Saba suffers second defeat in campaign to shake up UK trusts

Reuters

2025/02/03

LONDON, Feb 3 (Reuters) - Saba Capital suffered a further setback in its campaign to shake up Britain's 269 billion pound ($332 billion) investment trust sector on Monday, after shareholders in a second trust rejected the U.S. activist investor's proposals.

Investors in Baillie Gifford US Growth Trust USAB.L rejected eight resolutions submitted by Saba to oust several of its board members, with 66% of votes cast voting against them. Just 34% approved.

Shareholders in technology-focused Herald Investment Trust HRI.L had been the first to reject Saba's campaign last month.

($1 = 0.8093 pounds)

(Reporting by Iain WithersEditing by Tommy Reggiori Wilkes)

((Iain.Withers@thomsonreuters.com;))

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