|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|
Early life and education
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.
Saba Capital Management
In 2009, Weinstein went ahead with a previously agreed upon 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.
In 2010, he married Tali Farimah Farhadian in a Jewish ceremony at the Central Synagogue in Manhattan. Tali was born in 1975 in Iran to a Jewish family that fled the fall of the Shah in 1979. She is a Rhodes scholar and currently an attorney with the United States Department of Justice.
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. He paid 6 percent over the asking price for the apartment, which has 11-foot ceilings and views over Central Park.
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- Forbes - Ones to Watch: Boaz Weinstein September 2012
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- Blackjack stats blog, Boaz Weinstein, 8/02/2009
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- The Next Best Hope
- 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.
- Hype over Boaz Weinstein's JPMorgan harpooning turns out to be much blubber
- Ahmed, Azam (June 29, 2011). "New Investment Strategy: Preparing for End Times". Dealbook: The New York Times. Retrieved August 31, 2015.
- Billion dollar club
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- Celarier, Michelle (16 May 2012). "The man who beached 'Moby Iksil'". The New York Post. Retrieved 16 May 2012.
- Ahmed, Azam (28 May 2012). "How Boaz Weinstein and Hedge Funds Outsmarted JPMorgan". CNBC. The New York Times. Retrieved 3 June 2012.
- Burton, Katherine; Childs, Mary (December 24, 2013). "Boaz Loses for Second Year as European Bet Sours". Bloomberg.com. Retrieved August 31, 2015.
- Bit, Kelly; Burton, Katherine (January 14, 2015). "Boaz Weinstein Said to Post Worst Year in 2014, Down 11%". Bloomberg.com. Retrieved August 31, 2015.
- Copeland, Rob (January 15, 2015). "Saba Capital’s Drain Presses On". Wall Street Journal. ISSN 0099-9660. Retrieved August 31, 2015.
- New York Times: "Tali Farhadian and Boaz Weinstein" November 5, 2010
- Yale Bulletin: "Soros Fellowships for New Americans" March 15, 2002
- Carmiel, Oshrat; Kishan, Saijel (July 12, 2012). "Boaz Weinstein Buys Manhattan Co-Op Apartment for $25.5 Million". Bloomberg.
- 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