Onur Erzan
President and Chief Executive Officer at ALLIANCEBERNSTEIN NATIONAL MUNICIPAL INCOME FUND
CEO
Executive
About Onur Erzan
Onur Erzan serves as President and Chief Executive Officer of AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB) and related AB closed-end funds since April 2021; he is age 49, a Senior Vice President at AllianceBernstein L.P., Head of Global Client Group and Head of Private Wealth, and a member of the Equitable Holdings Management Committee . Prior to AB, he spent over 19 years at McKinsey & Company as a senior partner co-leading its Wealth & Asset Management practice and co-leading Banking & Securities Solutions globally . Fund performance under his tenure (illustrative recent period): total net assets declined year-over-year and NAV per share fell from $12.65 (7/31/2024) to $11.23 (7/31/2025), while quarterly net investment income per share increased from $0.11 (Q3 FY2024) to $0.14 (Q3 FY2025) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| AllianceBernstein L.P. | Senior Vice President; Head of Global Client Group and Head of Private Wealth | Jan 2021–Present | Leads AB’s global distribution and private wealth; executive oversight of AB Mutual Funds and closed-end funds |
| AB Mutual Funds, AGHIF, ANMIF | President & Chief Executive Officer | Apr 2021–Present | Executive leadership of AB’s mutual and closed-end fund platforms; shareholder communications and certifications |
| AB ETFs | President & Chief Executive Officer | Since May 2022 | Expansion into ETFs, contributing to product breadth |
| McKinsey & Company | Senior Partner; Co-leader Wealth & Asset Management; Co-leader Banking & Securities Solutions | 19+ years through Jan 2021 | Led global practice building data/analytics and digital capabilities for financial institutions |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Equitable Holdings | Management Committee Member | Since joining AB in 2021 | Strategic alignment across Equitable’s asset management ecosystem |
Fixed Compensation
- The Funds disclose that they do not pay fees to any director while considered an “interested person,” which applies to Erzan; compensation terms such as base salary and bonus are determined by AllianceBernstein L.P. and are not disclosed at the fund level .
- Officer elections are annual by the Board; Onur Erzan is listed as President and CEO with responsibilities and certifications, but no fund-level salary/bonus disclosure is provided .
Performance Compensation
- Not disclosed at the fund level; as an AB employee (“interested person”), any performance-based compensation, PSUs/RSUs, option awards, and their metrics/vesting are governed by AB or Equitable Holdings policies and are not included in AFB’s proxy materials .
Equity Ownership & Alignment
| Item | Detail | As-of Date |
|---|---|---|
| Beneficial ownership in AFB/AGHIF | None dollar range in both Funds for Erzan | Dec 31, 2024 |
| Aggregate dollar range across AB Funds Complex | Over $100,000 for Erzan | Dec 31, 2024 |
| Directors and officers group ownership in AFB | Less than 1% of shares outstanding | Feb 3, 2025 |
| Shares pledged as collateral | Not disclosed | — |
| Stock ownership guidelines / compliance | Not disclosed at fund level | — |
Employment Terms
| Term | Disclosure |
|---|---|
| Start date / tenure | President & CEO since April 2021; age 49 |
| Election / renewal | Officers elected annually by the Board |
| Board seat transition | Erzan will resign as Class Two Director contingent upon the election of Alexander Chaloff as Class Two Director of each Fund |
| Severance / change-of-control | Not disclosed at fund level (AB employee policies not included) |
| Non-compete / non-solicit | Not disclosed |
| Clawback / hedging / pledging policies | Not disclosed |
| Power of Attorney | Executed Aug 15, 2023 authorizing filings for AGHIF and ANMIF |
Performance & Track Record
| Metric | Q3 FY2024 | Q2 FY2025 | Q3 FY2025 |
|---|---|---|---|
| Total Net Assets ($) | 363,570,286 | 337,926,439 | 322,750,581 |
| NAV per Share ($) | 12.65 | 11.77 | 11.23 |
| Net Investment Income ($) | 3,056,703 | 3,360,878 | 4,015,722 |
| NII per Share ($) | 0.11 | 0.12 | 0.14 |
| Realized/Unrealized Gain (Loss) ($) | 12,753,214 | (19,051,276) | (15,775,819) |
| Gain/Loss per Share ($) | 0.44 | (0.66) | (0.55) |
Executive certifications: Erzan signed Section 302 and 906 certifications for AFB’s N‑CSR, indicating responsibility over controls and fair presentation of results . He also signed the semi‑annual report letter to shareholders in his capacity as President & CEO .
Board Governance
- Erzan is an “interested” director by virtue of AB affiliation; committees (Audit, Governance & Nominating, Independent Directors) are composed exclusively of Independent Directors and chaired by Independent Directors, with governance processes and charters published at abfunds.com .
- Meeting cadence: AFB (ANMIF) Board met four times in fiscal 2024; Independent Directors meet in executive session at every Board meeting .
- Dollar range ownership and board compensation schedules are provided for Independent Directors; interested persons (including Erzan) receive no director fees from the Funds .
Related Party & Risk Indicators
- No legal proceedings or SEC investigations related to Erzan disclosed in AFB filings reviewed.
- Proxy reports and N‑CSR include risk oversight descriptions but do not link to individual executive compensation or hedging/pledging practices .
Compensation Peer Group & Say‑on‑Pay
- Not applicable for closed‑end funds; AFB’s proxy focuses on director elections and auditor ratification; there is no executive pay benchmarking or say‑on‑pay vote at the fund level .
Investment Implications
- Alignment: Erzan’s direct dollar range in AFB/AGHIF is “None,” while aggregate holdings across the AB Funds Complex exceed $100,000; this suggests limited direct fund‑specific alignment but broader AB complex exposure .
- Transparency: Executive compensation, incentives, vesting, severance and change‑of‑control terms are set by AB/Equitable and not disclosed at the fund level, limiting pay‑for‑performance analysis for AFB specifically .
- Execution: As President & CEO since April 2021, Erzan’s role centers on oversight, governance, shareholder communications, and certifications of controls and reporting; recent period shows declining NAV and net assets with higher quarterly NII per share—important for distribution sustainability versus market discount dynamics in closed‑end funds .
- Governance quality: Independent committee structure and routine executive certifications indicate formal control environments; his contingent resignation from the Board seat in favor of another AB executive maintains independence emphasis while preserving executive leadership continuity .