Saba Partner Andiorio Said to Leave Weinstein’s Hedge Fund (1)
2015-07-13 19:08:57.353 GMT
(Adds departure of marketer in sixth paragraph.)
By Saijel Kishan
(Bloomberg) -- Paul Andiorio, a partner at Saba Capital
Management and one of its first employees, is planning to leave
Boaz Weinstein’s $1.6 billion hedge fund after six years,
according to two people with knowledge of the matter.
His trades have been unwound over the last few months, said
one of the people, who asked not to be identified because the
information is private. Andiorio didn’t return a telephone
message and e-mail seeking comment.
Andiorio joined Saba when Weinstein, the former co-head of
Deutsche Bank AG’s credit business, started the hedge fund in
2009. His exit is the latest in a series of departures from the
firm, which has seen assets slump by more than two-thirds from a
peak of $5.5 billion three years ago amid client redemptions and
losses in each of the past three calendar years.
Weinstein, 42, has struggled to make money amid reduced
price swings in the markets. Performance rebounded this year as
Saba’s credit hedge fund posted a 3 percent gain in the first
six months, one of the people said.
Jonathan Gasthalter, a spokesman for New York-based Saba
with Sard Verbinnen & Co., declined to comment.
Kevin Bell, a marketer at Saba, has also left the hedge
fund, one of the people said. Bell didn’t respond to a telephone
message seeking comment.
More Departures
A team of commercial mortgage-bond traders led by Toby
Hudson left Saba earlier this year. Dmitry Green, who oversaw
risk management and technology, left after five years to join
Mariner Investment Group last month.
Andiorio worked with Weinstein at Deutsche Bank before
joining Saba, named after the Hebrew word for grandfather. The
firm initially had strong returns, gaining 11 percent in 2010
and 9.3 percent in 2011 when the average hedge fund lost money.
Saba lost 3.9 percent in 2012 and 6.8 percent the following
year.
The firm posted its worst year in 2014, losing 11 percent,
failing to profit even when volatility increased. The average
hedge fund posted a 1.4 percent gain last year and has risen 3.7
percent this year through June, according to data compiled by
Bloomberg.
For Related News and Information:
Green Leaving Saba for Mariner Investment Group Risk Role (1)
Saba Capital Said to Post Worst Year in 2014 With 11% Loss (3)
Top hedge-fund stories TNI HEDGE WWTOP <GO>
Hedge-fund news NI HEDGE BN <GO>
Bloomberg Active Indexes for Funds BAIF <GO>
To contact the reporter on this story:
Saijel Kishan in New York at +1-212-617-6662 or
skishan@bloomberg.net
To contact the editors responsible for this story:
Christian Baumgaertel at +1-617-210-4624 or
cbaumgaertel@bloomberg.net
Sree Vidya Bhaktavatsalam
2015-07-13 19:08:57.353 GMT
(Adds departure of marketer in sixth paragraph.)
By Saijel Kishan
(Bloomberg) -- Paul Andiorio, a partner at Saba Capital
Management and one of its first employees, is planning to leave
Boaz Weinstein’s $1.6 billion hedge fund after six years,
according to two people with knowledge of the matter.
His trades have been unwound over the last few months, said
one of the people, who asked not to be identified because the
information is private. Andiorio didn’t return a telephone
message and e-mail seeking comment.
Andiorio joined Saba when Weinstein, the former co-head of
Deutsche Bank AG’s credit business, started the hedge fund in
2009. His exit is the latest in a series of departures from the
firm, which has seen assets slump by more than two-thirds from a
peak of $5.5 billion three years ago amid client redemptions and
losses in each of the past three calendar years.
Weinstein, 42, has struggled to make money amid reduced
price swings in the markets. Performance rebounded this year as
Saba’s credit hedge fund posted a 3 percent gain in the first
six months, one of the people said.
Jonathan Gasthalter, a spokesman for New York-based Saba
with Sard Verbinnen & Co., declined to comment.
Kevin Bell, a marketer at Saba, has also left the hedge
fund, one of the people said. Bell didn’t respond to a telephone
message seeking comment.
More Departures
A team of commercial mortgage-bond traders led by Toby
Hudson left Saba earlier this year. Dmitry Green, who oversaw
risk management and technology, left after five years to join
Mariner Investment Group last month.
Andiorio worked with Weinstein at Deutsche Bank before
joining Saba, named after the Hebrew word for grandfather. The
firm initially had strong returns, gaining 11 percent in 2010
and 9.3 percent in 2011 when the average hedge fund lost money.
Saba lost 3.9 percent in 2012 and 6.8 percent the following
year.
The firm posted its worst year in 2014, losing 11 percent,
failing to profit even when volatility increased. The average
hedge fund posted a 1.4 percent gain last year and has risen 3.7
percent this year through June, according to data compiled by
Bloomberg.
For Related News and Information:
Green Leaving Saba for Mariner Investment Group Risk Role (1)
Saba Capital Said to Post Worst Year in 2014 With 11% Loss (3)
Top hedge-fund stories TNI HEDGE WWTOP <GO>
Hedge-fund news NI HEDGE BN <GO>
Bloomberg Active Indexes for Funds BAIF <GO>
To contact the reporter on this story:
Saijel Kishan in New York at +1-212-617-6662 or
skishan@bloomberg.net
To contact the editors responsible for this story:
Christian Baumgaertel at +1-617-210-4624 or
cbaumgaertel@bloomberg.net
Sree Vidya Bhaktavatsalam