SoftBank’s Northstar unit reports about $3.7 billion in losses

FILE PHOTO: The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan

(Reuters) – Japan’s SoftBank Group Corp <9984.T> said on Wednesday SB Northstar, its new trading unit, had amassed about $3.7 billion in trading losses so far.

SoftBank had until now not disclosed much information about the unit, which is reportedly the so-called “Nasdaq whale”, an investor with large derivatives positions in tech stocks.

The Japanese giant said Abu Dhabi-based Akshay Naheta was leading the Cayman Islands-registered unit.

SoftBank on Monday reported $6.1 billion in quarterly profit as a broad upswing in tech valuations brought its mammoth Vision Fund back into positive territory.

(Reporting by Akanksha Rana in Bengaluru and April Joyner in New York; Editing by Aditya Soni)