Elliot Associates, a hedge fund, began a proxy contest this Tuesday against fund managers at the Salomon Brothers Fund. Gramercy Investment Advisors, one of the investors in the fund, fully supports the move because, Gramercy says, Salomon has not been working strategically to increase share prices.

Due to change-of-control stipulations, the funds need the approval of shareholders before any management changes are made.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.