Boaz Weinstein finally scored his big British victory. The American hedge fund manager won a key shareholder vote Thursday to replace the board of Edinburgh Worldwide Investment Trust, a nearly $1.2 billion U.K. fund prized for its roughly $240 million stake in SpaceX.

The result puts Weinstein's Saba Capital Management in line to take over as manager of the trust, allowing the firm to collect fees and decide what happens to the fund's assets. This move will likely push aside Baillie Gifford, the Scottish investment giant that has long managed the trust.

The victory caps a nearly 17-month fight over the fund, including two failed attempts to wrest control. Weinstein launched a broader campaign in late 2024 to shake up Britain's 150-year-old investment trust industry, initially attacking seven funds over the steep discounts at which their shares traded relative to the value of their holdings. Industry shareholders initially firmly rejected his efforts, turning out in droves to vote his proposals down.