Todd Reit
About Todd Reit
Independent Class II Trustee of abrdn Global Infrastructure Income Fund (ASGI) since 2020; year of birth 1968. Background spans >25 years at UBS/PaineWebber culminating as Managing Director and Global Head of Asset Management Investment Banking; currently Managing Member at Cross Brook Partners (real estate) and Director/Financial Officer of Shelter Our Soldiers. Serves on ASGI’s Audit Committee and Nominating & Corporate Governance Committee; independent under the 1940 Act/NYSE standards. Next board term through 2028 if re-elected.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| UBS AG / PaineWebber (merged 2000) | Managing Director; Global Head of Asset Management Investment Banking | Retired 2017; over 25-year career at firm and predecessor | Oversaw global asset management client relationships, corporate securities, M&A; capital markets expertise relevant to Audit/Nominating work |
| Cross Brook Partners LLC | Managing Member | Since 2017 | Real estate investment/management; brings investment/operator perspective to board oversight |
| Shelter Our Soldiers (charity) | Director and Financial Officer | Since 2016 | Non-profit finance/governance experience |
External Roles
| Organization | Role | Public Company? | Notes |
|---|---|---|---|
| Other public company directorships (ex-Fund Complex) | None | — | Proxy lists no other public boards |
| abrdn US Fund Complex | Trustee across 9 Registrants (9 Portfolios) | Registered funds | Board interlock within sponsor’s fund complex; standard for CEF complexes |
Board Governance
- Independence: Listed as an Independent Trustee; committee members are “independent” per NYSE standards.
- Committees and roles (FY2024 activity shown):
- Audit Committee: Member; Committee met 4 times; Chair and “financial expert” is John Sievwright.
- Nominating & Corporate Governance Committee: Member; Committee met 1 time; Chair is P. Gerald Malone.
- Board structure and engagement:
- FY2024 meetings: 5 regular and 1 special; all Trustees served attended at least 75% of aggregate Board and committee meetings (based on available records).
- FY2023 meetings: 5 Board; Trustees attended at least 75% (based on available records).
- Independent Trustees meet in executive session at least quarterly; have independent counsel.
- Tenure/class: Class II Trustee since 2020; nominated for new 3-year term ending 2028.
Fixed Compensation
| Metric | FY2023 | FY2024 |
|---|---|---|
| Aggregate compensation from ASGI (cash fees) | $49,526 | $37,500 |
| Total compensation from ASGI + Fund Complex (cash fees) | $87,186 | $277,048 |
| Bonus/profit sharing/pension/retirement plans | Fund does not have these plans | Fund does not have these plans |
The Fund states it does not have bonus, profit sharing, pension or retirement plans for Trustees; all figures above represent director fee compensation.
Performance Compensation
| Component | FY2023 | FY2024 |
|---|---|---|
| Target/actual bonus | Not applicable; no bonus plans disclosed | Not applicable; no bonus plans disclosed |
| Equity awards (RSUs/PSUs) | No equity awards disclosed in proxy compensation tables | No equity awards disclosed in proxy compensation tables |
| Option awards | None disclosed | None disclosed |
| Performance metrics tied to pay (revenue/EBITDA/TSR/ESG) | None disclosed for directors | None disclosed for directors |
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public boards (excluding abrdn Fund Complex) | None |
| abrdn Fund Complex boards overseen | 9 Registrants / 9 Portfolios (as of 2025) |
| Committee roles at other entities | Not disclosed beyond ASGI committees |
| Potential interlocks with ASGI competitors/suppliers | None disclosed |
Expertise & Qualifications
- Capital markets and M&A expertise from leadership at UBS (asset management investment banking), directly supporting audit oversight and strategy.
- Operating/investment experience via Cross Brook Partners (real estate), plus non-profit financial stewardship at Shelter Our Soldiers.
- Board qualification summary cites banking and asset management experience.
Equity Ownership
| As-of Date | Dollar Range Owned in ASGI | Aggregate Dollar Range across abrdn Family |
|---|---|---|
| Oct 31, 2023 | $10,001 — $50,000 | $10,001 — $50,000 |
| Apr 1, 2025 | $10,001 — $50,000 | Over $100,000 |
- Aggregate Trustee/officer ownership in ASGI: less than 1% as of Apr 1, 2025.
- None of the Independent Trustees or immediate family members owned shares of the Adviser/Sub-Adviser or their affiliates (other than registered funds).
- Pledging/hedging of shares: not disclosed.
Insider Trading and Section 16 Compliance
| Period | Disclosure |
|---|---|
| FY2023 | All required Section 16(a) reports timely filed except late Form 3s for Baird, Mahai, Hunersen (due to EDGAR code delays); no issues noted for Reit. |
| FY2024 | Officers, Trustees, and >10% owners timely filed all required reports. |
Governance Assessment
- Strengths
- Independent status; serves on both Audit and Nominating committees—key touchpoints for financial reporting integrity and board refreshment.
- Board/committee engagement: Board met frequently (6 sessions in FY2024), Audit met quarterly; Trustees (including Reit) met the 75% attendance threshold.
- Relevant skillset: deep banking/M&A and asset management industry experience; complements Audit oversight.
- No related-party conflicts disclosed; Independent Trustees/families hold no stakes in the Adviser/Sub-Adviser; aggregate board ownership in fund <1% (limits entrenchment risk).
- Watch items
- Significant increase in total complex-level director fees in FY2024 ($277,048 vs. $87,186 in FY2023) likely reflects broader responsibilities across the abrdn complex; investors may monitor workload vs. effectiveness and potential fee sensitivity to fund shareholders.
- Multiple fund-complex boards can create time-commitment risk if not balanced; however, committee independence structure and quarterly executive sessions mitigate.
- Red flags
- None evident in latest proxy regarding attendance shortfalls, related-party transactions, pledging, or equity award repricing.
Context: ASGI’s board is majority independent with an Independent Chair (Malone). Audit Chair (Sievwright) designated financial expert; Nominating chaired by Malone. Independent trustees meet in executive session at least quarterly, and committees review charters annually—supports overall governance quality.