Michael Colombo
About Michael Colombo
Michael Colombo (born 1984) serves as Secretary of Angel Oak Strategic Credit Fund (ASCIX) since 2023, with an indefinite term, and is Chief Risk Officer at Angel Oak Capital Advisors, LLC since 2023; earlier he led valuation and trade operations functions at Angel Oak and Intercontinental Exchange (ICE) . In ASCIX’s governance framework, the Valuation and Risk Management Oversight Committee delegates day-to-day risk management to Fund management, with execution overseen by the Adviser’s Chief Risk Officer—i.e., Colombo—in regular reporting to the Board . Fund performance context: the Strategic Credit Fund ranked first quartile since inception and outperformed the Bloomberg U.S. Aggregate Bond Index over 1-, 3-, 5‑year periods and since inception through Dec 31, 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Angel Oak Capital Advisors, LLC | Director of Valuation | 2022–2023 | Led fair valuation oversight; strengthened pricing and NAV controls |
| Intercontinental Exchange, Inc. (ICE) | Director of Trade Operations | 2022 | Oversaw trade operations; improved execution and settlement quality |
| Intercontinental Exchange, Inc. (ICE) | Manager of Trade Operations | 2019–2022 | Managed trade ops, error resolution, and post-trade workflows |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Not disclosed | — | — | No current external directorships or committee roles disclosed in ASCIX filings |
Fixed Compensation
| Component | 2024 | 2025 | Notes |
|---|---|---|---|
| Base Salary | Not disclosed | Not disclosed | Officers are appointed by the Board; compensation typically paid by the Adviser, with the Fund reimbursing a portion of certain officer costs (e.g., CCO) rather than disclosing individual salaries . |
| Target Bonus % | Not disclosed | Not disclosed | Not disclosed in ASCIX filings |
| Actual Bonus Paid | Not disclosed | Not disclosed | Not disclosed in ASCIX filings |
| Perquisites | Not disclosed | Not disclosed | No aircraft/personal security/club benefits disclosed |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed | — | — | — | — | — |
No RSU/PSU/option award detail or performance metric linkage to Colombo is disclosed in ASCIX filings .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | Trustees and officers as a group owned <1% of outstanding shares across Funds as of April 28, 2025 . |
| Individual holdings | Not disclosed for Colombo |
| Vested vs. unvested shares | Not disclosed |
| Options (exercisable/unexercisable) | Not disclosed |
| Shares pledged as collateral | Not disclosed |
| Stock ownership guidelines | Not disclosed for officers; Trustee ownership ranges provided, not applicable to Secretary |
| Compliance status | Not disclosed |
Employment Terms
| Term | Detail |
|---|---|
| Title | Secretary, Angel Oak Strategic Credit Fund |
| Appointment date | Since 2023; indefinite term |
| Current employer | Angel Oak Capital Advisors, LLC (Chief Risk Officer) |
| Role scope | Oversees execution of Fund risk management; interacts with Board committees on valuation and risk matters |
| Contract term/expiration | Officers serve at pleasure of Board; indefinite terms, no specific expiration disclosed |
| Indemnification | Indemnification provisions for trustees/officers noted in SAI; subject to Securities Act public policy limitations |
| Non-compete / non-solicit | Not disclosed |
| Change-of-control | Board expects no changes to day-to-day management from Brookfield’s acquisition of the Adviser’s parent; no fee increases; Section 15(f) commitments to avoid “unfair burden” on funds |
| Clawbacks / gross-ups | Not disclosed |
Board Governance (Context)
- Board committees: Audit, Nominating & Governance, Compliance Oversight, and Valuation & Risk Management Oversight; Independent Chair; committees comprised of Independent Trustees .
- Valuation & Risk Management Oversight Committee reviews fair valuation methodologies and risk systems; execution overseen by Adviser’s Chief Risk Officer .
Performance Context (Fund-Level)
| Period Ended | Quartile vs. Peer Group | Benchmark vs. Bloomberg U.S. Aggregate Bond Index |
|---|---|---|
| 1-year (12/31/2024) | Third quartile | Outperformed |
| 3-year (12/31/2024) | Second quartile | Outperformed |
| 5-year (12/31/2024) | Second quartile | Outperformed |
| Since inception | First quartile | Outperformed |
Risk Indicators & Red Flags
- Pledging/hedging: No pledging or hedging disclosures for Colombo .
- Related-party transactions: None disclosed related to Colombo; adviser bears proxy solicitation costs; expense limitation agreements extended through Sept 30, 2027 if transaction closes .
- Legal proceedings/SEC investigations: None disclosed related to Colombo .
- Say-on-pay: Not applicable to mutual fund trust; trustee compensation disclosed, officer compensation not itemized .
Compensation Structure Analysis (Officer)
- Disclosure gap: ASCIX filings do not provide individual officer cash/equity compensation detail; officer pay appears handled at Adviser level, with the Fund reimbursing portions of specific officer costs (e.g., CCO), limiting pay-for-performance assessment for Colombo .
- Equity awards/vesting: No RSU/PSU/options or vesting schedules disclosed for Colombo .
Investment Implications
- Alignment/retention: Colombo’s indefinite-term officer appointment and role as Chief Risk Officer suggest continuity; however, lack of disclosed personal ownership and pay mix limits assessment of direct alignment or potential selling pressure .
- Governance/risk: Robust committee oversight, with risk and valuation procedures formally reviewed, and risk execution overseen by Colombo, supports operational discipline—particularly relevant for credit and valuation-sensitive strategies .
- Transaction backdrop: Brookfield’s majority acquisition of the Adviser’s parent is expected to leave day-to-day fund operations and fees unchanged, with Section 15(f) safeguards; no officer-specific change-in-control economics disclosed for Colombo .
- Trading signals: Absence of insider ownership/transactions for Colombo reduces traditional insider-trading signal utility; focus should remain on fund performance vs. benchmark and risk management disclosures when evaluating ASCIX .