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.

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

Saba Capital plans to call more general meetings at four investment trusts. The US hedge fund business has proposed converting the trusts into open-ended funds, claiming this will mean they “never trade at a discount to net asset value”.

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.