Boaz Weinstein

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Boaz Weinstein
Born1973
NationalityUnited States
EthnicityJewish
Alma materB.A. University of Michigan
Occupationhedge fund manager
Known forFounder of Saba Capital Management
Net worthIncrease US$ 450 million (September 2012)[1]
Spouse(s)Tali Farimah Farhadian
ParentsStanford and Giselle Weinstein
 
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Boaz Weinstein
Born1973
NationalityUnited States
EthnicityJewish
Alma materB.A. University of Michigan
Occupationhedge fund manager
Known forFounder of Saba Capital Management
Net worthIncrease US$ 450 million (September 2012)[1]
Spouse(s)Tali Farimah Farhadian
ParentsStanford 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[edit]

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.[5] 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.[6] He is also a poker and blackjack player.[7] In 2005, Warren Buffett invited him to a poker tournament, where he, Boaz, won a Maserati.[8] 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]

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.[9]

Saba Capital Management[edit]

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.[10][11] 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.[12][13] 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.[14] Weinstein was also included in Fortune Magazine’s 40 Under 40 list in 2010 and 2011.[15][16] 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.[17][18] Saba lost money in both 2012 and 2013, and as some investors withdrew their funds, assets fell to $3.9B as of November 2013.[19]

Personal life[edit]

In 2010, he married Tali Farimah Farhadian in a Jewish ceremony at the Central Synagogue in Manhattan.[20] Tali was born in 1975 in Iran to a Jewish family that fled the fall of the Shah in 1979.[21] She is a Rhodes scholar and currently an attorney with the United States Department of Justice.[20] She had previously worked for the United States Attorney General, one of a number of DOJ attorneys embroiled in a controversy after it was revealed that, prior to their government employment, they had worked as lawyers or advocates for Guantanamo Bay detainees.[22][23]

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.[24] He paid 6 percent over the asking price for the apartment, which boasts 11-foot ceilings and views over Central Park.[24]

References[edit]

  1. ^ Forbes - Ones to Watch: Boaz Weinstein September 2012
  2. ^ Henny Sender, "Young Traders Thrive In the Stock/Bond Nexus", The Wall Street Journal, November 18, 2005
  3. ^ "Boaz Weinstein". CNN Money. Retrieved 18 March 2013. 
  4. ^ a b c d YNet News: "'Even the best investors have bad years'" by Tali Shamir November 23, 2010
  5. ^ Even the best investors have bad years
  6. ^ Scott Patterson and Serena Ng, Deutsche Bank fallen trader left behind $1.8bn hole, The Wall Street Journal, 06 Feb 2009
  7. ^ Blackjack stats blog, Boaz Weinstein, 8/02/2009
  8. ^ Scott Patterson, The Quants, Crown Business New York, 2010
  9. ^ Shannon D. Harrington and Pierre Paulden "Weinstein Profits From Bond Distress as Paulson Loses", Bloomberg News, Jun 9, 2010
  10. ^ The Next Best Hope
  11. ^ Boaz Weinstein Said to Raise $160 Million for Saba Hedge Fund
  12. ^ Hype over Boaz Weinstein's JPMorgan harpooning turns out to be much blubber
  13. ^ New Investment Strategy: Preparing for End Times
  14. ^ Billion dollar club
  15. ^ Fortune's 40 under 40
  16. ^ http://money.cnn.com/galleries/2011/news/companies/1110/gallery.40_under_40.fortune/19.html
  17. ^ Celarier, Michelle (16 May 2012). "The man who beached 'Moby Iksil'". The New York Post. Retrieved 16 May 2012. 
  18. ^ Ahmed, Azam (28 May 2012). "How Boaz Weinstein and Hedge Funds Outsmarted JPMorgan". CNBC. The New York Times. Retrieved 3 June 2012. 
  19. ^ Katherine Burton and Mary Childs, "Boaz Loses for Second Year as European Bet Sours", Bloomberg News, Dec 24, 2013
  20. ^ a b New York Times: "Tali Farhadian and Boaz Weinstein" November 5, 2010
  21. ^ Yale Bulletin: "Soros Fellowships for New Americans" March 15, 2002
  22. ^ http://opinionator.blogs.nytimes.com/2010/03/05/liz-cheneys-al-qaeda-seven/
  23. ^ Fox News: "Exclusive: Unknown DOJ Lawyers Identified" by Mike Levine March 3, 2010
  24. ^ a b Carmiel, Oshrat; Kishan, Saijel (July 12, 2012). "Boaz Weinstein Buys Manhattan Co-Op Apartment for $25.5 Million". Bloomberg. 

External links[edit]