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Saba Capital Management disputed that BlackRock (NYSE:BLK) won against the hedge fund in a battle over closed-end funds
Saba Capital claims that shareholders vote for Saba’s nominees by a “wide margin” in two of BlackRock’s funds, BIGZ and ECAT, the hedge fund said in a statement earlier on Monday.
“Our campaign shined a light on BlackRock’s hypocrisy as an ESG profiteer, while maintaining shameful governance at its own closed-end funds,” Boaz Weinstein, Saba’s founder and chief investment officer, said in the statement. “There is a great injustice that continues as BlackRock refuses to let its fund owners have their voices heard.”
The response comes after BlackRock (BLK) on Friday said that shareholders rejected Saba’s proposals to terminate BlackRock as an adviser at five closed-end funds.
“Shareholders rejected Saba’s efforts to unseat BlackRock as investment adviser and voted to support the Board’s nominees at several funds,” R. Glenn Hubbard, Chair of the Boards of BlackRock Closed-End Funds, said in the statement on Friday. “For the second year in a row, Saba has failed to convince shareholders that Saba will deliver more value than the funds’ current stewardship and management teams.”
Saba, which has also been battling with BlackRock (BLK) in court over the closed-end fund dispute, said it plans to hold BlackRock “accountable” in court.