Hedge fund Saba's Weinstein steps up campaign against UK investment trusts

LONDON, Feb 10 (Reuters) - Saba Capital Management has added more UK investment trusts to its activist campaign and plans to further shake up the sector, the hedge fund's founder Boaz Weinstein told a London School of Economics conference on Monday.

Weinstein said that since he launched his UK campaign, the fund he manages which handles these campaigns had record inflows. With that money, Weinstein said he would continue to add to his current activist campaign.

Weinstein's hedge fund Saba is waging a campaign to overhaul seven British investment trusts over performances it has said ranged from "underwhelming" to "disastrous".

The trusts have publicly hit back in recent weeks, dubbing Saba's campaign opportunistic and not in the interests of broader shareholders.

Six of the seven trusts' shareholders have voted against Weinstein's proposals which have ranged from buying investors out of the funds to board overhauls. The last of seven UK investment trusts targeted by Saba's activist campaign, – Edinburgh Worldwide – votes on Friday.

With the new money raised Weinstein says he will have a lot of capital to buy into more UK trusts and further shake up the system, said Weinstein at the LSE conference.