Boaz Weinstein, an early player in credit default swaps market, is leaving Deutsche Bank to start his own hedge fund.
Weinstein, who has worked at Deutsche for 11 years, will be leaving the German bank in the second quarter, along with 15 of his colleagues, according to sources familiar with the situation.
At Deutsche, Weinstein ran all of the firm's credit trading. The 35-year old, an avid chess player, built up the German bank's presence in credit default swaps, a market that allows investors to buy insurance against corporate defaults and has grown dramatically over the last 10 years.
A spokeswoman with the firm confirmed Weinstein is leaving the firm, but she would not offer the names of the 15 professionals who are leaving Deutsche with Weinstein.We wish Boaz well in his new venture and look forward to working with him, the spokeswoman said.
Colin Fan, co-head of global credit trading with Weinstein, will become sole head of the group, with responsibility for all credit and commodities business.
Weinstein's departure comes at a time when Deutsche Bank is looking to lower its leverage. In November, the firm restructured its sales and trading business and downsized its proprietary trading operation as part of its efforts to de-lever.