UK, including HSBC, Standard Chartered, Royal Scotland, Barclays and other banks. Combined, these shares are about $3 billion, and they do not include various options and warrants.

Just on Friday, the London market, shortly after the opening of the market, there was a huge shock in the whole market. There was a large sell-off in bank stocks, including HSBC and Barclays, and the surging selling shocked investors in these stocks. Among them, HSBC Holdings was placed in two minutes for as much as $20 million. The sell-off immediately sent HSBC Holdings down £3.2.

Soon the whole market started to focus on the banking sector, and investors were asking what was going on. And some institutions tried to take over, but soon they found that it seemed that the sellers did not simply sell at all, but panicked, because similar situations are not only happening in the stock market of these stocks, but also in the options market. Immediate buy options are heavily sold, while short options are heavily bought and prices skyrocket.

It is clear that someone is bearish on these bank shares.

However, there are no rumors in the market to confirm the validity of this sell-off, because after the price drop, many institutions have entered the market to buy again. But after going in, they found out about the seller's madness. Regardless of the cost, the transaction is blindly made according to the market price. Often at the last moment, the price of the transaction is just displayed, but the next moment the volume of selling orders comes out of thin air, directly lowering the price by a price, and then this situation is staged again.

Crazy shipments.

Half an hour later, the wave of selling was finally stabilized, the main force of buyers appeared, and the momentum of the collapse was finally stabilized, but the price correction seemed unlikely, because the lack of confidence brought about by this sell-off made buyers dare not act rashly. They can only defend passively, and all they have to do is not let this panic spread to other sectors.

After the day was completed, HSBC fell by 5.47%, with the likes of Standard Chartered and Barclays also falling similarly. The saddest of these stocks was the Royal Bank of Scotland, which sold a staggering £410 million throughout the day, down nearly 10%.

No one knew why, but the regulators in the UK knew who was selling, so they quickly found Ren Ruowei after some deliberations.

"I'm the Deputy Director General of the Financial Services Authority, and I'd like to talk to your principal!" A voice with a thick accent came from the microphone, "Yes, I'm looking for Mr. Ren, the manager of Tianyu Fund London." ”

Although the person in charge of the London region of Tianyu Fund is not Ren Ruowei, a full day has passed from the close of the market to now, which is enough for the Financial Services Bureau to find out the "culprit" behind the scenes, so this gentleman named Sant directly approached Ren Ruowei as soon as he opened his mouth.

"I'm just whatever!" Ren Ruowei replied calmly, "I don't know what important instructions Director Sante has?" Also, is this conversation formal or informal? ”

"If it was a formal conversation, I don't think I would have talked to you on the phone!" Sant patiently explained, "We noticed your underweight in the market on Friday. I think your actions have caused unusual volatility in the market, don't you think you need to explain that? ”

Although he said it tactfully, Sant believed that Ren Ruowei should understand what he meant. The Financial Services Authority is the equivalent of Hong Kong's Securities and Futures Commission, and the "persuasion" from such an institution is an advisory opinion at best and a warning at worst. Next, if your explanation doesn't satisfy them. I'm afraid they're going to have to take action next.

"We are very unoptimistic about the UK banking market!" After a little thought, Ren Ruowei decided to tell the truth, "The newspaper reported two days ago that Barclays Bank was interested in buying Rehman Brothers in the United States. After our analysis, we determined that the risk of this transaction was too high and could affect the safety of the entire UK financial system, so for the sake of safety, we decided to liquidate our relevant positions before they were successful. ”

"You're in danger, you say?" Sant suddenly tensed. "What's at stake? Did you hear something? ”

In fact, within the FSA, there is also a discussion about Barclays' acquisition of Rehman Brothers. As for the attitude towards this acquisition, the FSA is not optimistic about it. And now within the FSA, the most discussed thing is about the Royal Bank of Scotland, because they have posted huge losses in their financial statements for three consecutive quarters, so at least so far, there has been no official statement about the Kaminmen Brothers acquisition.

Sant was nervous, fearing that the agencies would find out something he didn't know about from other sources. Or maybe it's knowing something that these institutions shouldn't know.

"I'm sorry, Mr. Deputy Director. We don't know what's going on. Ren Ruowei was also nervous, "As far as I know, these trading orders were transmitted by our headquarters, and my boss, Mr. Zhong Shi, personally gave orders. He himself is now in the United States, saying that the shock of the subprime loan crisis quickly hit the British financial system, even though the nationalization of Northern Rock averted a crisis. But the UK's financial system still has huge security risks, so he decided to sell all his shares in British banks, as soon as possible. ”

"......" Sant fell silent.

Regarding the lawsuit caused by Zhong Shi in the United States, Sant naturally heard about it, and the result of Zhong Shi's safe escape in the end surprised him a lot. In his opinion. Zhong Shi must have been involved in insider trading, and the SEC did not catch him in the end, which made him extremely impressed. And now, according to what Ren Ruowei said, it seems that the other party seems to be eyeing the British financial system?

Naturally, something like '92 is never going to happen. But who can say for sure that if something like the one like Northern Rock happens a few more times, the UK's financial system will continue to be as stable as it gets?

At least Sant knew that behind the North Rock Bank, there was indeed an international consortium involved.

"Okay, I got it!" Sawt was silent for a long time, and then wanted to end the conversation, "Regarding your motives for selling stocks, I think you should submit a detailed report, and the time will be before five o'clock tomorrow afternoon." I think you're all ready to go. ”

"Yes!" Ren Ruowei's old face was red, and he understood the meaning of the other party's words.

Because of the possibility of being involved in accusations of stock price manipulation, analysts at X-Spatial have prepared several analytical reports before the sell-off, in which they explain in detail the reasons for the sell-off of bank stocks. Of course, some of these reasons are far-fetched, while others are real money.

"......What if," Sant thought for a moment, carefully arranging his words, "if the FSA told you to stop selling and maintain the stability of the market, would you listen to us?" ”

It's risky to say that, so Sant is cautious about tempting. In fact, he and his colleagues called for exactly that, believing that the sell-off of the Tianyu Fund had seriously affected the stability of the market. So before communicating, warn the other party, but obviously, the other party doesn't seem to care too much.

"We will ship as much as possible, and we will be fully shorted!" Ren Ruowei naturally won't listen to the other party's set, "Even if we get into trouble, we are not afraid." Because if Kaminhamon Brothers is indeed bought by Barclays, our judgment is that the collapse of confidence caused by the subprime mortgage crisis will soon spread to the British market, and then the financing of British financial institutions will become a big problem, and maybe institutions like Kaminhamon Brothers will appear. ”

"Like Royal Bank of Scotland, we noticed that after the merger with ABN AMRO, the synergies of the Big Mac were not being realized, and the financial statements were terrible. If market confidence collapses at this time, I believe that it will be difficult for this institution to escape its tragic fate. Ren Ruowei snorted twice and said with a sneer.

Sant didn't say anything more, and silently hung up the phone, and the other party talked about the FSA's current sore spot. (To be continued......)

PS: I'm sorry that there was a problem with the computer today and it was only written until now, I'm sorry everyone...... I would like to thank Book Friends Europe 56, Book Friends 131025103232773, Little Pig, ReaderSlip, Flying Elves and other book friends for voting for monthly tickets! Thank you very much for your support, and I hope that more book friends will also support this book~