Lisa Morgan
Chief Compliance Officer and Anti-Money Laundering Officer at Ares Dynamic Credit Allocation Fund
Executive
About Lisa Morgan
Lisa Morgan (born 1976) serves as Chief Compliance Officer and Anti-Money Laundering Officer of Ares Dynamic Credit Allocation Fund, Inc. (ARDC). She is a Partner and Chief Compliance Officer, Registered Products, in the Ares Compliance Group, having joined Ares in 2017; she has served as ARDC’s CCO since 2019 and concurrently acts as CCO for Ares Capital Corporation (ARCC), Ares Strategic Income Fund (ASIF), CION Ares Diversified Credit Fund (CADC), Ares Private Markets Fund (APMF) and Ares Core Infrastructure Fund (ACI) . ARDC is a closed-end fund and its officers (including Morgan) do not receive compensation from the Fund; ARDC also does not maintain a compensation committee under NYSE rules for closed-end funds . Fund-level TSR or operating metrics tied to officer pay are not disclosed in ARDC’s proxy materials.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ares Compliance Group | Managing Director/Head of Regulatory Compliance (Registered Products) | 2017–present (joined Ares 2017) | Leads regulatory compliance for Ares registered products, serving as CCO across multiple Ares public vehicles |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Ares Capital Corporation (ARCC) | Chief Compliance Officer | As of 2025 | Concurrent CCO role per ARDC proxy |
| Ares Strategic Income Fund (ASIF) | Chief Compliance Officer | As of 2025 | Concurrent CCO role |
| CION Ares Diversified Credit Fund (CADC) | Chief Compliance Officer | As of 2025 | Concurrent CCO role |
| Ares Private Markets Fund (APMF) | Chief Compliance Officer | As of 2025 | Concurrent CCO role |
| Ares Core Infrastructure Fund (ACI) | Chief Compliance Officer | As of 2025 | Concurrent CCO role |
Fixed Compensation
| Component | Disclosure | Notes |
|---|---|---|
| Base salary | Not disclosed by ARDC | ARDC officers do not receive compensation from the Fund |
| Target/actual bonus | Not disclosed by ARDC | Not paid by the Fund |
| Perquisites | Not disclosed by ARDC | No officer comp table; closed-end fund structure |
| Pension/SERP/Deferred comp | Not disclosed by ARDC | Not paid by the Fund |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Incentive comp tied to Fund performance | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
| Notes | ARDC does not pay officers; no performance-metric-based executive plan disclosed for Fund officers |
Equity Ownership & Alignment
| Item | Date/As of | Value/Status | Source |
|---|---|---|---|
| Initial beneficial ownership (Form 3) | 12/26/2019 | “No securities are beneficially owned” (Lisa A. Morgan) | |
| Directors and officers as a group ownership of ARDC common | 04/01/2025 | Less than 1% of outstanding common stock | |
| Preferred stock held by Directors | 04/01/2025 | None | |
| Shares pledged as collateral | — | Not disclosed | — |
| Stock ownership guidelines/compliance | — | Not disclosed by ARDC | — |
| Insider transactions (Forms 4/5) | — | Not disclosed in ARDC proxy; only Form 3 for Morgan found |
Employment Terms
| Term | Disclosure | Notes |
|---|---|---|
| Employment start at Ares | 2017 | Joined Ares in 2017 |
| ARDC officer start | 2019 | CCO and AML Officer since 2019 |
| Contract term/expiration | Not disclosed | No employment agreement terms in proxy |
| Severance/Change-in-control | Not disclosed | No severance or CIC economics disclosed for officers |
| Clawback/Tax gross-ups | Not disclosed | No officer compensation plan disclosed |
| Non-compete/Non-solicit/Garden leave | Not disclosed | Not addressed in proxy |
| Governance context | No Compensation Committee (CEF exemption) | ARDC does not have a compensation committee under NYSE rules |
Investment Implications
- Pay-for-performance signal is neutral/limited at the Fund level: ARDC officers, including the CCO, are not paid by the Fund, and the proxy includes no officer incentive metrics or equity awards; thus there is no Fund-level pay-to-performance linkage to assess for Morgan. Any compensation levers reside at Ares, not ARDC, and are not disclosed in ARDC filings .
- Insider trading/ownership signals are muted: Morgan’s initial Form 3 reported zero holdings, and ARDC reports directors and officers as a group held less than 1% of common as of April 1, 2025—suggesting limited insider alignment and minimal vesting-related selling pressure at the Fund level .
- Retention risk appears tied to Ares enterprise incentives: Morgan is an Ares Partner overseeing registered products and serving as CCO across multiple Ares funds; her continuity since 2017 indicates institutional embedding, but ARDC provides no severance/CIC protections or employment terms to evaluate retention incentives directly .
- Governance context: The absence of a compensation committee and lack of officer compensation disclosures are standard for closed-end funds, but they limit external assessment of incentive alignment, clawbacks, or pledging/hedging policies at the Fund level .