Summary List PlacementFamily-office insiders learned of Archegos' existence only when its implosion made international headlines, a rarity in the exclusive community where secrecy is often prized and kept. Several told Insider they regarded Archegos Capital Management as a family office in name only — it operated more like a hedge fund, many observers said. The fallout has brought unwelcome attention to their largely unregulated industry, and most have no interest in dissecting what went wrong or how to prevent it from happening again. "When one animal gets taken out by a lion, the rest run away.