Reported 8 months ago
BlackRock successfully retained board seats at six closed-end funds after Saba Capital Management failed to garner enough votes to replace directors. The battle between the two firms over the future of BlackRock closed-end funds, involving over $10 trillion assets under management, has been ongoing for months. Saba wanted to elect its nominees to the fund boards and remove BlackRock as the manager, citing poor returns and the potential to unlock $1.4 billion in value by reducing the funds' discount. Voting took place at six funds, with meetings for two adjourned due to quorum failure, and votes for four more funds scheduled for the following week.
Source: YAHOO