Boaz Weinstein

Boaz Weinstein
Born	1973
Nationality	United States
Ethnicity	Jewish[1]
Alma mater	B.A. University of Michigan
Occupation	Founder of Saba Capital Management
Net worth	US$ 450 million (September 2012)[2]
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.^[3] and founder of Saba Capital Management.^[4] He was born to Israeli and American parents.

Early life and education

Weinstein grew up in a secular Jewish family.^[5] 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.^[5] 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 skilled poker and blackjack player.^[7] In 2005, Warren Buffett invited him to a poker tournament, where he 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.^[5]

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.^[5] 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

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.^[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 2012, 2013, and 2014 and, as investors withdrew their funds, the firm's assets fell to $1.95 billion as of January 2015.^[19][20][21]

Personal life

In 2010, he married Tali Farimah 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 currently 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 907 Fifth Avenue, from the estate of Huguette Clark.^[24][25]

Weinstein's philanthropy has focused on public school education, New York City, and Jewish causes.^{[26][27][28][29]}

References

External links

• Boaz Weinstein Said to Raise $160 Million for Saba Hedge Fund
• The Next Best Hope
• Boaz Weinstein photos