Deborah DeCotis
About Deborah A. DeCotis
Independent Trustee of Virtus Artificial Intelligence & Technology Opportunities Fund (AIO) since 2019; year of birth 1952; oversees 88 portfolios across the Virtus funds complex. Former Managing Director at Morgan Stanley; currently Advisory Director at Morgan Stanley & Co. Inc. She brings extensive board and investment management oversight experience, including prior trustee roles at Stanford University and Smith College, and fund governance across Virtus and PIMCO closed-end fund complexes .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Stanford University | Trustee | 2010–2015 | University governance oversight |
| Smith College | Trustee | Since 2017 | Academic governance |
| Watford Re | Director | 2017–2021 | Insurance board oversight |
| Memorial Sloan Kettering | Co-Chair, Special Projects Committee | 2005–2015 | Philanthropy/project governance |
External Roles
| Organization | Role | Tenure | Notes/Interlocks |
|---|---|---|---|
| Morgan Stanley & Co., Inc. | Advisory Director | Since 1996 | Investment banking advisory; potential counterparty to funds |
| Cadre Holdings, Inc. | Director | Since 2022 | Public company directorship |
| Circle Financial Group | Member | Since 2009 | Investor network |
| Council on Foreign Relations | Member | Since 2013 | Policy network |
| PIMCO Closed-End Funds | Trustee (30 portfolios) | Since 2011 | Cross-complex interlock |
Board Governance
- Independence: AIO’s committees (Audit, Compliance, Governance & Nominating, Contracts) are composed entirely of Independent Trustees; Deborah DeCotis serves as a member on all four committees .
- Committee chairs: Audit—Donald C. Burke (Chair), Compliance—R. Keith Walton (Chair), Governance & Nominating—Brian T. Zino (Chair), Contracts—Sarah E. Cogan (Chair) .
- Audit Committee financial experts: Boards designated Donald C. Burke and Brian T. Zino as “audit committee financial experts” (not DeCotis) .
- Meetings and attendance: AIO held six Board meetings in FY ended Jan 31, 2025; each Trustee attended at least 75% of board and committee meetings of which they were a member .
- Tenure at AIO: Class III Trustee since 2019; nominee for term expiring 2028 . Up for election as Class III trustee at the June 2, 2025 Annual Meeting .
| Committee | Role | Chair | FY Meetings | Notes |
|---|---|---|---|---|
| Audit | Member | Donald C. Burke | 6 | Independent-only committee; PwC audits; report issued by Audit Committee |
| Compliance | Member | R. Keith Walton | 4 | Oversees codes of ethics, whistleblower, cybersecurity, distribution |
| Governance & Nominating | Member | Brian T. Zino | 3 | Board evaluation and nominations; shareholder nomination policy |
| Contracts | Member | Sarah E. Cogan | 4 | Reviews advisory and administration contract renewals |
Fixed Compensation
- Independent Trustees receive aggregate cash compensation; no pension or retirement benefits are provided by the Funds .
| Fund | Aggregate Compensation ($) |
|---|---|
| AIO | $5,250 |
| NCV | $2,380 |
| NCZ | $1,785 |
| ACV | $1,585 |
| NFJ | $9,679 |
| NIE | $4,878 |
| Total from Funds & Fund Complex | $380,000 |
Performance Compensation
- No performance-based compensation, stock awards, or options for Independent Trustees are disclosed; compensation is cash-based retainer/fees, with no pension/retirement benefits .
Other Directorships & Interlocks
| Entity | Type | Role/Linkage |
|---|---|---|
| PIMCO Closed-End Funds (30 portfolios) | Fund complex | Trustee—cross-complex interlock with other closed-end funds |
| Cadre Holdings, Inc. | Public company | Director—external public board |
| Morgan Stanley & Co., Inc. | Investment bank | Advisory Director—potential transactional counterparty to Virtus funds |
Expertise & Qualifications
- Senior investment banking experience (Managing Director, Morgan Stanley); extensive fund governance and oversight across Virtus and PIMCO complexes; university trustee experience at Stanford and Smith College .
- Oversees 88 portfolios in fund complex—signals breadth of governance exposure .
Equity Ownership
- Trustee share ownership is modest; trustees and officers as a group own less than 1% of outstanding Shares across the Funds .
- Dollar range of holdings as of April 2, 2025:
| Fund | Dollar Range (DeCotis) |
|---|---|
| AIO | $10,001–$50,000 |
| NCV | $1–$10,000 |
| NCZ | $1–$10,000 |
| ACV | $1–$10,000 |
| NFJ | $1–$10,000 |
| NIE | $1–$10,000 |
| VGI | None |
| EDF | None |
| ZTR | None |
| Aggregate across all overseen funds | Over $100,000 |
Governance Assessment
- Strengths: Independent trustee; sits on all key committees; established committee charters; Audit Committee oversight with external auditor (PwC); consistent attendance (≥75%) . Tenure since 2019 provides continuity and domain knowledge for AIO .
- Alignment: Holds $10,001–$50,000 in AIO shares, with aggregate fund holdings over $100,000—meaningful but not large relative to fund size (AIO 34.39M shares outstanding) .
- Potential conflicts/RED FLAGS: Advisory Director affiliation with Morgan Stanley—a potential trading, underwriting, or banking counterparty to the funds; monitor for related-party transactions or service relationships (none specifically disclosed here) . Multiple interlocks across Virtus and PIMCO fund complexes—standard in closed-end fund governance but worth monitoring for adviser/board independence dynamics .
- Compensation: Cash-only structure; total complex compensation of $380,000 alongside multi-fund oversight—ensure pay remains tied to workload and responsibilities; no performance incentives, pensions, or equity awards disclosed (neutral from pay-for-performance perspective for directors) .