Todd Reit
About Todd Reit
Todd Reit (born 1968) is a Class II Independent Trustee of abrdn Global Dynamic Dividend Fund (AGD), serving since 2023, with his current term up for election to expire in 2028 if elected . He is a former Managing Director and Global Head of Asset Management Investment Banking at UBS AG (retired in 2017 after 25+ years at UBS and predecessor PaineWebber) and currently Managing Member of Cross Brook Partners LLC (since 2017) and Director/Financial Officer at Shelter Our Soldiers (since 2016) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| UBS AG | Managing Director; Global Head of Asset Management Investment Banking | Retired 2017; 25+ years at UBS/PaineWebber | Oversaw global asset management client relationships including corporate securities transactions and M&A |
| PaineWebber Incorporated | Investment banking roles (pre-merger) | Through 2000 merger into UBS | Part of the 25+ year career referenced; foundational IB experience |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Cross Brook Partners LLC | Managing Member | Since 2017 | Real estate investment and management leadership |
| Shelter Our Soldiers (non-profit) | Director and Financial Officer | Since 2016 | Veterans-support charity financial stewardship |
Board Governance
- Role and tenure: Independent Trustee (Class II), trustee of each Fund since 2023; term expires 2028 if elected .
- Committee assignments: Not a member of either standing committee. Audit Committee members are Nancy Yao, P. Gerald Malone (Chair of the Board), and John Sievwright (Audit Committee Chair, and designated “audit committee financial expert”). Nominating and Corporate Governance Committee members are Yao, Malone (Nominating Committee Chair), and Sievwright .
- Attendance: In FY 2024, each incumbent Director attended at least 75% of the aggregate number of Board and Committee meetings on which he/she served; Boards held five regular meetings; Audit Committees held two; Nominating Committees held two .
- Independence: Reit is identified as a nominee for Independent Trustee . Independent Trustees and their immediate family members owned no shares of the Investment Adviser or Sub‑Adviser or any affiliate as of April 1, 2025 .
- Executive sessions: Independent Trustees meet in executive session at least quarterly and have independent legal counsel .
- Fund complex oversight: As of the most recent fiscal year end, the Fund Complex comprises 18 registrants; Reit oversees 9 registrants (9 portfolios) .
Fixed Compensation
Director compensation for FY ended October 31, 2024 (aggregate cash paid by each fund and total complex):
| Source | FY 2024 Compensation ($) |
|---|---|
| AGD | 16,647 |
| AOD | 31,519 |
| AWP | 17,376 |
| Total from Fund Complex | 318,182 |
None of the Funds have any bonus, profit sharing, pension or retirement plans .
Performance Compensation
| Component | Disclosure |
|---|---|
| Bonus | None; Funds report no bonus plans |
| Profit sharing | None |
| Pension/retirement | None |
Other Directorships & Interlocks
| Company/Organization | Type | Role | Committee Positions | Overlap/Interlock |
|---|---|---|---|---|
| Public company boards | Public | None | — | None disclosed |
| Shelter Our Soldiers | Non-profit | Director & Financial Officer | — | Charitable role; no Fund-related interlock disclosed |
| Cross Brook Partners LLC | Private | Managing Member | — | Private firm; no Fund-related interlock disclosed |
- Relationship with abrdn: Only trustee identified as employed by the Investment Adviser is Christian Pittard (Interested Trustee). No employment or shareholdings with the Investment Adviser or abrdn Inc. are disclosed for Independent Trustees, including Reit .
Expertise & Qualifications
- Capital markets and asset management investment banking expertise; led global client coverage and complex transactions (M&A, corporate securities) at UBS .
- Real estate investment and management experience via Cross Brook Partners LLC .
- Non-profit financial oversight (Shelter Our Soldiers) .
- Not designated as the audit committee financial expert; that designation is held by John Sievwright .
Equity Ownership
| Fund | Dollar Range of Equity Securities Owned (as of Apr 1, 2025) | Aggregate Dollar Range across Fund Family |
|---|---|---|
| AGD | $10,001 – $50,000 | Over $100,000 total across funds overseen |
| AOD | $10,001 – $50,000 | Over $100,000 |
| AWP | $10,001 – $50,000 | Over $100,000 |
- Aggregate ownership: Trustees and officers collectively owned less than 1% of AGD’s outstanding equity securities as of April 1, 2025 .
- Section 16 compliance: Based on EDGAR review and written representations, officers, Trustees, and >10% owners timely filed all required Section 16(a) reports for FY ended Oct 31, 2024 .
Governance Assessment
- Strengths: Independent status; multi-fund oversight; consistent attendance (≥75%); quarterly independent executive sessions; no ownership ties to the Investment Adviser or affiliates; timely Section 16 compliance—all supportive of investor confidence .
- Committee participation: Reit is not on the Audit or Nominating Committees; oversight impact is primarily through full Board participation rather than committee leadership .
- Compensation alignment: Material cash compensation across the Fund Complex ($318,182) with personal holdings in AGD/AOD/AWP in the $10k–$50k range each; proxy discloses no performance-based pay plans for trustees, which reduces pay-for-performance linkage but is typical for closed‑end fund boards .
- Auditor independence oversight: Audit Committees pre-approved services and concluded the auditor’s independence; non‑audit fees to the Investment Adviser/Covered Service Providers were $629,124 in FY 2024 ($1,171,994 in FY 2023), warranting ongoing scrutiny but mitigated by committee process and conclusions .
- Conflicts/related parties: No public company interlocks; Independent Trustees (including Reit) and immediate families reported no share ownership in the Investment Adviser/sub‑adviser or affiliates, and the proxy does not disclose related‑party transactions tied to Reit—no RED FLAGS identified in filings .
Voting/engagement note: Reit is on the ballot as a Class II Trustee for a term through 2028; proxy card recommends “FOR” the nominees .