US hedge fund brands London trusts 'a disaster': Saba blasts jingoistic opposition to shake-up
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The boss of the US hedge fund battling to win control of seven London-listed investment trusts has branded the sector a ‘disaster’ – and claims he is the ‘white knight’ needed to save it. Saba Capital boss Boaz Weinstein said shareholders have lost out due to an ‘ecosystem of greed’ that has damaged the performance of UK trusts. He hit back at the mounting opposition to his plans to overhaul the trusts and replace their directors with his allies.
‘It’s been described in this jingoistic way as I am some American who is coming in and is going to do something to take your precious fund away,’ the Wall Street financier said in a fiery presentation to shareholders. ‘We want what you want, which is a higher price.’.
But writing in today’s Mail, former pensions minister Baroness Altmann warns the attack on the seven trusts is ‘a flashing red warning sign’ for UK investors that has left the industry under ‘serious threat’. ‘If Saba’s predatory move succeeds, there are significant risks for ordinary investors,’ she says.
‘I urge all shareholders in these seven investment trusts to look carefully at the proposals and vote on them.’. On the attack: Saba Capital boss Boaz Weinstein (pictured) said shareholders have lost out due to an ‘ecosystem of greed’ that has damaged the performance of UK trusts.
Saba has called meetings at seven firms – Herald Investment Trust, Baillie Gifford US Growth, Edinburgh Worldwide, European Smaller Companies, Keystone Positive Change, CQS Natural Resources and Henderson Opportunities – to ask shareholders to back its plans to oust their boards and replace them with its own nominees.
