Hargreaves Lansdown has seen record shareholder voting activity in meetings requisitioned by US activist hedge fund Saba Capital in the battle against seven UK investment trusts.
HL, the UK's largest retail investment platform, said that more than 41% of its clients who hold shares in Herald investment trust (HRI) turned out to vote in the first of Saba's seven attempts to replace the current board of each of the trusts, leading to a defeat for the Manhattan hedge fund. This figure represents significantly more than previous recent turnouts at other investment trust general meetings. In December, CQS Natural Resources attracted just 10.2% shareholder turnout at a continuation vote it overwhelmingly won, according to the Association of Investment Companies. He...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
