Joseph Andolina
Chief Compliance Officer and Vice President—Compliance at abrdn Income Credit Strategies Fund
Executive
About Joseph Andolina
Joseph Andolina serves as Chief Compliance Officer and Vice President—Compliance of abrdn Income Credit Strategies Fund (ACP) since 2017. He is currently Chief Risk Officer—Americas for abrdn Inc. and previously served in abrdn Inc.’s Legal Department as U.S. Counsel since 2012. Year of Birth: 1978. Officers of the Fund do not receive compensation directly from the Fund; they are officers of abrdn Inc., an affiliate of the adviser to ACP .
Past Roles
| Organization | Role | Years | Notes/Strategic Impact |
|---|---|---|---|
| abrdn Income Credit Strategies Fund (ACP) | Chief Compliance Officer; Vice President—Compliance | 2017–present | Officer overseeing compliance for the Fund |
| abrdn Inc. | Chief Risk Officer—Americas | Current | Regional risk leadership for abrdn’s U.S. business |
| abrdn Inc. (Legal) | U.S. Counsel | 2012–(prior to CRO role) | Provided U.S. legal counsel; transitioned into risk leadership |
External Roles
| Organization | Role | Years | Basis |
|---|---|---|---|
| abrdn Inc. | Chief Risk Officer—Americas; officer of abrdn Inc. | Current | Proxy notes officers of the Fund (incl. Andolina) are directors and/or officers of abrdn Inc. |
Fixed Compensation
Officers of the Fund do not receive any compensation directly from the Fund or any other fund in the Fund Complex for performing their duties as officers.
- No Fund-paid base salary, target bonus, or cash retainer is disclosed for officers; compensation (if any) would be at abrdn Inc. and not reported in ACP’s proxy .
Performance Compensation
- The Fund does not disclose officer incentive metrics (e.g., EBITDA, TSR, ESG goals) or equity awards for Fund officers; officers are employees of abrdn Inc., and such details are not included in ACP’s proxy materials .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Initial Section 16 statement | Form 3 filed for Joseph Andolina shows “No securities are beneficially owned.” (Event date 11/29/2017) |
| Ongoing insider activity | No Form 4 transactions for Andolina were identified in ACP documents searched; Fund proxies reiterate officers must comply with Section 16 but do not list officer holdings. (Search showed compliance narrative; no Andolina Form 4 records found in ACP set) |
| Beneficial Ownership Snapshot | As of | Shares/Status |
|---|---|---|
| Form 3 (initial) | 11/29/2017 | No securities beneficially owned |
Alignment implications:
- Absence of reported ACP share ownership at initial filing limits direct “skin-in-the-game” signals. No pledging or hedging disclosures for Fund officers are provided in ACP proxies .
Employment Terms
- Employment, severance, change-of-control, non-compete, and clawback provisions for Andolina are not disclosed by ACP; officers are employees of abrdn Inc. (the adviser’s U.S. affiliate). ACP materials state officers receive no compensation directly from the Fund and that they are officers/directors of abrdn Inc. .
Additional Governance and Regulatory Notes
- Section 16 reporting framework is highlighted in ACP proxies for officers and trustees; ACP notes reporting compliance monitoring but does not enumerate officer-specific transactions in the proxy .
- Andolina is listed among individuals appointed as attorneys-in-fact for Section 16 filings across abrdn funds (indicative of governance/legal process involvement) .
Investment Implications
- Pay-for-performance transparency: Fund officers receive no Fund-paid compensation and ACP does not disclose adviser-level (abrdn Inc.) pay structures or performance metrics for officers, limiting assessment of cash/equity mix, vesting pressure, or metric rigor at the individual level .
- Insider selling pressure: Initial Form 3 shows zero beneficial ownership, and no Andolina Form 4 activity was identified in the ACP document set—suggesting low direct near-term insider selling risk signal from this officer at the Fund level, though it also reduces alignment signals via ownership .
- Retention risk resides at abrdn Inc.: Without disclosure of contract terms (severance, change-of-control, non-compete), investor visibility into retention incentives or potential transition costs is limited; governance reliance is placed on abrdn’s corporate policies rather than Fund-specific arrangements .
- Role-driven risk mitigation: Andolina’s career progression from U.S. Counsel to Chief Risk Officer—Americas and CCO/VP—Compliance of ACP indicates deep compliance/risk expertise—supportive for regulatory oversight and control environment—yet ACP materials do not tie his compensation to Fund returns, TSR, or portfolio outcomes .