Hedge fund manager Boaz Weinstein, the founder of Saba Capital and former co-head of credit trading at Deutsche Bank, is said to be killing it this month. Bloomberg reports that the legendary derivatives trader’s Saba Capital, a credit-focused fund with ~$5 billion AUM, has returned ~16 per cent this month.
According to the report, those massive gains are mostly related to the euro crisis and the CDS that JPMorgan Chase’s chief investment office in London has lost billions on.
Weinstein has been identified in media reports as the man on the other side of the disastrous JPMorgan trade.
In early February at the Harbor Investment Conference held at JPMorgan’s Park Avenue offices in New York, Weinstein recommended buying the Investment Grade Series 9 10-Year Index CDS, which is reportedly the same security the JPMorgan desk was short.
Business Insider Emails & Alerts
Site highlights each day to your inbox.