Boaz Weinstein Loses Second Attempt to Oust Board of UK Fund

Activist investor Boaz Weinstein lost a vote to shake up the board of a fund run by Baillie Gifford, marking his second defeat in his campaign against the same trust in less than a year.

A majority of shareholders rejected a proposal by Weinstein’s Saba Capital Management to replace the entire board of Edinburgh Worldwide Investment Trust, according to a filing Tuesday. Excluding shares held by Saba, shareholders representing 92.7% of the shares voted rejected Saba’s proposals. Of the total votes cast, 53.2% went against Saba’s resolutions.