UK Fund Run by Terry Smith’s Firm Plans Revamp in Win for Saba

A UK investment trust run by Terry Smith’s Fundsmith LLPis planning to turn itself into an open-ended vehicle, the latest win for activist investor Boaz Weinstein.

The £1.8 billion ($2.4 billion) Smithson Investment Trust is proposing to roll the closed-end fund’s assets over into an open-ended structure that would allow investors to buy and redeem shares at net asset value daily, according to a filing on Wednesday. Current shareholders of the trust will be able to sell their shares at no discount to NAV.

The move marks the latest triumph for Weinstein’s Saba Capital Management, the ...