8 articles · Updated · The Wall Street Journal · Apr 30
The result puts Saba Capital in line to manage the nearly $1.2bn UK fund, which holds about $240m of SpaceX shares, after a 17-month campaign.
The new board can appoint Saba, likely displacing Baillie Gifford; chair Jonathan Simpson-Dent said four US funds with more than 40% combined voted against the incumbent board.
Saba says it may shift the trust toward investing in other UK-listed investment trusts, though any policy change would need Financial Conduct Authority approval and its plans for the SpaceX stake remain unclear.
Saba's victory has shaken London's financial world. Which UK investment trust will be the next to fall to activist pressure?
An American activist just seized a British fund. Is this a win for shareholders or a raid on long-term UK investment?