Nationality United States Spouse Tali Farhadian (m. 2010) Role Trader | Name Boaz Weinstein Ethnicity Jewish | |
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Net worth US$ 450 million (September 2012) Parent(s) Stanford and Giselle Weinstein Education | ||
Thomas Kaplan and Boaz Weinstein on the Markets
Boaz Weinstein (born in 1973) is an American hedge fund manager and founder of Saba Capital Management. He was born to Israeli and American parents.
Contents
- Thomas Kaplan and Boaz Weinstein on the Markets
- Early life and education
- Deutsche Bank
- Saba Capital Management
- Philanthropy
- Personal life
- References
Early life and education
Weinstein grew up in a secular Jewish family. 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.
Deutsche Bank
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. 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 plan 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.
In March 2011, Saba was listed as the fastest growing hedge fund in 2010 by Absolute Return + Alpha Magazine. Weinstein was also included in Fortune Magazine’s 40 Under 40 list in 2010 and 2011. 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.
As of March 2017, Saba managed $1.7 billion in assets.
Philanthropy
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.
Personal life
In 2010, Weinstein married Tali 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 was previously 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 Fifth Avenue, from the estate of Huguette Clark.