Boaz Weinstein's Saba Capital Said to Plan London Office ClosureBy
Boaz Weinstein’s Saba Capital Management LP is closing its London office as the hedge-fund firm consolidates its investment team to New York, according to a person with knowledge of the matter.
The closure will affect three London employees, the person said, asking not to be identified because the information is private. Saba Capital registered with the U.K.’s Companies House in 2011 and manages about $1.8 billion.
Weinstein attracted attention five years ago after betting against the JPMorgan Chase & Co. trader known as the London Whale. He founded New York-based Saba Capital in 2009 after co-managing Deutsche Bank AG’s credit business.
The hedge fund invests in securities including convertible bonds, closed-end funds and stock indexes. Saba Capital Master fund returned 22.7 percent in 2016, taking 14th place in Bloomberg’s rankings of the top-performing hedge funds with assets of $1 billion or more.
The news of the office closure was reported earlier by Reuters.