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Templeton Global Income Fund selects Saba Capital as new investment adviser

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Templeton Global Income Fund has selected Saba Capital Management (Saba), a global alternative asset management firm specialising in credit relative value strategies and capital structure arbitrage, as its new investment adviser.

Saba, which was founded by Boaz Weinstein in 2009, replaces the fund’s current investment adviser, Franklin Advisers.

In light of the fund’s underperformance compared to its peers over various periods, the Board off Trustees established a special committee to review options and ultimately decided to commence a search for and select a new investment adviser. The committee, which consisted solely of independent trustees, conducted a request for proposal process involving several investment advisers.

The special committee recommended Saba based on the firm’s investment capabilities and track record, including its management of the Saba Capital Income & Opportunities Fund (BRW), another publicly-traded closed-end fund that has an investment strategy similar to that proposed for GIM.

The Adviser Transition is contingent upon approval by the Fund’s shareholders of a new investment management agreement to be entered into between the Fund and Saba that will be described in a related proxy statement.

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