Hedge Fund Manager that won Maserati on Buffet’s Poker Tournament and is Banned From Bellagio for counting cards
Boaz Weinstein is a hedge fund manager and founder of a hedge fund Saba Capital in 2009, now with more than $5 billion under management. Made his reputation in bonds and credit derivatives, but at age 38, Weinstein drove Saba to net returns of 9% last year in part with successful bets on stocks including Clorox, Cisco Systems and Conagra. He was born in 1973 and grew up Mannhattan’s Upper West Side. He is a notable derivatives trader and hedge fund manager. He has Israeli and American parents. Weinstein first enrolled in a chess workshop at the age of 5 and earned the title of National Master by the time he was 16. Find out How Chess Can Get You a Hedge Fund Job. He is also a skilled poker and blackjack player. In 2005 he won a Maserati at Warren Buffet’s poker tournament. Look at Hedge Fund Manager Poker Aces. Weinstein graduated from Stuyvesant High School in New York City and from the University of Michigan in 1995.
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 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 Ban.
In 2009, Weinstein went ahead with a previously agreed upon plan with Deutsche Bank to lift out 12 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 2011, Saba had $3.3 billion in assets under management, including about $400 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 and Alpha Magazine, with AUM increasing by 293% that year. Weinstein was also ranked number 17 in Fortune Magazine’s 40 Under 40 list in 2010. Read More about how Weinstein hooked the whale and made big profits.