Finance

BlackRock, Saba Split ISS Support in Closed-End Fund Fight

Saba pushing to dump BlackRock as manager of several funds
ISS rejects termination proposals, supports some Saba nominees

BlackRock headquarters in New York.
Photographer: Angus Mordant/Bloomberg

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By Yiqin Shen and Silla Brush

June 11, 2024 at 5:58 PM UTC

Updated on

June 11, 2024 at 7:58 PM UTC

This article is for subscribers only.

BlackRock Inc. closed-end fund holders are being urged by an influential proxy adviser to reject efforts by activist hedge fund Saba Capital Management to terminate the firm as manager of two funds overseeing about $2 billion.

Still, in reports released late Monday, Institutional Shareholder Services recommended supporting Saba’s board nominees for the two funds, noting concerns over their governance structures.