[2][3] In early 2009, Weinstein had left the bank along with 15 members of his team to spin-off the group as a new entity named Saba Capital Management based out of the Chrysler Building in Manhattan.

Weinstein was also able to take all of the intellectual property, including trading systems and analytics that the group developed while at Deutsche Bank.

As a result, in the fall that year, it sued Saba accusing it of self-dealing and mis-marking illiquid fund assets to minimize the redemption.

In March 2017, both parties agreed to a settlement with the joint statement that they had "resolved this matter as a commercial dispute involving a good faith disagreement over the valuation of two highly illiquid corporate bonds.

In 2021, Risk named Saba hedge fund of year due to its strong performance during the COVID-19 pandemic.

[11] At the end of 2021, Saba had become fourth-biggest SPAC hedge fund investor with $4.26 billion invested.