![\"Ros](\"https:\/\/dailybusinessgroup.co.uk\/wp-content\/uploads\/2015\/11\/Screenshot-2015-11-14-10.35.45.png\")
Baroness Ros Altmann, a former UK pensions minister, has waded into the investment trust battle by urging shareholders in Edinburgh Worldwide Investment Trust to reject an attack on its board.<\/p>\n
The trust, managed by Baillie Gifford is facing a renewed attempt by US hedge fund Saba Capital Management to oust all its directors and install three US-based individuals.<\/p>\n
Saba, which owns slightly more than 30% of\u00a0Edinburgh\u00a0Worldwide, has requisitioned a general meeting of EWIT\u2019s shareholders on 20 January.<\/p>\n
EWIT was one of seven UK trusts last February whose shareholders rejected Saba\u2019s first attempt to remove directors.<\/p>\n
Baroness Altmann said: \u201cEdinburgh Worldwide Investment Trust\u2019s retail and wealth management investors need to wake up now and vote if they want to protect their long-term interests against threats of a hostile takeover by US hedge fund Saba Capital.<\/p>\n
\u201cThe long-standing UK investment trust sector is under attack, as its long-term, patient-capital model is being challenged by the short-term [view] of overseas investors.\u201d<\/p>\n
She added: \u201cUK investment trusts are one of the strengths of our financial system, channelling patient capital into innovative, long-term assets which open-ended funds often struggle to hold. But this model depends on boards acting for all shareholders, not just an aggressive minority with a short time horizon.\u00a0They are ideal investments for pension funds.\u201d<\/p>\n
Baroness Altmann\u2019s intervention follows similar recommendations from shareholder advisory groups Glass Lewis and Institutional Shareholder Services. Pensions group Legal & General has also said it would be voting against all of Saba\u2019s resolutions.<\/p>\n
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