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When I walk into Lilia, the industrial-style dining room is almost empty except for a few staff milling about — I can hear my boot heels hitting the stone floor. It’s a distinctly weird vibe for a buzzy Italian that has been one of Brooklyn’s hardest to score tables since it opened in 2016.
There is no time to ponder. Hedge fund magnate Boaz Weinstein is rising from the only occupied table to greet me. A rumpled-looking 51-year-old clad in a casual navy crewneck sweater over a T-shirt, he seems more like an average dad on the school run (as a separated father of three, he often does drop-offs and occasional pick-ups) than a feared Wall Street raider.
But his three-month-old campaign to shake up the UK investment trust industry has made him the City of London’s public enemy number one. The Guardian, the Telegraph and the Daily Mail have closed ranks against him, describing him as a “blackjack raider”, a “greedy intruder” and a “vulture”.
In December he landed in the UK with a bang, announcing that he had taken stakes in a clutch of closed-end funds and would be launching simultaneous campaigns to put his nominees in charge of seven of them. Despite his promises to close the gap between the funds’ share prices and the listed value of their underlying assets, shareholders in all seven overwhelmingly rejected his proposals. Unbowed, he opened a new line of attack on four, including two new funds.
“I love punching a bully in the nose. That’s what I think I’m doing with closed end funds,” he says. “I believe that by the end of this year we will have won almost all or all of these campaigns.”
We are meeting at Lilia because it is his family’s go-to place for birthdays and other celebrations and is co-owned by a former credit trader who used to work for Weinstein at Deutsche Bank.
“It dovetails with the arc of my career . . . There are very few people who want to reinvent themselves. If you’re doing something great, you stay in your lane and keep doing it,” he observes.
Hedge fund manager Boaz Weinstein: ‘I love punching a bully in the nose’