Saba's Weinstein says he has made investors money by tackling UK investment trusts

Editorial & Advertiser disclosure

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Finance

Posted By Global Banking and Finance Review

Posted on January 14, 2025

Saba's Weinstein says he has made investors money by tackling UK investment trusts

By Nell Mackenzie and Sinead Cruise

LONDON (Reuters) -Hedge fund manager Boaz Weinstein said on Tuesday that his proposal to unseat managers at seven underperforming UK investment trusts has already made investors millions of pounds through narrower discounts reflected in their market values.

Saba Capital Management, founded and run by Weinstein, said last month it wanted to overhaul the boards over performances it said ranged from "underwhelming" to "disastrous".

"We bought these funds when people wanted to sell them and have caused the price to go up," Weinstein said in a presentation to investors ahead of crucial votes on the future management of the trusts, which hold a range of UK assets for a blend of retail and institutional investors.

Saba's plans, which include nominating Weinstein to the board of one fund and one of its lead portfolio managers, Paul Kazarian, to the other six funds' boards, have faced resistance.

"We want what you want, which is a higher price," the Saba Capital Management founder said in a public presentation.

"This is a box full of rocks, I will open that box, and sell assets that need to be sold," Weinstein said of his plans for the funds.

Saba is targeting the Henderson Opportunities Trust plc, Baillie Gifford US Growth Trust, CQS Natural Resources Growth & Income, Edinburgh Worldwide Investment Trust, Herald Investment Trust, Keystone Positive Change and European Smaller Companies Trust.

All the managers concerned have urged investors to vote against Saba's proposals.

(Reporting by Nell Mackenzie; Editing by Sinead Cruise and Alexander Smith)

Recommended for you