Saba targets investment trusts in a bid that could affect savers

Saba Capital has mounted campaigns to change boards at UK investment trusts including Herald and Edinburgh Worldwide (EWIT). Key shareholder meetings and voting deadlines are imminent and will determine who controls those funds.

Saba Capital, a New York hedge fund led by Boaz Weinstein, has publicly pushed to change control at several UK investment trusts. The funds named in recent campaigns include Herald and Edinburgh Worldwide (EWIT). EWIT holds a notable stake in SpaceX and Saba owns about 30% of EWIT. Shareholder meetings and voting deadlines are scheduled in the coming days and weeks, and those votes will decide whether proposed board changes proceed. Key facts: - Saba has targeted Herald and EWIT and previously attempted to influence other trusts, saying it seeks change in governance and performance. - EWIT: Saba owns about 30% and has proposed replacing EWIT's board; a meeting to consider those changes is due next Tuesday and Saba has said a new board would decide the trust's future. - Herald: the trust's board has proposed a tender offer for shareholders to redeem at net asset value; a general meeting is set for February 5 with proxy deadlines in early February and some platforms imposing earlier cut-offs. - Baroness Altmann has publicly warned that ordinary shareholders face gaps in protections and said the Government appears influenced by the hedge fund industry. Summary: If the proposed board changes are approved, control of the named trusts would shift and that would determine which managers and directors oversee those funds. Key votes and proxy deadlines are scheduled shortly and will set the immediate course for Herald and EWIT. Some details about private plans and timings remain reported but not independently verified.