Boaz Weinstein Battles BlackRock, Nuveen in $240 Billion Crusade

In an oft-overlooked corner of the finance industry, Boaz Weinstein is waging perhaps his most ambitious battle yet.

Fresh off two legal victories over fund giants BlackRock Inc. and Nuveen, Weinstein — a veteran credit derivatives trader who played a key role in taking down the London Whale — has his sights on upending the $240 billion closed-end fund industry.

At stake is upwards of $17 billion in total potential gains for investors in the funds.

Boaz Weinstein, founder of Saba Capital Management

Photographer: Jeenah Moon/Bloomberg

To hear Weinstein tell it, his activism in the closed-end fund industry, which spans the better part of a decade, is rooted ...