Jan 8 (Reuters) - Two British investment trusts run by

Janus Henderson ( JHG ) have called on investors to reject a

proposal by Saba Capital Management to replace their entire

boards, a change they said would effectively cede control to the

U.S. activist investor.

Saba Capital Management, run by prominent investor Boaz

Weinstein, said last month it was trying to overhaul the boards

of seven UK investment trusts over performances it described as

ranging from "underwhelming" to "disastrous".

In a statement on Wednesday, Wendy Colquhoun, chairman of

one of the two trusts, Henderson Opportunities Trust plc, said

Saba's resolutions carried "significant uncertainty and risk".

The trust is currently offering shareholders the choice of a

full cash exit at net asset value, or the option to roll over

into an open-ended fund managed by Janus Henderson Investors.

"Saba is attempting to take control of the company with no

assurances as to what will happen to shareholders' investments,"

she said.

"The board's message to shareholders is clear: please

exercise your vote and don't let Saba take unnecessary risks

with your money."

The European Smaller Companies Trust ( TEUUF ), another Janus

Henderson ( JHG )-managed fund targeted by Saba, also called on

Wednesday for shareholders to reject the proposal, with its

Chairman James Williams in a statement calling Saba's motives

"self-serving".

Saba did not immediately comment on Wednesday's releases by

the two investment trusts.

The other trusts it is targeting include Baillie Gifford US

Growth Trust, CQS Natural Resources Growth & Income

, Edinburgh Worldwide Investment Trust ( EWIIF ), Herald

Investment Trust ( HDVXF ) and Keystone Positive Change.

Keystone on Monday also hit back at the activist and said

they were "appalled by Saba's actions and conduct".

In a statement supplied to Reuters in response, Saba said it

had a successful track record in closed-end activism that has

provided "liquidity, low fees and better management to deliver

long-term value for all shareholders".