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Alternative Market Briefing

Canadian pension fund charges hedge fund manager Boaz Weinstein of cheating

Monday, September 28, 2015

Komfie Manalo, Opalesque Asia:

Canada’s Public Sector Pension Investment Board on Friday filed formal charges against Boaz Weinstein and his hedge fund firm Saba Capital for allegedly cutting the value of its portfolio before paying up a redemption request. The lawsuit was filed before the New York Supreme Court.

In a report, The Wall Street Journal said that the pension fund, that has $112 billion in assets and was Saba Capital’s largest investor – with a once-$500 million investment – told the court that the hedge fund raised the value of its portfolio after it cashed out.

On Friday, the 42-year-old Mr. Weinstein provided a statement through a spokesman denying the accusations. On Sunday afternoon, he sent The Wall Street Journal further comment, saying he was "shocked by the allegations in PSP’s lawsuit."

"This lawsuit relates to a tiny portion of PSP’s investment – just 2 out of nearly 1200 positions, and a difference in value of less than $12 million out of an initial investment of half a billion dollars. I take these allegations very seriously," he added.

The accusations could curtail future money-raising for Weinstein, as he seeks to rebuild his business, which has been hit by a 20% loss from the beginning of 201......................

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