NEW YORK - BlackRock won a fight with hedge fund manager Boaz Weinstein this week when shareholders voted at four of its closed-end funds to keep the asset manager's directors in place and retain it as the manager, new data released on Friday show.
Meetings at and have been adjourned until next month due to a failure to achieve quorum. Saba Capital Management did not secure enough votes to replace directors or fire the fund manager at any of the eight funds. Closed-end funds, unlike open-end funds, don't issue or redeem new shares, which can leave them trading above or below the value of the securities held by the fund.
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