George Pan and Ken Weiller, two longtime associates of Saba Capital Management founder Boaz Weinstein, are leaving his $1.5 billion hedge fund, according to people with knowledge of the matter.
Pan, a money manager and partner, didn’t respond to e-mails and a message left on his mobile phone. Weiller, Saba’s chief operating officer, didn’t answer e-mails and a message left on his office phone. The people who disclosed their moves asked not to be identified because the information is private.
The exits add to a series of departures from Saba, which has suffered losses in three consecutive calendar years, prompting redemptions and leaving assets down from a peak of $5.5 billion three years ago. Another partner, Paul Andiorio, is planning to leave the hedge fund after six years, two people with knowledge of the matter said last week.
Jonathan Gasthalter, a spokesman for New York-based Saba with Sard Verbinnen & Co., declined to comment.
Pan and Andiorio were among the co-heads of an internal trading group that Weinstein co-founded at Deutsche Bank AG before he left to start his hedge fund in 2009, taking both colleagues with him. Weiller joined Saba that year after working at Claren Road Asset Management.
Pan, Andioro and Weiller were part of Saba’s management team, including Weinstein, when the firm began. Pan had also previously worked at JPMorgan Chase & Co., and Andiorio had been at Goldman Sachs Group Inc. Weiller had done a stint at SAC Capital Advisors, according to their biographies in investor documents.
The hedge fund employed 42 people as of July 8, according to an investor update, before the departures of Pan and Weiller. The firm had 60 employees as recently as early November. Other departures this year include a team of commercial mortgage-bond traders led by Toby Maitland Hudson, who left earlier this year and joined hedge fund Cello Capital Management in May.
Dmitry Green, who oversaw risk management and technology, left after five years to join Mariner Investment Group. Kevin Bell, a marketer, also departed.
Weinstein, 42, has posted losses in his credit hedge fund in the last three years, sliding 11 percent in 2014, his worst annual decline.
Performance rebounded this year, with Weinstein posting a 3 percent gain in the first six months, according to an investor update. He returned about 10 percent in April, his best month since inception, helping to erase losses incurred in the first quarter.
Hedge funds on average posted a 1.4 percent gain last year and rose 3.7 percent in the first half, according to data compiled by Bloomberg.