Saba Capital Management has hired Throgmorton to provide back office services for its new UK office reports FINAlternatives.
Boaz Weinstein’s Saba Capital’s Impressive Beginnings
Saba Capital is a $4.7 billion hedge fund founded by credit derivatives trader Boaz Weinstein in 2009 after spending 12 years at Deutsche Bank (1998 to 2009). When Weinstein left to open Saba Capital, 11 members of his team at Deutsche Bank came with him. Weinstein “launched with assets of just $140m two years ago – a rate of growth that has catapulted Saba into the top ranks of the $2,000bn hedge fund industry,” reports the Financial Times.”Saba, which focuses on trading bonds and derivatives, was the world’s fastest growing hedge fund in 2010. The firm’s flagship credit long/short fund has returned just under 8 per cent so far this year, according to an investor.”
The Saba Capital Launches UK Branch as a Research Center
The Saba Capital UK branch is being “launched as a research centre and sub advisor to the U.S. limited partnership, and will be headed by former Deutsche Bank head of leveraged finance trading, Prakash Narayanan,” reports FINAlternatives.”The firm is yet to gain approved status from the Financial Services Authority,” writes the Financial Times. “But the office is expected to be fully operational by the first quarter of next year.” Throgmorton is “one of the UK’s largest independent back office service providers to the hedge fund, private equity and corporate finance industries.” According to FINAlternatives, it “will supply Saba Capital’s UK companies with accounting, VAT, company secretarial, human resources and health and safety services.”