Franklin Templeton Strikes Back at Saba in Closed-End Battle

The $1.41 trillion mutual fund giant is issuing preferred stock that dilutes common shareholders’ control at three of its closed-end funds.

Illustration by II

Illustration by II

Forget Sunday’s World Cup final between Argentina and France. The real nailbiter is the current closed-end fund smackdown between Franklin Templeton and Saba Capital Management.

Franklin Templeton is striking back hard at Saba by issuing mountains of new preferred stock in three closed end funds that Saba is targeting in an activist proxy campaign.

To continue reading, subscribe now to Premium Journalism. Already a subscriber? login.