The UK Government has been urged to 'get to grips with the threat' as the drama has intensified in a key sector in which Scotland has a major presence, writes Ian McConnell.

And this seemed like a big moment.

Scotland’s key investment trust sector found itself thrust into the spotlight again last week as US hedge fund manager Boaz Weinstein’s Saba Capital Management launched a third attempt to oust the board of a major fund.

Mr Weinstein launched his third campaign last Tuesday - only three weeks after his second attempt to remove all of the directors of Edinburgh Worldwide Investment Trust was defeated in a shareholder vote.

While this very short interval was somewhat remarkable, it was never in doubt that Saba was continuing to cast a shadow over Edinburgh Worldwide - which had total assets of around £861.59 million at December 31 - given its stake of around 30% in the trust.

And, of course, Saba had already returned for a second attempt after being defeated in its initial bid to oust the board of the trust, which is run from Edinburgh by Baillie Gifford, on February 14 last year.

It has seemed apparent for a long time now that there is no love lost between Edinburgh Worldwide and Saba.

And Mr Weinstein and Saba - even after their spectacular initial salvo ended with all seven of these attempts to oust the boards of UK investment trusts being rejected early last year - have made it crystal clear they are not going to be walking away from the sector. Quite the opposite – they have been exerting pressure on various funds in the period since the string of defeats in early 2025.

Saba again expressed dissatisfaction........

© Herald Scotland