“Have you no disgrace?” cried Boaz Weinstein throughout a presentation to buyers on January 14th. The boss of Saba Capital, an American hedge fund, was railing at fund managers in Britain’s venerable investment-trust business. Mr Weinstein has picked seven trusts, overseeing £4bn ($5bn), whose efficiency he deems so abysmal that each boards and managers should be fired. Saba has purchased stakes in every and sought votes to oust their boards. If profitable, it should appoint new administrators and search to handle the trusts itself. On the first such ballot, held on January twenty second, shareholders rejected Mr Weinstein’s overtures. Six extra possibilities stay.
