BlackRock and Saba Capital Management announced a standstill in a long-raging battle over the future of closed-end funds with the asset manager buying back shares in two portfolios and the hedge fund dropping demands for deep management changes.

BlackRock Inc. stuck agreements with Boaz Weinstein’s Saba Capital Management that will end the activist-hedge fund’s battle with BlackRock over dozens of closed-end funds whose share prices had tumbled deeply below the value of their underlying assets.