July 11, 2014 / 7:00 PM / 3 years ago

Boaz Weinstein's Saba Capital fund faces asset pullout - WSJ

July 11 (Reuters) - Investors withdrew assets worth nearly $400 million from Saba Capital Master Fund, a unit of Boaz Weinstein’s Saba Capital Management LP, the Wall Street Journal reported on Friday.

The asset pullout during the first half of the year left the fund with just under $1.6 billion, according to July fund documents viewed by the Journal. (on.wsj.com/1zufH4e)

The hedge fund faced asset drain for the fifth consecutive month in June, as markets remain calm, according to the report.

Weinstein, a former Deutsche Bank trader, was one of the first traders to call attention to a derivatives bet that eventually snowballed into JPMorgan Chase & Co’s “London whale” catastrophe.

Assets under Saba Capital’s management fell to $2.6 billion in July, from $5.2 billion last year, according to the Journal.

Saba Capital was not immediately available for comment. (Reporting by Amrutha Gayathri in Bangalore; Editing by Joyjeet Das)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below