Weinstein's Saba battles BlackRock over closed-end funds as vote looms - Alternatives Watch

The battle between Boaz Weinstein’s activist hedge fund Saba Capital Management and BlackRock over 10 closed-end funds advised by BlackRock continues. Saba is agitating for sweeping changes to the 10 funds, which span equities, multi-asset and fixed income strategies, with the activist manager — the largest shareholder in the 10 funds — claiming that shareholders have lost billions by underperforming in a bull market. Weinstein’s hedge fund has formally proposed director seats at the 10 funds, and is seeking termination of BlackRock as investment manager at six of them. In its latest update, Saba said Institutional Shareholder Services, an independent proxy advisory firm, has endorsed changes at four of the funds in question: BlackRock ...

alternativeswatch.com     Jun 19, 2024