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Boaz Weinstein takes aim at seven UK investment trusts

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US hedge fund trader cites poor performance and outlines plans to put forward his firm Saba as new manager

Activist investor Boaz Weinstein has urged shareholders in seven UK investment trusts to overhaul their boards due to weak performance, and outlined plans to put forward his hedge fund as the trusts’ manager.

The seven trusts in Saba’s firing line, which are managed by Janus Henderson, Herald Investment Management, Manulife and Baillie Gifford, have suffered from wide discounts, whereby the performance of shares has lagged behind the value of the trusts’ assets. Discounts range from 12 per cent to 14.7 per cent on average over three years.

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Activist Investor Calls for Board Overhauls at Seven UK Investment TrustsBoaz Weinstein, founder of Saba Capital, is urging shareholders in seven UK investment trusts to replace their boards due to poor performance. Weinstein argues that existing boards haven't held investment managers accountable for inadequate returns. Saba Capital, the largest shareholder in each trust, plans to propose two new directors on each fund's board, including Weinstein himself. If the resolutions are passed, Saba aims to become the new manager of these trusts.
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