Saba Capital has taken stakes in seven trusts and called on investors to vote for changes to their boards
Fund managers are warning the Financial Conduct Authority that plans by US activist Boaz Weinstein to take over seven UK investment trusts leave shareholders in the dark about how their money will be invested. Saba Capital, which is run by Weinstein, has taken stakes in the seven trusts and called on investors to vote for changes to their boards, claiming they have failed to hold the managers of the trusts to account for performance.
“If Saba’s nominees are elected, the board of each investment trust will be legally compliant at all times under the FCA Listing Rules and will ensure compliance with the highest standards of governance.” The seven trusts that Saba is targeting are Baillie Gifford US Growth, Edinburgh Worldwide Investment, Keystone Positive Change, European Smaller Companies, Henderson Opportunities, Herald Investment, and CQS Natural Resources Growth & Income.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
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.
Read more »
UK Investment Trusts Fight Back Against US Activist InvestorTwo UK investment trusts are resisting a takeover attempt by US activist investor Boaz Weinstein's hedge fund, Saba Capital. Weinstein, who holds significant stakes in seven trusts, is calling for shareholder meetings to replace directors and install Saba as the investment manager. The trusts argue that Saba's plan lacks transparency and would prioritize its own agenda over shareholder interests.
Read more »
UK's Financial Conduct Authority Proposes New Private Stock Market SystemThe UK's Financial Conduct Authority (FCA) is consulting on plans for a new private stock market system called PISCES (Private Intermittent Securities and Capital Exchange System). This platform aims to provide investors with greater access to private companies and diversify their portfolios. The FCA believes this could improve capital access for private firms and boost investor confidence, ultimately leading to increased funding for growth and scaling.
Read more »
FCA looks to fill advice gap on pensionsCompanies will be able to offer ‘targeted support’ to customers without being fully regulated
Read more »
Young Investors Rush Into Decisions, FCA Warns of Hype RisksResearch from the Financial Conduct Authority (FCA) reveals that young investors often make quick decisions without thorough research, potentially leading to risky investments driven by hype.
Read more »
UK’s FCA to simplify disclosure rules for investment productsWatchdog says it will scrap regime inherited from EU that can ‘confuse or overwhelm’ investors
Read more »