Merryn Talks Money How Saba's Boaz Weinstein Plans to Transform UK Investment Trusts
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Jan 15, 2025 
Join Boaz Weinstein, founder and CIO of Saba Capital Management, as he dives into his visionary strategies for UK investment trusts. Known for shaking up boards with his activist investments, he explains why he’s targeting the UK now. Discover the significant discounts in these trusts and how management changes could bolster investor confidence. Weinstein also discusses the need for strategic governance reforms and the complexities of enhancing shareholder value amidst evolving market dynamics.
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Early Career
- Boaz Weinstein's Wall Street career began at 15, answering phones for a financial consultant due to his deep voice.
- This led to a summer job at Goldman Sachs at 19, highlighting the role of luck and leveraging opportunities.
UK Governance
- Saba Capital initially focused on US closed-end funds, finding UK governance superior.
- The UK's better treatment of investors resulted in higher valuations and less opportunity for Saba.
2021 Shift
- Saba's UK focus began in 2021 due to increased discounts, not solely UK market woes.
- Inflation and the UK's LDI crisis created sellers, widening discounts in investment trusts.