ESG - One Hedge Fund Manager's Plan For $200 Million Investor Windfall | Benzinga
Saba Capital Management has called on BlackRock to merge its ESG Allocation Trust subsidiary with one its ESG (environmental social governance) mutual funds, in the hope of creating a $200 million windfall for investors.
Saba Capital founder and chief investment officer Boaz Weinstein tweeted on Thursday to urge Rick Rieder, BlackRock’s CIO, to merge BlackRock ESG Allocation Trust (NYSE:ECAT) with “one of the many” BlackRock ESG mutual funds.
The Tweet continued: “The discount would evaporate and investors would collectively earn $200,000,000! C'mon Rick, you'll still have 9 trillion AUM and ECAT holders would take comfort knowing that they'd always have a 100% of NAV exit.”