Saba Blocks Baillie Gifford Plan to Combine Two Listed Funds (1)

Boaz Weinstein has blocked a plan by Baillie Gifford to combine two of its listed funds, underlining the pressure the activist investor is exerting as he pushes for changes at UK investment trusts.

The board of Baillie Gifford US Growth Trust said Weinstein’s Saba Capital Management had opposed a merger with Edinburgh Worldwide Investment Trust, according to a statementTuesday.

“We are highly disappointed that Saba has chosen once again to impede other shareholders by blocking the board from credibly presenting a potential merger opportunity,” Tom Burnet, chair of the US Growth Trust, said in the statement. Despite ...