L&G Rejects Saba Plan to Oust Board of Baillie Gifford Fund

UK asset manager Legal & General Group Plc said it will vote against activist investor Boaz Weinstein’s latest push to oust the board of a London-listed fund run by Baillie Gifford & Co.

A plan by Weinstein’s Saba Capital Managementto present three nominees to replace the entire board of Edinburgh Worldwide Investment Trust“lacks sufficient detail regarding its future strategy” for the fund, L&G’s stewardship team said in a blog post on Tuesday. L&G, which holds 0.5% of Edinburgh Worldwide’s shares, said Saba’s proposals for the Jan. 20 ballot appear “broadly unchanged” from a previous attempt to ...