Weinstein's Saba Capital Said To Be Shuttering London Office

Jul 5 2017 | 11:07pm ET

Boaz Weinstein’s Saba Capital is reportedly closing its London office and transferring its European trading operations to its New York headquarters.

Saba gained fame for taking the other side of a 2012 trade involving infamous JP Morgan “London Whale” trader Bruno Iksil which cost the investment bank a reported $2 billion. 

Reuters first reported the move, citing unidentified individuals familiar with the plans. According to U.K. regulatory filings, the company currently has three people registered to its London office, which is located in the Mayfair section of the city’s West End.

No reason or timetable was given for the move, although the Reuters article noted that many asset managers are considering next steps as Britain’s exit from the European Union gets underway. Saba has had the London office since early 2012.

Weinstein founded Saba in April of 2009 after a stint as Deutsche Bank’s co-head of credit trading. The company invests in convertible bonds, closed-end funds and stock indexes, and managed some $6 billion at its 2012 peak. Despite disappointing results in 2012-14 and a subsequent fall in assets to just under $2 billion, recent performance has been strong: the company’s flagship master fund returned a stellar 22.7% in 2016, according to Bloomberg data, following a 3% gain in 2015. 

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