Wall Street tycoon’s attack on City funds is ‘bad for Britain’

Core Viewpoint - Boaz Weinstein's criticism of Edinburgh Worldwide Investment Trust (EWI) is seen as a threat to the UK's investment sector, potentially undermining investor confidence and the attractiveness of UK investment trusts [1][5]. Group 1: Impact on Investment Trusts - The chairman of EWI, Jonathan Simpson-Dent, expressed concerns that Weinstein's actions could negatively affect the confidence in the investment sector, making it harder for trusts to attract talent [2][5]. - EWI is one of several trusts targeted by Saba Capital, which has been pushing to replace boards due to perceived poor performance [2][4]. Group 2: Saba Capital's Actions - Saba Capital, which owns 30% of EWI's shares, has threatened legal action against EWI for not providing information about its stake in SpaceX [3]. - Saba is proposing to remove all six of EWI's independent non-executive directors and replace them with three of its own nominees, with a vote scheduled for January 20 [4]. Group 3: Broader Implications - Simpson-Dent warned that if the perception of the UK investment environment worsens, it could lead to a reduced candidate pool for positions within the sector, causing medium to long-term harm [4]. - The ongoing campaign by Saba may not only aim to improve EWI's performance but could also be a strategy to take over the trust entirely [6][7].