Alvin Albe Jr.
About Alvin R. Albe, Jr.
Independent Trustee of Angel Oak Funds Trust (since 2014; indefinite term) and Angel Oak Strategic Credit Fund (since 2017; indefinite term). Born 1953; retired investment management executive with over 34 years’ industry experience; Certified Public Accountant (non‑practicing) and designated audit committee financial expert of the Trusts. Oversees 9 portfolios across the fund complex and previously served as Senior Advisor at The TCW Group, Inc. (2008–2013) and Director of Syntroleum Corporation (1988–2014).
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| The TCW Group, Inc. | Senior Advisor | 2008–2013 | Executive management experience at large asset manager |
| Publicly held company (unspecified) | Director/Audit Committee Member | Not stated | Served on board and audit committee; informs financial oversight expertise |
| Syntroleum Corporation (renewable energy) | Director | 1988–2014 | Public company directorship; sector diversification |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Angel Oak Financial Strategies Income Term Trust | Trustee | Since 2018; indefinite term | Interlock within Angel Oak fund complex |
| Angel Oak Credit Opportunities Term Trust | Trustee | Since 2021; indefinite term | Interlock within Angel Oak fund complex |
| Angel Oak Dynamic Financial Strategies Income Term Trust | Trustee | 2019–2022 | Prior trustee service within complex |
Board Governance
- Independence: Classified as an Independent Trustee for both Trusts (not an “interested person” under the Investment Company Act).
- Committee memberships: All four standing committees are comprised of all Independent Trustees—Audit, Financial & Administrative Oversight; Nominating & Governance; Compliance Oversight; Valuation & Risk Management Oversight—implying Mr. Albe serves on each.
- Expertise: Designated audit committee financial expert; CPA (non‑practicing).
- Attendance: Each Trustee attended 75% or more of Board and committee meetings for FY ended Jan 31, 2025; each committee met four times in FY2025.
- Governance practices: Board has an Independent Chairman (Ira P. Cohen); Independent Trustees meet in separate quarterly executive sessions and are advised by independent legal counsel.
- Auditor oversight: Cohen & Company, Ltd. selected as independent auditors; independence confirmed to Audit Committee.
Fixed Compensation
| Component | Amount (USD) | Notes |
|---|---|---|
| Annual retainer (Independent Trustee) | $75,000 | Paid quarterly; pro‑rated if <1 year |
| Per regularly scheduled meeting | $12,000 | Paid for attendance |
| Committee Chair additional annual fee | $12,000 | Pro‑rated if <1 year |
| Board Chair additional annual fee | $17,000 | Applies to Independent Chairman |
| Pension/retirement plan | None | Funds do not have pension or retirement plans |
FY2025 compensation (fiscal year ended Jan 31, 2025):
| Item | Angel Oak Funds Trust | Angel Oak Strategic Credit Fund | Total |
|---|---|---|---|
| Aggregate compensation paid to Alvin R. Albe, Jr. | $102,454 | $9,070 | $127,500 |
Performance Compensation
| Element | Disclosed? | Details |
|---|---|---|
| Stock awards (RSUs/PSUs) | Not disclosed | Proxy describes cash retainers/meeting fees; no equity grants described for Trustees |
| Option awards | Not disclosed | No option awards noted for Trustees |
| Performance metrics tied to pay | Not disclosed | Trustee pay is not performance‑linked in proxy |
| Clawbacks/COC/severance | Not disclosed | No such provisions disclosed for Trustees |
Nominating & Governance Committee reviews Trustee compensation on an as‑needed basis and recommends changes to the full Board.
Other Directorships & Interlocks
| Company/Organization | Role | Period | Interlock/Conflict Notes |
|---|---|---|---|
| Syntroleum Corporation | Director | 1988–2014 | Prior public company directorship; no current interlock disclosed |
| Angel Oak Financial Strategies Income Term Trust | Trustee | Since 2018 | Common governance across Angel Oak fund complex |
| Angel Oak Credit Opportunities Term Trust | Trustee | Since 2021 | Common governance across Angel Oak fund complex |
| Angel Oak Dynamic Financial Strategies Income Term Trust | Trustee | 2019–2022 | Prior role within complex |
Expertise & Qualifications
- 34+ years of investment management experience; past executive management at a large asset manager.
- Certified Public Accountant (non‑practicing); audit committee financial expert designation enhances oversight of financial reporting and controls.
- Prior public company board and audit committee service contributes to governance rigor.
Equity Ownership
Trustee ownership of fund shares (dollar ranges as of December 31, 2024):
| Fund | Dollar Range |
|---|---|
| Multi‑Strategy Income Fund | E (over $100,000) |
| UltraShort Income Fund | A (None) |
| Income ETF | A (None) |
| UltraShort Income ETF | A (None) |
Additional holdings and aggregate:
| Fund | Dollar Range |
|---|---|
| High Yield Opportunities ETF | A (None) |
| Mortgage‑Backed Securities ETF | A (None) |
| Angel Oak Strategic Credit Fund | E (over $100,000) |
| Aggregate Dollar Range across Angel Oak family | E (over $100,000) |
- As of April 28, 2025, Trustees and officers as a group beneficially owned less than 1% of outstanding shares across the Funds.
- Neither Independent Trustees nor immediate family owned securities of the Adviser, principal underwriter, or affiliates; no direct/indirect interests >$120,000 in these entities in the two most recent calendar years.
Governance Assessment
- Strengths: Independence; audit financial expert designation; robust committee participation; consistent attendance; independent chairman with quarterly executive sessions; independent legal counsel—all supportive of board effectiveness.
- Alignment: Material personal investments in the Multi‑Strategy Income Fund and Strategic Credit Fund (E category) and E aggregate across the complex suggest “skin‑in‑the‑game” as a fund shareholder.
- Conflicts: No securities holdings in Adviser/underwriter/affiliates by Independent Trustees or immediate family; no >$120k interests reported—reduces related‑party exposure.
- Pay structure: Cash‑based retainers/meeting fees; absence of equity/option awards is typical for mutual fund boards but limits direct performance‑linkage; compensation oversight resides with Nominating & Governance Committee.
- Engagement: Committees met four times in FY2025; each Trustee attended ≥75% of Board/committee meetings; indicates active governance cadence.
- RED FLAGS: None identified in proxy regarding related‑party transactions, pledging/hedging, or low attendance for Mr. Albe; ongoing monitoring advised given multi‑board responsibilities and evolving fund governance standards.