Boaz Weinstein, chief investment officer of the Manhattan-headquartered activist hedge fund Saba Capital that has made waves in the UK investment trust sector, has questioned the need for these structures to exist.
During a speech at London School of Economics' Alternative Investment Conference on Monday (10 February), Weinstein said "we do not need investment trusts", and made the case for rolling some of the companies at which Saba has requisitioned general meetings into a larger vehicle open-ended vehicle. The problem with investment trusts, according to Weinstein, is that "they have often failed the investor". Beating the drum for open-ended vehicles such as Saba's own CEFS ETF, Weinstein accused trust managers of purposely wanting to keep their funds closed-ended because "they want to keep...
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