'Your Fund Is Under Attack': BlackRock Fights Saba Raid

What You Need To Know

• The $250 billion closed-end fund industry is now the scene of one of the most dramatic power struggles in finance.
• Last month, Saba Capital Management launched a frenetic bid to have investors remove BlackRock as manager of six funds overseeing about $10 billion in assets.
• BlackRock is warning investors that Saba could radically alter the composition of the funds should it win control, exposing shareholders to greater risk.