Boaz Weinstein’s longtime associates, George Pan and Ken Weiller decided to leave Saba Capital Management, according to Bloomberg based on information from people familiar with the situation.
Pan is a money manager and partner while Weiller is the chief operating officer of Saba Capital Management. Bloomberg tried to reach both executives regarding the matter but did not reply to e-mails and messages left on their phones.
The people who disclosed their decision to leave Weinstein’s hedge fund requested anonymity because the information is private.
Other executives who left Saba Capital
Paul Andriori, another partner of Saba Capital Management, is planning to leave the hedge fund, according to a report last week.
Earlier this year, a team of commercial mortgage-bond traders led by Toby Maitland Hudson left the hedge fund. Dmitry Green, head of risk management and technology also.
Andrioro, Pan and Weiller together with Weinstein were part of the management team of Saba Capital Management when the hedge fund started its operations.
Andriorio previously worked at Goldman Sachs, Pan at JPMorgan and Weiller at SAC Capital Advisors. Weiller was a former star, fixed-income trader at Deutsche Bank before starting Saba Capital Management in 2009.
The hedge fund has 42 employees as of July 8 prior to the departure of Pan and Weiller, according an investor update. In November, the Saba Capital Management had 60 employees.
Saba Capital suffered losses
Saba Capital Management suffered losses over the past three consecutive years, which was seen as the reason behind the series of departures by its executives. The hedge fund also experienced redemptions, bringing down its assets under management (AUM) to $1.5 billion this year from its peak at $5.5 billion two years ago.
The assets of Saba Capital’s main fund dropped from $2.16 billion last year to $736 million in January this year.
Saba Capital Management’s rebounded with a 3% gain in the first six months of this year, according to an investor update. The hedge fund recorded around 10% returns in April, its best month since inception.
