William Davies
AMERIPRISE FINANCIALAbout William Davies
William Davies is Executive Vice President and Global Chief Investment Officer for Ameriprise’s Global Asset Management (Columbia Threadneedle) and is based in the U.K.; his compensation is governed by the FCA’s UCITS V and MIFIDPRU remuneration codes . He joined Ameriprise’s Executive Leadership Team in 2022 and leads investment capability across asset classes, research, data science, and platform modernization . Under his tenure, Global Asset Management grew segment earnings 28% in 2024 with AUM/A at $681B, supported by strong multi-horizon fund performance and operating transformation; firm-wide TSR ranked No. 1 in S&P 500 Financials since 2005 and delivered 42% TSR in 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Columbia Threadneedle (Ameriprise Global Asset Management) | EVP & Global CIO | 2022–present | Led two‑year global transformation to simplify processes and enhance margins; embedded data science in research; delivered competitive fund performance with 108 4/5‑star Morningstar funds and expanded ETFs/SMAs |
Fixed Compensation
Multi-year fixed pay components for Davies (USD unless noted):
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | $785,817 | $828,523 | $813,735 |
| Fixed Allowance (GBP) | £300,000 converted to USD disclosure | £300,000 converted to USD disclosure | £300,000 converted to USD disclosure |
| Notes | Fixed compensation in U.K. comprises salary (£350,000) plus fixed allowance (£300,000), paid monthly; USD conversions use spot rates at period end |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Annual Incentive Award (AIA) – Financial performance composite | 70% | “3” on 5‑point scale (aligned to annual plan) | Company overall score “4.8 Distinguished” | Funding 170% of target for AIA pool | Cash; Davies’ variable pay subject to FCA deferral (60%+ deferred) |
| AIA – Business & Strategic performance composite | 30% | “3” on 5‑point scale | Company assessment “4.2 Exceeded Expectations” | Contributes to 170% AIA pool | Cash; FCA deferral rules apply |
| Long‑Term Incentives – PSUs (2022–2024 cycle) | N/A (award mix) | ROE 45.5% (100%) and EPS CAGR 9% (100%) | ROE 49.7% and EPS CAGR 15.9% pre‑TSR | 150% pre‑TSR; TSR modifier +25% on relative outperformance → total 175% payout | 3‑year cliff; paid Feb 2025 |
| LTI program design | N/A | N/A | N/A | Half of equity in PSUs; rest RSUs/options; options 10‑year term | Standard vesting: RSUs/options vest 33.33% annually over 3 years |
Davies’ performance pay amounts (USD):
| Component | 2022 | 2023 | 2024 |
|---|---|---|---|
| Annual Cash Incentive | $2,039,499 | $2,061,109 | $2,322,274 |
| Long‑Term Incentive Award | $874,071 | $883,332 | $995,260 |
| Total Direct Compensation | $3,699,387 | $3,772,964 | $4,131,270 |
FCA‑mandated deferral structure for Davies’ variable compensation (since joining ELT in 2022): at least 60% deferred; split 50% Threadneedle Fund Deferrals (vesting in 5 equal parts at 12/24/36/42/54 months with 6‑month holding), 13.5% Deferred Stock Units (12/24/36 months), 11.5% Deferred Stock Options (12/24/36 months; 10‑year life), and 25% PSUs; remaining 40% paid half in February and half in August as fully vested fund‑linked units with 6‑month holding .
Equity Ownership & Alignment
| Date (record) | Shares Owned | Right to Acquire (≤60 days) | DSUs/RSUs | Total Beneficial + DSUs/RSUs | % of Class |
|---|---|---|---|---|---|
| Feb 27, 2023 | 18,801 | — | 5,760 | 24,561 | <1% |
| Feb 26, 2024 | 20,040 | 688 | 2,023 | 22,751 | <1% |
| Mar 3, 2025 | 12,079 | 1,973 | 1,147 | 15,199 | <1% |
Ownership policies: executive officers are prohibited from hedging or pledging Ameriprise stock; stock ownership guideline is 4x base salary for non‑CEO NEOs; other NEOs averaged 17.7x salary at FY end .
Outstanding and vesting schedules:
- Options/DSOs vest 33.33% annually over 3 years for grants dated 1/28/2022, 1/27/2023, 1/26/2024; RSUs/DSUs vest similarly; PSUs cliff‑vest after 3 years .
- 12/31/2024 outstanding items for Davies include DSUs/DSOs and PSUs per outstanding awards tables; market value reference price $532.43 on 12/31/2024 .
2024 vesting events (Davies):
- 01/27/2024: RSUs 238 vested; net 126 after tax withholding .
- 01/28/2024: RSUs 939 vested; net 497 after tax withholding .
- 01/29/2024: RSUs 1,163 vested; net 616 after tax withholding .
Employment Terms
- Severance and notice (U.K.): If involuntarily terminated not for cause, Davies is entitled to six months’ notice pay with continued benefits; additional severance based on a percentage of annual base salary plus average bonus over prior two years prorated for the year worked; statutory redundancy payment of £21,000/$26,289.90 if applicable .
- Change‑in‑control: Ameriprise maintains double‑trigger treatment—no single‑trigger acceleration; equity awards accelerate only upon change‑in‑control plus qualifying termination; AIA may be paid pro‑rata upon certain terminations within two years of change‑in‑control .
- Restrictive covenants: U.K. contract includes protective covenants (non‑solicitation of customers/employees, non‑interference, confidentiality) up to six months post‑termination .
- Clawbacks: NYSE‑compliant restatement clawback (3‑year lookback) and broader misconduct clawback for Executive Leadership Team; effective Oct 2, 2023 and Jan 1, 2020, respectively .
- Life insurance: Company‑provided coverage at four times annual base salary (subject to U.K. cap) plus eight times salary in excess of cap; includes capital value of a spouse’s pension under TPP .
- Pension: Member of Threadneedle Pension Plan (defined benefit); present value of accumulated benefits $1,736,692 at 12/31/2024 (discount rate 5.55% assumption) .
Compensation Structure Analysis
- Pay mix and deferral: Davies’ variable compensation is majority deferred under FCA codes, increasing alignment via multi‑year vesting and fund‑linked instruments; 2022–2024 total direct compensation rose from $3.70M to $4.13M as long‑term incentive awards increased modestly .
- Equity incentives and vesting: RSUs/DSUs and DSOs vest over three years; PSUs use 3‑year ROE and EPS CAGR targets with TSR modifier, yielding a 175% payout for the 2022–2024 cycle—indicative of strong firm performance .
- Governance guardrails: No employment agreements unless required by local regulation; no excise tax gross‑ups; no option repricing without shareholder approval; bans on hedging/pledging; robust ownership guidelines and clawbacks reduce risk of misalignment .
Say‑on‑Pay & Shareholder Feedback
- 2024 say‑on‑pay approval was ~89% of votes cast, reflecting support for the program’s design and outcomes; Ameriprise maintained active engagement with shareholders representing roughly one‑third of shares .
Equity Ownership & Alignment (Additional Detail)
- 2025 beneficial ownership for Davies: 12,079 shares owned; 1,973 shares right to acquire within 60 days; 1,147 DSUs/RSUs; total 15,199; no pledges by executive officers permitted .
- 2024 beneficial ownership: 20,040 owned; 688 right to acquire; 2,023 DSUs/RSUs; total 22,751 .
Investment Implications
- Alignment: FCA deferrals (≥60%) plus Ameriprise’s clawbacks, ownership guidelines, and anti‑hedging/pledging policies tightly align Davies’ incentives with multi‑year performance and risk control .
- Retention: Six‑month notice pay and severance formula, coupled with staggered vesting across fund‑linked instruments, DSUs/DSOs, and PSUs, lower near‑term attrition risk and reinforce continuity in investment leadership .
- Trading signals: Recurrent RSU/DSU vestings (late January) can create predictable supply events; absence of pledging and hedging mitigates forced selling risk; PSU payout at 175% (2022–2024) underscores strength in ROE/EPS and TSR relative to peers, supportive of confidence in capital return and asset management earnings durability .
- Execution risk: Ongoing transformation and fee‑pressure headwinds in active management are acknowledged; Davies’ focus on alternatives, ETFs/SMAs, research intensity, and platform modernization aims to sustain competitive performance and margins .
Notes: GBP values converted to USD at spot rates disclosed in the proxy for presentation; Ameriprise’s broader AIA scores and PSU earnout apply firm‑wide and inform Davies’ incentive outcomes under FCA deferral mechanics .