But some of the group’s fund managers – including Baillie Gifford, whose US Growth Trust is among those being targeted – said Saba’s strategy lacks detail.
Some shareholders have already declared opposition, including Evelyn Partners, which holds a 5 per cent stake in the US Growth fund and a 1pc stake in Herald Investment Trust – another of those targeted.
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The Association of Investment Companies (AIC), which represents the sector, said there were unanswered questions before investors vote on the changes.
Saba has proposed to replace directors with its own nominees, saying they have failed shareholders and made poor choices.
Determined: Hedge fund boss Boaz Weinstein is pushing for a huge shake-up at seven of the trusts, which hold stocks, bonds and assets on behalf of investors
‘We’re the white knight,’ Weinstein told the Financial Times.
It could mean investors end up holding a stake in a portfolio very different from the one they first signed up for, they claim.
