Wednesday, 28 September 2016
Last updated 23 min ago
Jan 28 2011 | 12:07pm ET
Saba Capital Management, the hedge fund founded by former Deutsche Bank proprietary trader Boaz Weinstein, has launched its second fund.
Like its predecessor, the Saba Capital Tail Risk Fund will bank on so-called "black swans," or extreme but difficult to predict events. The new fund, which opened to outside investors in November, debuted with $160 million.
The Tail Risk fund will invest in options and low-cost credit-default swaps, Financial News reports. Saba's earlier fund, which manages more than $2 billion, invests in credit vehicles and was up 10.84% last year.
Saba has recently begun marketing the new fund in earnest, with Weinstein himself hitting the road to pitch it to potential investors.