Boaz Weinstein and Richard Pavry to join SDCL Efficiency Income board

Boaz Weinstein, founder of Saba Capital, and Richard Pavry, former CEO of Devon Equity Management, are set to join the board of SDCL Efficiency Income (SEIT) to oversee the investment trust’s managed wind-down.

Saba Capital is the trust’s largest shareholder, holding a 27.8% economic interest through shares and total return swaps. Richard Pavry has been nominated by General Atlantic, the second-largest shareholder with a 16% stake. Both appointments are subject to shareholder approval at a general meeting scheduled for 15 October in London.

The £395m investment trust is undergoing a wind-down following a shareholder vote in July, a move intended to return capital to investors after the fund struggled to grow its portfolio due to a significant share price discount. Weinstein and Pavry will serve as non-independent, non-executive directors without receiving fees. The appointments will expand the board to six members.