05:30 PM EDT, 06/11/2024 (MT Newswires) -- BlackRock ( BLK ) Tuesday said proxy advisors Institutional Shareholder Services recommended investors in two of its closed-end funds reject efforts by activist hedge fund Saba Capital Management to terminate BlackRock's ( BLK ) management contracts.

But, as ISS was siding with BlackRock ( BLK ) to remain in charge of the BlackRock California Municipal Income Trust (BFZ) and the BlackRock Science and Technology Term Trust (BSTZ), the advisory firm also favored Saba Capital's slate of board candidates to the two funds at their upcoming annual meetings.

BlackRock ( BLK ) and Saba both claimed victory in separate news releases. BlackRock ( BLK ) also said ISS handed it a "vote of confidence," while opposing Saba's board nominees to the BlackRock MuniYield Pennsylvania Quality Fund (MPA).

Conversely, Saba claimed ISS "concluded BlackRock ( BLK ) must be held accountable for its blatant disregard of shareholder rights" through its recommendation for the activist fund's board slate on BFZ and BSTZ.

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