Boaz Weinstein
Encyclopedia
Boaz Weinstein is a notable derivatives
trader and hedge fund
manager. He was born to Israeli and American parents. He 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.
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. 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.
, 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-Alpha Magazine, with assets under management increasing by 293% that year. Weinstein was also ranked number 17 in Fortune Magazine’s 40 Under 40 list in 2010.
Derivative (finance)
A derivative instrument is a contract between two parties that specifies conditions—in particular, dates and the resulting values of the underlying variables—under which payments, or payoffs, are to be made between the parties.Under U.S...
trader and hedge fund
Hedge fund
A hedge fund is a private pool of capital actively managed by an investment adviser. Hedge funds are only open for investment to a limited number of accredited or qualified investors who meet criteria set by regulators. These investors can be institutions, such as pension funds, university...
manager. He was born to Israeli and American parents. He 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
Poker
Poker is a family of card games that share betting rules and usually hand rankings. Poker games differ in how the cards are dealt, how hands may be formed, whether the high or low hand wins the pot in a showdown , limits on bet sizes, and how many rounds of betting are allowed.In most modern poker...
and blackjack
Blackjack
Blackjack, also known as Twenty-one or Vingt-et-un , is the most widely played casino banking game in the world...
player. In 2005, Warren Buffett
Warren Buffett
Warren Edward Buffett is an American business magnate, investor, and philanthropist. He is widely regarded as one of the most successful investors in the world. Often introduced as "legendary investor, Warren Buffett", he is the primary shareholder, chairman and CEO of Berkshire Hathaway. He is...
invited him to a poker tournament, where he won a Maserati
Maserati
Maserati is an Italian luxury car manufacturer established on December 1, 1914, in Bologna. The company's headquarters is now in Modena, and its emblem is a trident. It has been owned by the Italian car giant Fiat S.p.A. since 1993...
. Weinstein graduated from Stuyvesant High School
Stuyvesant High School
Stuyvesant High School , commonly referred to as Stuy , is a New York City public high school that specializes in mathematics and science. The school opened in 1904 on Manhattan's East Side and moved to a new building in Battery Park City in 1992. Stuyvesant is noted for its strong academic...
in New York City and from the University of Michigan
University of Michigan
The University of Michigan is a public research university located in Ann Arbor, Michigan in the United States. It is the state's oldest university and the flagship campus of the University of Michigan...
in 1995.
At Deutsche Bank
He worked at Deutsche BankDeutsche Bank
Deutsche Bank AG is a global financial service company with its headquarters in Frankfurt, Germany. It employs more than 100,000 people in over 70 countries, and has a large presence in Europe, the Americas, Asia Pacific and the emerging markets...
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. His proprietary trading
Proprietary trading
Proprietary trading occurs when a firm trades stocks, bonds, currencies, commodities, their derivatives, or other financial instruments, with the firm's own money as opposed to its customers' money, so as to make a profit for itself...
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.
Post-DB career
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. Saba launched its flagship fund in August 2009 with $140 million. As of June 2011, Saba had $3.3 billion in assets under managementAssets under management
Assets under management is a financial term used denote the market value of funds being managed by a financial instutition on behalf of its clients, investors, depositors, etc. This metric is a sign of size and success against competition...
, 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-Alpha Magazine, with assets under management increasing by 293% that year. Weinstein was also ranked number 17 in Fortune Magazine’s 40 Under 40 list in 2010.