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Bloomberg – Boaz Weinstein, the bond trader who lost more than $1 billion last year at Deutsche Bank AG, has raised about $160 million since the end of April for his new hedge fund, according to two people familiar with the matter.
Saba Capital Management LP, based in New York, plans to start trading in August, said a third person with knowledge of the firm. The people asked not to be identified because the information is private.
Saba, Hebrew for grandfather, was the name of the credit unit Weinstein started at Frankfurt-based Deutsche Bank in 2001. Weinstein, 35, lost money in 2008 after betting on bonds of companies such as Ford Motor Co. and hedging some of those wagers with credit-default swaps, contracts to protect against or speculate on default, people familiar with the matter said in January when the plans to start his own fund were made public.
Bloomberg – Two years ago, German investment adviser Dieter Kaiser had to board a plane bound for New York to speak with senior U.S. hedge-fund executives.
These days, those same managers visit Kaiser, the director of investment management for Feri Institutional Advisers GmbH, at his office in Bad Homburg, about 10 miles (16 kilometers) from Frankfurt.
“We’re seeing hedge-fund managers here, and they’re wearing ties now,” said Kaiser, 31, whose firm has allocated about $1 billion to private funds for its clients.
Bloomberg - Deutsche Bank AG, Germany’s biggest bank, said it suffered no losses from its U.S. hedge funds CQ Capital and Distressed Opportunities.
The Frankfurt-based company invested no capital in the hedge funds, which are for institutional asset management clients, spokesman Tim Oliver Ambrosius said in a telephone interview today.
