Saba Capital wants to remove the boards of seven investment trusts and enact measures it claims will deliver better shareholder value.
The activist investor, which has built stakes for several months, called for general meetings to be held at Baillie Gifford vehicles Baillie Gifford US Growth (USA), Edinburgh Worldwide (EWI) and Keystone Positive Change (KPC), as well as Henderson Opportunities (HOT) and European Smaller Companies (ESCT), run by Janus Henderson, plus Herald (HRI) and CQS Natural Resources Growth & Income (CYN).
The meetings, which it wants to be held by early February next year, would allow a vote on Saba proposals to oust current boards and replace them with its own directors. Candidates include Saba chief investment officer Boaz Weinstein and portfolio manager Paul Kazarian. Baillie Gifford said it was "aware of the letter" from Saba.