Janus Henderson CEO hits back at Saba in investment trust battle (updated)

Keystone Positive Change Investment Trust

15/01/2025 10:45

(Adds details, context in paragraphs 4-7)
       LONDON, Jan 15 (Reuters) - Saba Capital Management is
"betting on complacency" by targeting UK investment trusts and
investors should oppose the hedge fund, the CEO of fund manager
Janus Henderson  JHG.N , which runs two of the investment
trusts, said on Wednesday.
    Saba, led by prominent investor Boaz Weinstein, "had come in
and decided to bet on you and your clients not voting to take
over those funds," Ali Dibadj told the Janus Henderson's UK
Investment Conference.
    "They're betting on complacency. Please, please, don't be
complacent. Don't let them take over (the trusts)," Dibadj said.
    He described Saba's tactics as "very aggressive" and said
historically it had increased management fees when taking on
funds.
    Saba said last month it wanted to overhaul the boards of
seven trusts over performances it said ranged from
"underwhelming" to "disastrous". On Tuesday Weinstein said
critics of his plans were misleading investors who have lost
"enormous value".
        Those trusts include the Henderson Opportunities Trust
plc and the European Smaller Companies Trust  ESCT.L , both of
which are managed by Janus Henderson.
  
        The other trusts Saba is targeting are the Baillie
Gifford US Growth Trust  USAB.L , CQS Natural Resources Growth &
Income  CYNL.L , Edinburgh Worldwide Investment Trust  EWI.L ,
Herald Investment Trust  HRI.L  and Keystone Positive Change
 KPCK.L .
  

 (Reporting by Iain Withers
Editing by Tommy Reggiori Wilkes)
 ((thomas.wilkes@tr.com; +44 (0) 7769 955711;))