Boaz Weinstein

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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 Farhadian
Parent(s) Stanford and Giselle Weinstein

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

Early life and education[edit]

Weinstein grew up in a secular Jewish family.[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[edit]

Boaz 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. Boaz 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.[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[edit]

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

As of March 2017, Saba managed $1.7 billion in assets.[17]

Philanthropy[edit]

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.[18][19][20][21]

Personal life[edit]

In 2010, Weinstein married Tali Farhadian in a Jewish ceremony at the Central Synagogue in Manhattan.[22] Tali was born in 1975 in Iran to a Jewish family that fled the fall of the Shah in 1979.[23] She is a Rhodes Scholar and was previously an attorney with the United States Department of Justice.[22]

In 2012 Weinstein was reported to have bought a $25.5 million property on Manhattan's Fifth Avenue, from the estate of Huguette Clark.[24][25]

References[edit]

  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. ^ a b c 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. ^ Billion dollar club Archived August 10, 2011, at the Wayback Machine.
  12. ^ Fortune's 40 under 40 Archived September 6, 2011, at the Wayback Machine.
  13. ^ "40 Under 40". CNN. 
  14. ^ Celarier, Michelle (16 May 2012). "The man who beached 'Moby Iksil'". The New York Post. Retrieved 16 May 2012. 
  15. ^ Ahmed, Azam (28 May 2012). "How Boaz Weinstein and Hedge Funds Outsmarted JPMorgan". CNBC. The New York Times. Retrieved 3 June 2012. 
  16. ^ Celarier, Michelle (March 22, 2013). "Boaz Weinstein says Jamie Dimon should have known about ‘London Whale’". New York Post. 
  17. ^ Delevingne, Lawrence (March 21, 2017). "Hedge fund Saba settles valuation dispute with Canadian pension plan". Reuters. 
  18. ^ Fleisher, Lisa (July 10, 2012). "Donation May Heal Stuyvesant Rift". Wall Street Journal. 
  19. ^ Alden, William (December 11, 2012). "Wall Street Titans Toast Philanthropy at UJA-Federation Dinner". New York Times. 
  20. ^ "Boaz Weinstein". SuccessAcademies.org. 
  21. ^ "Robin Hood". Robinhood.org. 
  22. ^ a b New York Times: "Tali Farhadian and Boaz Weinstein" November 5, 2010
  23. ^ Yale Bulletin: "Soros Fellowships for New Americans" March 15, 2002
  24. ^ Carmiel, Oshrat; Kishan, Saijel (July 12, 2012). "Boaz Weinstein Buys Manhattan Co-Op Apartment for $25.5 Million". Bloomberg. 
  25. ^ 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

External links[edit]