Saba’s minority stakes in UK investment trusts have a total value of $3.8bn, approximately. Leverage of 3x would be unremarkable for a hedge fund, suggesting $1.2bn of equity and $2.6bn of debt.

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Saba Capital has requisitioned meetings at a further four investment trusts, with the US hedge fund aiming to convert each trust into open-ended funds.

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 the LSE Alternative Investments Conference on Monday.

The European Smaller Companies Trust's shareholders voted down proposals by Saba Capital to kick out its existing directors and replace them with his allies.

Saba Capital, a New York hedge fund that has requisitioned General Meetings at seven UK investment trusts, faces a crucial week as five trusts vote

Activist hedge fund manager Boaz Weinstein has kicked off a new campaign against four UK investment trusts following a failed attempt to gain control of some funds earlier.

Boaz Weinstein's firm Saba Capital announced that it will call meetings at the trusts to vote on whether to change their structure.