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Hedge fund Saba's Weinstein steps up campaign against UK investment trusts
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Hedge fund Saba's Weinstein steps up campaign against UK investment trusts
Feb 10, 2025 8:45 AM

LONDON, Feb 10 (Reuters) - Saba Capital Management has

added more UK investment trusts to its activist campaign and

plans to further shake up the sector, the hedge fund's founder

Boaz Weinstein told a London School of Economics conference on

Monday.

Weinstein said that since he launched his UK campaign, the

fund he manages which handles these campaigns had record

inflows. With that money, Weinstein said he would continue to

add to his current activist campaign.

Weinstein's hedge fund Saba is waging a campaign to overhaul

seven British investment trusts over performances it has said

ranged from "underwhelming" to "disastrous".

The trusts have publicly hit back in recent weeks, dubbing

Saba's campaign opportunistic and not in the interests of

broader shareholders.

Six of the seven trusts' shareholders have voted against

Weinstein's proposals which have ranged from buying investors

out of the funds to board overhauls. The last of seven UK

investment trusts targeted by Saba's activist campaign, -

Edinburgh Worldwide - votes on Friday.

With the new money raised Weinstein says he will have a lot

of capital to buy into more UK trusts and further shake up the

system, said Weinstein at the LSE conference.

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