Saba launches UK office

SABA Capital, the $4.7bn hedge fund set up by ex-Deutsche Bank proprietary trader Boaz Weinstein is launching a new office in London as part of its first expansion outside of the US.

Prakash Narayanan, former head of leveraged finance trading at Deutsche Bank, will run the UK office, which will focus primarily on research in European markets.

Weinstein, a chess master, rebounded from a trading loss of around $1.8bn at Deutsche Bank during the financial crisis to found New-York-based Saba in 2009, one of the fastest growing hedge funds of the last year.

Saba’s UK branch is still awaiting Financial Services Authority registration, but is expected to be fully operation in the first quarter of next year.

Throgmorton has been appointed to supply a range of back-office services.