Reuters, New York City -Data indicated that BlackRock prevailed over hedge fund manager Boaz Weinstein last week in a vote by shareholders at four of its closed-end funds, maintaining the asset manager’s management and retaining its directors.
BlackRock (NYSE: BLK) and Weinstein’s Saba Capital Management, which owns a sizable stake in the company’s closed-end funds, have been at odds for months over the future of ten of the funds.
With more than $10 trillion in assets under management, BlackRock stands as the largest asset management firm in the world.
Saba wanted investors to elect its nominees to the funds’ boards in place of the BlackRock directors. Additionally, it wants investors to remove BlackRock from some of them as management.
“Shareholders voted to support the Board’s nominees at several funds and rejected Saba’s efforts to unseat BlackRock as an investment adviser,” BlackRock Closed-End Funds Chair Glenn Hubbard said in a statement on Friday.
“For the second year in a row, Saba has failed to convince shareholders that Saba will deliver more value than the funds’ current stewardship and management teams,” he stated.
In response to the vote on Monday, Saba stated, “There is a great injustice that continues as BlackRock refuses to let its fund owners have their voices heard.”
Saba has stated that the funds, which collectively oversee almost $10 billion, require modification due to underwhelming performance.
Following their vote at six BlackRock funds the week before, investors cast their ballots at four of those funds last week ().
