Boaz Weinstein

Boaz Weinstein (born 1973) is an American hedge fund manager[2] and founder of Saba Capital Management.[3] He was born to Israeli and American parents.

Boaz Weinstein
Born1973 (age 47–48)
NationalityUnited States
Alma materB.A. University of Michigan
OccupationFounder of Saba Capital Management
Net worth US$ 450 million (September 2012)[1]
Spouse(s)Tali Farhadian
Parent(s)Stanford and Giselle Weinstein

Early life and education

Weinstein first enrolled in a chess workshop at the age of five and earned the title of National Master by the time he was sixteen.[4] He is also a skilled poker and blackjack player.[5] Weinstein graduated from Stuyvesant High School in New York City and from the University of Michigan in 1995 with a degree in Philosophy.[6]

Deutsche Bank

Weinstein worked at Deutsche Bank from 1998–2009. He was Co-Head of Global Credit Trading where he oversaw a team of approximately 650 professionals and was a member of the Global Markets Executive Committee. He rose to prominence in 2006 and 2007, when the Saba proprietary trading group cleared over $1.5 billion in profits. Weinstein was promoted at age 27 to become Deutsche Bank's youngest-ever Managing Director.[6] His proprietary trading group was reported to have lost $1.8 billion in 2008, his only losing year out of his eleven years at Deutsche Bank.[7]

Saba Capital Management

In 2009, Weinstein went ahead with a plan to lift out 15 members of his team to start his own credit-focused hedge fund, Saba Capital Management, based in New York.[8][9] Saba launched its flagship fund in August 2009 with $140 million.

In March 2011, Saba was listed as the fastest growing hedge fund in 2010 by Absolute Return + Alpha Magazine.[10] Weinstein was also included in Fortune Magazine’s 40 Under 40 list in 2010 and 2011.[11][12] In 2012, Weinstein profited from a notable $6-billion loss incurred by JPMorgan on account of a failed investment in credit derivatives attributed to Bruno Iksil.[13][14][15] Saba lost money in 2012, 2013, and 2014 and as some investors withdrew their funds, the main fund's assets fell to $736 million as of January 2015.[16][17][18] As of June 2019, Saba managed $1.7 billion in assets.[19]

Philanthropy

Weinstein serves on the Board of Directors of Stuyvesant High School and is also a Leadership Council member for Robin Hood, New York’s largest poverty-fighting organization.

Weinstein's philanthropy has focused on public school education, New York City, and Jewish causes.[20][21][22][23]

Personal life

In 2010, Weinstein married Tali Farhadian in Manhattan, New York.[24] Tali was born in 1975 in Iran to family that fled after the fall of the Shah in 1979.[25] She is a Rhodes Scholar and was previously an attorney with the United States Department of Justice.[24]

In 2012, Weinstein was reported to have bought a $25.5 million property on Manhattan's Fifth Avenue, from the estate of Huguette Clark.[26][27]

References
  1. Forbes - Ones to Watch: Boaz Weinstein September 2012
  2. Sender, Henny (November 18, 2005). "Young Traders Thrive In the Stock/Bond Nexus". Wall Street Journal. ISSN 0099-9660. Retrieved 2015-08-31.
  3. "Boaz Weinstein". CNN Money. 11 October 2012. Retrieved 18 March 2013.
  4. Patterson, Scott; Ng, Serena (February 6, 2009). "Deutsche Bank Fallen Trader Left Behind $1.8 Billion Hole". Wall Street Journal. ISSN 0099-9660. Retrieved 2015-08-31.
  5. Blackjack stats blog, Boaz Weinstein, 8/02/2009
  6. Shamir, Tali (November 23, 2010). "'Even the best investors have bad years'". Ynet. Retrieved August 31, 2015.
  7. D. Harrington, Shannon; Paulden, Pierre (June 9, 2010). "Weinstein Profits From Bond Distress as Paulson Loses". Bloomberg.com. Retrieved August 31, 2015.
  8. "The Next Best Hope". Archived from the original on 2012-10-26. Retrieved 2011-07-25.
  9. Kishan, Saijel; Simmons, Jacqueline (June 1, 2009). "Boaz Weinstein Said to Raise $160 Million for Saba Hedge Fund - Bloomberg". www.bloomberg.com. Retrieved August 31, 2015.
  10. Billion dollar club Archived August 10, 2011, at the Wayback Machine
  11. Fortune's 40 under 40 Archived September 6, 2011, at the Wayback Machine
  12. "40 Under 40". CNN.
  13. Celarier, Michelle (16 May 2012). "The man who beached 'Moby Iksil'". The New York Post. Retrieved 16 May 2012.
  14. Ahmed, Azam (28 May 2012). "How Boaz Weinstein and Hedge Funds Outsmarted JPMorgan". CNBC. The New York Times. Retrieved 3 June 2012.
  15. Celarier, Michelle (March 22, 2013). "Boaz Weinstein says Jamie Dimon should have known about 'London Whale'". New York Post.
  16. Katherine Burton and Mary Childs, "Boaz Loses for Second Year as European Bet Sours", Bloomberg News, Dec 24, 2013
  17. http://www.finalternatives.com/node/29641
  18. Copeland, Rob (2015-01-16). "Saba Capital's Drain Presses On". Wall Street Journal. ISSN 0099-9660. Retrieved 2020-06-20.
  19. "The largest managers of hedge funds (P&I Sep 2019)" (Special Report Hedge Funds). United States: Pensions & Investments. Crain Communications Inc. 16 September 2019. Retrieved 15 October 2019.
  20. Fleisher, Lisa (July 10, 2012). "Donation May Heal Stuyvesant Rift". The Wall Street Journal.
  21. Alden, William (December 11, 2012). "Wall Street Titans Toast Philanthropy at UJA-Federation Dinner". The New York Times.
  22. "Boaz Weinstein". SuccessAcademies.org.
  23. "Robin Hood". Robinhood.org.
  24. New York Times: "Tali Farhadian and Boaz Weinstein" November 5, 2010
  25. Yale Bulletin: "Soros Fellowships for New Americans" Archived 2013-04-20 at the Wayback Machine March 15, 2002
  26. Carmiel, Oshrat; Kishan, Saijel (July 12, 2012). "Boaz Weinstein Buys Manhattan Co-Op Apartment for $25.5 Million". Bloomberg.
  27. Bill Dedman and Paul Clark Newell, Jr., Empty Mansions: The Mysterious Life of Huguette Clark and the Loss of one of the World's Greatest Fortunes, London: Atlantic Books, 2013, p. 348
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