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.