Axel Merk Calls for SEC Intervention as Saba-Controlled Board Takes Over Fund Management

summarizeSummary

Shareholder and former COO Axel Merk is calling for SEC intervention after ASA Gold & Precious Metals' Saba-controlled Board terminated Merk Investments as the fund's advisor, moving portfolio management to an internal committee allegedly lacking precious metals experience.

check_boxKey Events · Corporate Governance and Compliance · ASA

• Advisory Agreement Terminated

  ASA's Board terminated Merk Investments LLC as the fund's investment adviser, effective July 1, 2026.

• Internal Management Shift

  Portfolio management was moved to an internal investment committee composed of Saba-controlled Board members, which Axel Merk alleges has zero precious metals mining experience.

• Saba Partner Leads Committee

  Paul Kazarian, a partner of Saba Capital Management and recently appointed President, heads the new internal investment committee.

• Call for SEC Intervention

  Axel Merk, a significant shareholder (1.7% stake) and former COO, is urging the SEC to scrutinize the Board's actions, citing serious governance and regulatory concerns.

auto_awesomeAnalysis · ASA · Unknown

This filing details a significant escalation in the ongoing conflict between shareholder Axel Merk and the Saba Capital-controlled board of ASA Gold & Precious Metals. The termination of Merk Investments LLC as the fund's investment advisor and the transfer of portfolio management to an internal committee, led by a Saba partner and allegedly lacking relevant experience, represents a fundamental shift in the fund's operational strategy. Merk's call for SEC scrutiny highlights serious governance and regulatory concerns, potentially impacting the fund's future performance and shareholder alignment.