Paul Kazarian
About Paul Kazarian
Paul Kazarian (age 41) is Chair of the Board (since 2025) and an Independent Director (since 2024) of ASA Gold and Precious Metals Limited. He is a Partner and Closed-End Fund Portfolio Manager at Saba Capital Management, L.P. (since March 2013), previously a Director in RBC Capital Markets’ Global Arbitrage and Trading Group (2007–2013) and a technology analyst at Merrill Lynch (2006–2007). He also serves as Principal Executive Officer of Saba Capital Income & Opportunities Fund (NYSE: BRW) and Saba Capital Income & Opportunities Fund II (NYSE: SABA) (since 2024) and has board experience at closed-end funds including Miller/Howard High Income Equity Fund (NYSE: HIE; 2022–2024) and Destra Multi-Alternative Fund (NYSE: DMA; since Oct 2023) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Saba Capital Management, L.P. | Partner; Closed-End Fund Portfolio Manager | Mar 2013–present | Responsible for Exchange-Traded products incl. ETF arbitrage and closed-end funds |
| RBC Capital Markets, LLC | Director, Global Arbitrage & Trading Group | Mar 2007–Mar 2013 | Arbitrage/trading leadership |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | Technology Analyst | Jul 2006–Jun 2007 | Research/analysis role |
| Miller/Howard High Income Equity Fund (NYSE: HIE) | Director | Oct 2022–Nov 2024 | Closed-end fund board service |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Saba Capital Income & Opportunities Fund (NYSE: BRW) | Principal Executive Officer | Since 2024 | Executive role at registered closed-end fund |
| Saba Capital Income & Opportunities Fund II (NYSE: SABA) | Principal Executive Officer; Trustee | PEO since 2024; Trustee since May 2021 | Governance/oversight of registered closed-end fund |
| Destra Multi-Alternative Fund (NYSE: DMA) | Director | Since Oct 2023 | Closed-end fund board service |
Board Governance
- Independent leadership: Board currently comprises four Independent Directors (Maryann Bruce, Karen Caldwell, Ketu Desai, Paul Kazarian). Kazarian serves as Independent Chair coordinating agendas with management and presiding over separate meetings of Independent Directors .
- Committee structure: Two standing committees—Nominating & Governance (Chair: Maryann Bruce) and Audit & Ethics (Chair: Karen Caldwell) .
- Memberships: Audit & Ethics Committee members are Caldwell (Chair), Bruce, Desai; Nominating & Governance Committee members include Bruce, Caldwell, Desai. Kazarian is not listed as a member of either committee (serves as Board Chair) .
- Meetings & attendance: FY2024 had 15 Board meetings and 8 committee meetings; each Director attended all meetings during the period they served, indicating full engagement .
- Meeting cadence: Board meets twice in person and twice virtually annually, with additional special meetings as needed .
Committee Membership Snapshot
| Committee | Members | Chair | Kazarian Member? |
|---|---|---|---|
| Audit & Ethics | Karen Caldwell; Maryann Bruce; Ketu Desai | Karen Caldwell | No |
| Nominating & Governance | Maryann Bruce; Karen Caldwell; Ketu Desai | Maryann Bruce | No |
Fixed Compensation
- Structure (cash-only in FY2024):
- Annual retainer: $25,000; Chair of Board additional $15,000; In-person meeting fee: $5,000; Telephonic meeting fee: $1,500; Nominating/Audit Committee Chair fee: $7,500 .
- Update effective Sep 19, 2025:
- Annual retainer increased to $65,000; Special meeting fee: $1,500; Nominating & Governance Chair fee: $7,500; Audit & Ethics Chair fee: $8,500 .
| Component | FY 2024 | Effective Sep 19, 2025 |
|---|---|---|
| Independent Director annual retainer | $25,000 | $65,000 |
| Chair of Board additional fee | $15,000 | $15,000 |
| In-person Board meeting fee | $5,000 | $5,000 |
| Telephonic Board meeting fee | $1,500 | $1,500 |
| Special Board meeting fee | N/A | $1,500 |
| Nominating & Governance Chair fee | $7,500 | $7,500 |
| Audit & Ethics Chair fee | $7,500 | $8,500 |
Realized FY2024 Director Compensation (Aggregate)
| Name | Aggregate Compensation from the Company | Estimated Annual Pension Benefit Upon Retirement |
|---|---|---|
| Paul Kazarian | N/A (waived) | N/A |
Notes: Directors elected after Jan 1, 2008 are not eligible for retirement benefits; legacy retirement plan applies only to certain pre-2008 directors .
Performance Compensation
- No equity or options disclosed for directors; compensation consists of cash retainers and meeting fees. No performance metrics (TSR, revenue, EBITDA, ESG) tied to director pay are presented in the proxy .
Other Directorships & Interlocks
- Saba ownership: Saba Capital Management, L.P. beneficially owns ~24.64% of ASA (4,650,898 shares as of Sep 17, 2025), creating a significant shareholder presence .
- Shared Saba affiliations on ASA’s board:
- Karen Caldwell (ASA director) is trustee of BRW and SABA funds .
- Ketu Desai (ASA director) is trustee of BRW and SABA funds .
- Kazarian roles at Saba funds (PEO; trustee) increase interlocks between ASA’s board and Saba-managed funds .
Expertise & Qualifications
- Closed-end fund and ETF arbitrage expertise; extensive portfolio management experience at Saba since 2013 .
- Board leadership: As Chair, coordinates Board activities, sets agendas with management and committees, facilitates communication, and presides over independent director sessions—appropriate structure given ASA’s size and characteristics .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Outstanding Shares | Aggregate Dollar Range of Share Ownership |
|---|---|---|---|
| Paul Kazarian | None | N/A | None |
Context: ASA had 18,872,332 common shares outstanding as of Sep 24, 2025; major holders include Saba (24.64%) .
Governance Assessment
- Independence: Proxy identifies Kazarian as an Independent Director; all four current directors are Independent .
- Attendance: 100% attendance for directors in FY2024 demonstrates strong engagement .
- Alignment: Kazarian waived FY2024 director compensation, signaling restraint; however, personal share ownership is “None,” limiting direct financial alignment with minority shareholders .
- Interlocks & potential conflicts (RED FLAG): Saba is a 24.64% shareholder of ASA, while Kazarian is a Saba partner and PEO of Saba funds; two other ASA directors (Caldwell, Desai) serve as trustees on Saba funds—this concentration of affiliations can raise concerns about independence in matters affecting Saba’s interests .
- Committee independence: Audit & Ethics Committee members are independent under NYSE rules, with Caldwell designated as an Audit Committee Financial Expert—provides some counterbalance to interlock concerns .
- Compensation structure: Cash-only director pay with increased retainer effective Sep 19, 2025; absence of equity-based awards reduces long-term alignment but limits pay complexity and potential pay-for-performance issues .
- Board process: Chair-led independent sessions and defined meeting cadence support oversight effectiveness for a closed-end fund structure .