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Boaz Weinstein nominated to SDCL Efficiency Income board amid wind-down
The trust’s managed wind-down follows a decision announced in April to return capital to investors after shareholders voted in July to proceed.
Saba Capital founder Boaz Weinstein is set to join the board of SDCL Efficiency Income as the investment trust advances a managed wind-down, according to a report by Hedgeweek citing QuotedData.
The board appointments are expected to give two major shareholders direct representation as the company oversees disposal of the trust’s portfolio and the return of capital to investors. Weinstein, who is Saba’s founder and chief investment officer, holds a 27.8% economic interest in the trust through shares and total return swaps.
Richard Pavry, a former Devon Equity Management chief executive, is nominated alongside Weinstein, with Pavry backed by General Atlantic, the US growth equity investor and the trust’s second-largest shareholder. General Atlantic has a 16% stake, and both appointments require shareholder approval at a London general meeting on 1.