Boaz Weinstein

Boaz Weinstein
Born 1973
Nationality United States
Alma mater B.A. University of Michigan
Occupation Founder of Saba Capital Management
Net worth Increase US$ 450 million (September 2012)[1]
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.[2] and founder of Saba Capital Management.[3] He was born to Israeli and American parents.

Early life and education

Weinstein grew up in a secular Jewish family.[4] 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.[4] Boaz has an older sister, Ilana, who is a head hunter in the hedge fund arena.[4] 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.[5] He is also a skilled poker and blackjack player.[6] In 2005, Warren Buffett invited him to a poker tournament, where he won a Maserati.[7] Weinstein graduated from Stuyvesant High School in New York City and from the University of Michigan in 1995 with a degree in Philosophy.[4]

Deutsche Bank

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.[4] 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.[8]

Saba Capital Management

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.[9][10] 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.[11][12] 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.[13] Weinstein was also included in Fortune Magazine’s 40 Under 40 list in 2010 and 2011.[14][15] 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.[16][17] 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.[18][19][20]

Personal life

In 2010, he married Tali Farimah Farhadian in a Jewish ceremony at the Central Synagogue in Manhattan.[21] Tali was born in 1975 in Iran to a Jewish family that fled the fall of the Shah in 1979.[22] She is a Rhodes scholar and currently an attorney with the United States Department of Justice.[21]

In 2012 Weinstein was reported to have bought a $25.5 million property on Manhattan's 907 Fifth Avenue, from the estate of Huguette Clark.[23][24]

Weinstein's philanthropy has focused on public school education, New York City, and Jewish causes.[25][26][27][28]

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. 1 2 3 4 5 Shamir, Tali (November 23, 2010). "'Even the best investors have bad years'". Ynetnews. Retrieved August 31, 2015.
  5. ↑ 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.
  6. ↑ Blackjack stats blog, Boaz Weinstein, 8/02/2009
  7. ↑ Scott Patterson, The Quants, Crown Business New York, 2010
  8. ↑ D. Harrington, Shannon; Paulden, Pierre (June 9, 2010). "Weinstein Profits From Bond Distress as Paulson Loses". Bloomberg.com. Retrieved August 31, 2015.
  9. ↑ The Next Best Hope
  10. ↑ 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.
  11. ↑ Hype over Boaz Weinstein's JPMorgan harpooning turns out to be much blubber Archived June 25, 2012, at the Wayback Machine.
  12. ↑ Ahmed, Azam (June 29, 2011). "New Investment Strategy: Preparing for End Times". Dealbook: The New York Times. Retrieved August 31, 2015.
  13. ↑ Billion dollar club Archived August 10, 2011, at the Wayback Machine.
  14. ↑ Fortune's 40 under 40 Archived September 6, 2011, at the Wayback Machine.
  15. ↑ "40 Under 40". CNN.
  16. ↑ Celarier, Michelle (16 May 2012). "The man who beached 'Moby Iksil'". The New York Post. Retrieved 16 May 2012.
  17. ↑ Ahmed, Azam (28 May 2012). "How Boaz Weinstein and Hedge Funds Outsmarted JPMorgan". CNBC. The New York Times. Retrieved 3 June 2012.
  18. ↑ Burton, Katherine; Childs, Mary (December 24, 2013). "Boaz Loses for Second Year as European Bet Sours". Bloomberg.com. Retrieved August 31, 2015.
  19. ↑ Bit, Kelly; Burton, Katherine (January 14, 2015). "Boaz Weinstein Said to Post Worst Year in 2014, Down 11%". Bloomberg.com. Retrieved August 31, 2015.
  20. ↑ Copeland, Rob (January 15, 2015). "Saba Capital's Drain Presses On". Wall Street Journal. ISSN 0099-9660. Retrieved August 31, 2015.
  21. 1 2 New York Times: "Tali Farhadian and Boaz Weinstein" November 5, 2010
  22. ↑ Yale Bulletin: "Soros Fellowships for New Americans" March 15, 2002
  23. ↑ Carmiel, Oshrat; Kishan, Saijel (July 12, 2012). "Boaz Weinstein Buys Manhattan Co-Op Apartment for $25.5 Million". Bloomberg.
  24. ↑ 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
  25. ↑ "WSJ". http://www.wsj.com/articles/SB10001424052702303343404577516780020579506. External link in |website= (help);
  26. ↑ "NY Times". http://dealbook.nytimes.com/2012/12/11/wall-street-titans-toast-philanthropy-at-uja-federation-dinner/?_r=0. External link in |website= (help);
  27. ↑ "Success Academies". http://www.successacademies.org/about/board-of-directors/. External link in |website= (help);
  28. ↑ "Robin Hood". https://www.robinhood.org/governance#section-3. External link in |website= (help);

External links

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