NEW YORK - BlackRock held onto board seats at six closed end funds last week after investment firm Saba Capital Management did not secure enough votes to replace directors or fire the fund manager, according to data released by BlackRock on Tuesday.
Saba, run by prominent investor Boaz Weinstein, and BlackRock, the world's biggest asset management company with more than $10 trillion in assets under management, have been locked in battle for months over the future of 10 BlackRock closed end funds.Saba wants investors to elect its nominees to the BlackRock funds' boards and fire BlackRock as manager at some of them.
Investors voted at six BlackRock funds last week and meetings at BNY and BSTZ have been adjourned due to a failure to achieve quorum. "BlackRock maintains a vote requirement that is effectively impossible to achieve and was put in place to create failed elections," Weinstein said in a statement. "While Saba has challenged this entrenchment tactic in court, we are pleased that our fellow shareholders also want to hold BlackRock accountable for destroying billions in value," he added.Votes for four funds take place this week.
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