Finance

Boaz Weinstein Starts Campaign to Take Over Ailing UK Trusts

Hedge fund Saba aims to oust boards, become investment manager
British investment trusts have been battling a slump lately

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By Leonard Kehnscherper

December 18, 2024 at 9:04 AM UTC

Updated on

December 18, 2024 at 11:08 AM UTC

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Boaz Weinstein wants to control and run seven UK investment trusts after his Saba Capital Management amassed a total £1.5 billion ($1.9 billion) stake in the closed-end vehicles.

In a letter to shareholders of the trusts on Wednesday, Saba urged them to replace the boards, with Weinstein offering himself as a candidate for a board seat. His firm has called for general meetings at funds run by Baillie Gifford, Janus Henderson Group Plc and Manulife Investment Management.