07:19 AM EDT, 07/01/2024 (MT Newswires) -- BlackRock ( BLK ) won a dispute with hedge fund manager Boaz Weinstein as shareholders voted to retain BlackRock's ( BLK ) directors and management for four closed-end funds, Reuters reported Friday.

Weinstein's Saba Capital Management, a large owner in BlackRock's ( BLK ) closed-end funds, aimed to replace BlackRock ( BLK ) directors by electing its nominees to the funds' boards and to fire BlackRock ( BLK ) as manager at some of the 10 closed-end funds, citing poor performance, the report said.

"Shareholders rejected Saba's efforts to unseat BlackRock ( BLK ) as an investment adviser and voted to support the board's nominees at several funds," Glenn Hubbard, chair of the boards of BlackRock Closed-End Funds, said in a statement. "For the second year in a row, Saba has failed to convince shareholders that Saba will deliver more value than the funds' current stewardship and management teams," Reuters reported.

The preliminary vote count awaits final certification, BlackRock ( BLK ) told Reuters.

Saba did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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