Voya Prime Rate Trust has selected Saba Capital Management, LP (Saba) to serve as the new investment adviser to the Fund.
The Fund’s current investment adviser, Voya Investments (VIL), and the Fund’s current sub-adviser, Voya Investment Management Co (Voya IM), both previously announced their respective resignations, effective as of 22 June, 2021. VIL and Voya IM are committed to ensuring a smooth transition to Saba and serving the Fund, its Board and its shareholders during the Adviser Transition.
Saba is considered a pioneer in hedge fund credit investing and is known for its ability to navigate turbulent markets.
Saba manages USD3.2 billion in assets across a broad range of investment strategies, including through private investment funds, separately managed accounts and an exchange-traded fund. Saba is headquartered in the historic Chrysler Building in New York and is registered with the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission.
The Adviser Transition is contingent upon approval by the Fund’s shareholders of a new investment advisory agreement to be entered into by and between the Fund and Saba and certain other conditions that will be described in a related proxy statement.
If approved by shareholders, Saba intends to expand the Fund’s investment strategy while continuing with the Fund’s primary objective of providing a high level of current income as is consistent with the preservation of capital.
Boaz Weinstein, Founder and Chief Investment Officer of Saba, says: “The team is really looking forward to leveraging our investment process and credit expertise to create value for the Fund and its investors.”
