Boaz Weinstein
| Boaz Weinstein | |
|---|---|
| Born | 1973 |
| Nationality | United States |
| Alma mater | B.A. University of Michigan |
| Occupation | Founder of Saba Capital Management |
| Net worth |
 US$ 450 million (September 2012) |
| Spouse(s) | Tali Farimah Farhadian |
| Parent(s) | Stanford and Giselle Weinstein |
Boaz Weinstein (born in 1973) is an American derivatives trader and hedge fund manager. and founder of Saba Capital Management. He was born to Israeli and American parents.
Weinstein grew up in a secular Jewish family. His father, Stanford, owned an insurance brokerage firm in Brooklyn. His mother, Giselle, previously worked for the Foreign Office in Jerusalem and also worked as a translator for the Haaretz newspaper. Boaz has an older sister, Ilana, who is a head hunter in the hedge fund arena. 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. He is also a skilled poker and blackjack player. In 2005, Warren Buffett invited him to a poker tournament, where he won a Maserati. Weinstein graduated from Stuyvesant High School in New York City and from the University of Michigan in 1995 with a degree in Philosophy.
He worked at Deutsche Bank from 1998–2009 and rose to prominence in 2006 and 2007, when one of his trading groups cleared over $1.5 billion in profits. Weinstein was promoted at age 27 to become Deutsche Bank’s youngest ever Managing Director. His proprietary trading group was widely reported to have lost about 18% on $10 billion of capital in 2008, his only losing year out of his eleven years at Deutsche Bank.
In 2009, Weinstein went ahead with a 2007 plan with Deutsche Bank to lift out 15 members of his team to start his own credit-focused hedge fund, Saba Capital Management, based in New York. Saba launched its flagship fund in August 2009 with $140 million. As of June 2012, Saba had $5.78 billion in assets under management, including $780 million in a "Tail Hedge fund," which aims to protect client assets against rare and unexpected market events. In March 2011, Saba was listed as the fastest growing hedge fund in 2010 by Absolute Return + Alpha Magazine, with assets under management increasing by 293% that year. Weinstein was also included in Fortune Magazine’s 40 Under 40 list in 2010 and 2011. In 2012, Weinstein profited substantially from a notable $2-billion loss incurred by JPMorgan on account of a failed investment in credit derivatives attributed to Bruno Iksil. Saba lost money in 2012, 2013, and 2014 and, as investors withdrew their funds, the firm's assets fell to $1.95 billion as of January 2015.
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