Erich Rettinger
About Erich Rettinger
Erich Rettinger (year of birth: 1985) serves as Treasurer of Liberty All‑Star Growth Fund, Inc. (ASG) and Liberty All‑Star Equity Fund; he was first appointed Treasurer in 2021. He is a Vice President of ALPS Advisors, Inc. (since 2021) and formerly served as Vice President and Fund Controller of ALPS Fund Services, Inc. (2013–2021). He also holds affiliated fund roles (Treasurer of Principal Real Estate Income Fund and ALPS ETF Trust; President of ALPS Variable Investment Trust). Officers are elected annually by the Boards and “serve at the pleasure of the Board.” No TSR/financial performance metrics tied to officer evaluation are disclosed in the proxy.
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| ALPS Fund Services, Inc. | Vice President and Fund Controller | 2013–2021 | Not disclosed in proxy (principal occupation only) |
| ALPS Advisors, Inc. | Vice President | 2021–Present | Not disclosed in proxy (principal occupation only) |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Principal Real Estate Income Fund | Treasurer | Not disclosed | Held concurrently with ASG role |
| ALPS ETF Trust | Treasurer | Not disclosed | Held concurrently with ASG role |
| ALPS Variable Investment Trust | President | Not disclosed | Held concurrently with ASG role |
Fixed Compensation
- ASG’s proxy discloses compensation for Independent Trustees/Directors only; there is no officer (including Treasurer) salary/bonus table presented. Neither Fund has a bonus, profit‑sharing, or retirement plan at the Fund level, and the compensation section pertains to Independent Trustees/Directors.
Performance Compensation
- No disclosure of performance‑based compensation frameworks or metrics (e.g., revenue/EBITDA/TSR goals), equity awards (RSUs/PSUs), or option grants for officers appears in the proxy.
Equity Ownership & Alignment
| Metric | 2023 | 2024 |
|---|---|---|
| ASG (Growth Fund) shares owned (units) | 0 | 0 |
| Liberty All‑Star Equity Fund shares owned (units) | 0 | 0 |
| Group note | Trustees/Directors and Executive Officers as a group owned <1% of outstanding shares in each Fund as of year‑end | Trustees/Directors and Executive Officers as a group owned <1% of outstanding shares in each Fund as of year‑end |
- Pledging/hedging: No pledging by officers is disclosed; proxy presents only share counts and ranges.
- Stock ownership guidelines for officers: Not disclosed in proxy.
Employment Terms
- Election/tenure mechanics: Fund officers are elected annually by the Boards and serve at the pleasure of the Board; officers continue until a successor is elected/qualified or upon removal/resignation/death.
- Contract terms, severance, and change‑of‑control economics: Not disclosed in proxy.
- Non‑compete/non‑solicit/garden leave/consulting arrangements: Not disclosed in proxy.
- Section 16 compliance note: Based on review of filed reports and representations, the Funds state all applicable Section 16(a) filing requirements were complied with as of December 31, 2024.
Investment Implications
- Alignment and selling pressure: Rettinger reported zero beneficial ownership in both ASG and Liberty All‑Star Equity Fund as of 12/31/2023 and 12/31/2024, which implies minimal direct equity alignment and low insider‑selling overhang from the Treasurer specifically. Monitor future proxies/Section 16 filings for any changes.
- Pay‑for‑performance transparency: ASG’s proxy provides no officer‑level cash/equity compensation disclosure or performance metric targets, limiting analysis of compensation alignment and vesting‑related selling triggers for the Treasurer role.
- Retention risk context: Officers are employees of ALPS entities and serve at the Board’s pleasure with annual election; with no disclosed severance/CoC protections, retention dynamics are tied to ALPS employment rather than Fund‑specific incentives.
- Trading signals: With no disclosed equity awards/vesting schedules and zero reported ownership, near‑term insider‑selling signals from this officer are unlikely; focus diligence on board‑level governance, fund manager/sub‑advisor changes, and any Item 5.02 8‑Ks for executive transitions.