Strong Start
Weinstein, 40, started Saba in 2009 to trade on price discrepancies between loans, bonds and derivatives. He posted strong performance in the first two-and-a-half years, particularly in 2011, when he beat Bloomberg’s capital arbitrage credit hedge-fund index by about 8 percentage points with a return of 9.3 percent. Hedge funds industrywide fell about 5 percent in 2011 as the European debt crisis roiled markets, according to data compiled by Bloomberg.
Weinstein last year bet against JPMorgan trader Iksil, after he amassed a big position in a vintage derivative index. Iksil owned 50 percent of outstanding wagers in the contracts he was trading and eventually cost the bank $6.2 billion.
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