BlackRock funds are ‘crushing shareholder rights,' says activist Boaz Weinstein

Boaz Weinstein's hedge fund, Saba Capital, is advocating for significant changes at 10 underperforming BlackRock closed-end funds. Saba aims to replace BlackRock's management at six funds and seeks board control or minority representation at others. The activist fund also proposes that BlackRock should offer buybacks to investors at the funds' net asset values, addressing the steep discounts at which these funds currently trade.

Saba's campaign highlights issues of governance and shareholder rights, accusing BlackRock of contradictory practices that have allegedly cost investors $1.4 billion. Weinstein, known for profiting from JPMorgan's "London Whale" incident, argues for improved management and governance to enhance long-term value for shareholders. BlackRock, however, defends its management practices and emphasizes its commitment to shareholder interests.