Ketu Desai
About Ketu Desai
Independent Director of ASA since 2024; age 43. Principal, Chief Compliance Officer, Investment Adviser Representative and Independent Registered Investment Adviser at i‑squared Wealth Management since 2016; previously CIO of Centerfin (2020–2024), Investment Analyst at Lighthouse Investment Partners (2007–2016), and M&A Analyst at Credit Suisse (2006–2007). Education: B.A. in Economics (Stony Brook University), M.S. in Economics (NYU) and MBA (NYU Stern; Finance, Financial Instruments & Markets, Entrepreneurship & Innovation). Qualifications emphasize investment/risk management and portfolio allocation across fixed income/credit/event-driven strategies .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Centerfin, Inc. | Chief Investment Officer | 2020–2024 | CIO role overseeing investment management |
| Lighthouse Investment Partners, LLC | Investment Analyst | 2007–2016 | Member of Relative Value Committee; portfolio allocation and risk management across fixed income, credit, event-driven, mortgage, distressed strategies |
| Credit Suisse AG | M&A Investment Banking Analyst | 2006–2007 | Analyst in M&A |
External Roles
| Organization | Ticker | Role | Tenure |
|---|---|---|---|
| i‑squared Wealth Management, Inc. | — | Principal, CCO, IAR/Independent RIA | Since 2016 |
| Saba Capital Income & Opportunities Fund | BRW | Trustee | Since 2020 |
| Saba Capital Income & Opportunities Fund II | SABA | Trustee | Since 2023 |
| Templeton Global Income Fund | — | Trustee | Since Feb 2023 |
Board Governance
- Independence: The Board is composed entirely of Independent Directors, and Audit Committee members (including Desai) are independent under NYSE rules .
- Committee memberships: Audit and Ethics Committee (member; Chair: Karen Caldwell) and Nominating & Governance Committee (member; Chair: Maryann Bruce) .
- Engagement signal: Signed the Audit and Ethics Committee Report (Sept 26, 2025) recommending inclusion of audited financials in the Annual Report .
- Board cadence: Board meets two times in person and two times virtually per year, with additional special meetings as needed .
Fixed Compensation
Director cash fee schedule (structure)
| Fee Component | FY 2024 | Effective Sep 19, 2025 |
|---|---|---|
| Annual retainer (Independent Director) | $25,000 | $65,000 |
| Board Chair additional fee | $15,000 | — |
| In‑person Board meeting fee | $5,000 per meeting | — |
| Telephonic Board meeting fee | $1,500 per meeting | — |
| Special meeting fee | — | $1,500 per special meeting |
| Nominating & Governance Committee Chair fee | $7,500 | $7,500 |
| Audit & Ethics Committee Chair fee | $7,500 | $8,500 |
Ketu Desai – FY 2024 compensation
| Metric | FY 2024 |
|---|---|
| Aggregate compensation from the Company | $26,377 |
| Estimated annual pension benefit upon retirement | N/A |
Note: Mr. Kazarian waived director compensation in FY 2024 .
Performance Compensation
| Component | Disclosure |
|---|---|
| Stock awards (RSUs/PSUs) | Not disclosed in the director compensation section; only cash retainers/meeting/chair fees described |
| Option awards | Not disclosed in the director compensation section; only cash retainers/meeting/chair fees described |
| Performance metrics tied to director compensation | Not disclosed for directors |
Other Directorships & Interlocks
| Entity | Ticker | Relationship | Relevance |
|---|---|---|---|
| Saba Capital Income & Opportunities Fund | BRW | Trustee | Fund associated with Saba; underscores network ties |
| Saba Capital Income & Opportunities Fund II | SABA | Trustee | Fund associated with Saba; underscores network ties |
| Templeton Global Income Fund | — | Trustee | Additional closed‑end fund trusteeship |
| Saba Capital Management, L.P. | — | 24.64% beneficial owner of ASA (4,650,898 shares as of Sept 24, 2025) | Significant holder; potential influence |
| ASA Board Chair – Paul Kazarian | — | Portfolio Manager, Saba Capital Management; ASA Chair | Shared affiliation with significant holder |
- RED FLAG: Interlock/potential influence. Saba Capital Management, L.P. beneficially owns 24.64% of ASA; the Board Chair is a Saba PM; Mr. Desai is trustee of Saba‑managed closed‑end funds. While independence is affirmed under NYSE rules, these shared affiliations warrant monitoring for perceived conflicts and board independence safeguards .
Expertise & Qualifications
- Investment/risk management leadership across fixed income, credit, event‑driven, mortgage, and distressed strategies; portfolio allocation and risk oversight experience .
- Degrees: B.A. Economics (Stony Brook), M.S. Economics (NYU), MBA (NYU Stern) with concentrations in Finance, Financial Instruments & Markets, Entrepreneurship & Innovation .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Outstanding Shares | Dollar Range |
|---|---|---|---|
| Ketu Desai | None | N/A | None |
Record Date ownership table; ASA had 18,872,332 common shares outstanding as of Sept 24, 2025 .
Governance Assessment
- Independence and committee effectiveness: Desai serves on Audit & Ethics and Nominating & Governance; all committee members are independent under NYSE rules; he co‑signed the Audit Committee Report, indicating engagement in financial oversight .
- Ownership alignment: No personal share ownership disclosed (None; N/A percent; dollar range None), suggesting limited direct economic alignment as of the Record Date .
- Pay structure and trend: Director compensation moved from a $25k retainer in FY 2024 to $65k effective Sept 19, 2025; proxy describes cash-only fees and does not disclose equity awards for directors .
- Board operations: The Board schedules two in‑person and two virtual meetings annually, with additional special meetings as needed—a cadence supportive of oversight; director‑specific attendance rates are not presented in cited sections .
- RED FLAGS to monitor: Significant holder interlock via Saba (24.64% stake), combined with Board Chair’s Saba role and Desai’s trusteeships with Saba‑associated funds; continued vigilance on conflict management and independent decision‑making processes is advisable .