Gerald L. Seizert
About Gerald L. Seizert
Independent Trustee (Class I) of Advent Convertible and Income Fund (NYSE: AVK). Year of Birth: 1952. Current Managing Partner of Heron Bay Capital Management (2020–present). Formerly Managing Partner of Seizert Capital Partners (2000–2019); Co-Chief Executive (1998–1999) and Managing Partner & Chief Investment Officer – Equities at Munder Capital Management (1995–1999); Vice President & Portfolio Manager at Loomis, Sayles & Co. (1984–1995); and Vice President & Portfolio Manager at First of America Bank (1978–1984). Trustee designation indicates service since the commencement of the Fund’s operations; he oversees 1 portfolio in the Fund complex (the Fund is the only fund in the complex). Board qualifications cite experience in financial, accounting, regulatory, governance, capital markets and investment matters. Standing for re‑election as a Class I Trustee at the September 24, 2025 annual meeting, with a term to the 2028 annual meeting if elected .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Heron Bay Capital Management | Managing Partner | 2020–present | Asset management leadership and oversight |
| Seizert Capital Partners, LLC | Managing Partner | 2000–2019 | Built and led investment firm operations and strategy |
| Munder Capital Management, LLC | Co‑Chief Executive; Managing Partner & Chief Investment Officer – Equities | 1995–1999 (Co‑CEO 1998–1999) | Led equity investment function and executive management |
| Loomis, Sayles & Co., L.P. | Vice President & Portfolio Manager | 1984–1995 | Portfolio management at institutional asset manager |
| First of America Bank | Vice President & Portfolio Manager | 1978–1984 | Bank portfolio management |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| University of Toledo Foundation | Board/Trustee involvement | 2013–present | Listed as other directorships in proxy |
| Beaumont Hospital | Board/Trustee involvement | 2012–present | Listed as other directorships in proxy |
Board Governance
- Independence: Listed among Independent Trustees; the sole interested Trustee is Tracy V. Maitland (Advent Capital Management), and committees are limited to Independent Trustees .
- Committee assignments: Member of the Audit Committee (comprised of all Independent Trustees; majority designated audit committee financial experts). Independent Trustees meet regularly in executive session as the Nominating & Governance Committee (also comprised of all Independent Trustees) .
- Board leadership: Board chair is an Interested Trustee; lead Independent Trustee is Daniel L. Black (chairs independent sessions, reviews agendas, represents Independent Trustees) .
- Attendance: Seven Board meetings, four Audit, and four Nominating & Governance committee meetings were held in FY ended Oct 31, 2024. Each Trustee attended at least 75% of Board and committee meetings, except Mr. Maitland (50% of regular quarterly Board meetings; 43% of all Board meetings). Annual meeting on Sept 10, 2024 was via teleconference and all Trustees attended .
- Tenure/classification: Class I Trustee standing for re‑election in 2025; notation indicates “Trustee since commencement of operation of the Fund.” Oversees 1 portfolio in the Fund complex (the Fund is the only fund) .
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Aggregate Compensation from AVK ($) | $83,500 | $94,500 | $94,500 |
- Trustee compensation is reported as aggregate amounts; no separate meeting fees or chair fees are disclosed in the proxy for AVK .
Performance Compensation
- No performance-based elements (bonus, PSUs/RSUs, option awards, or explicit performance metrics) are disclosed for Trustees; the proxy presents only aggregate Trustee compensation by individual .
- The Nominating & Governance Committee Charter includes responsibility to “review the compensation of the Trustees periodically and recommend changes,” but does not specify performance metrics or equity structures for Trustees .
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Other public company boards | None indicated for Seizert in AVK proxy tables; listed external roles are University of Toledo Foundation and Beaumont Hospital . |
| Investment company boards | Not listed for Seizert; “Number of portfolios overseen” is 1 (AVK only) . |
| Potential interlocks | No shared directorships with AVK’s adviser or affiliates are indicated for Seizert in the proxy . |
Expertise & Qualifications
- Summary per Board: Experience across financial, accounting, regulatory, governance, capital markets and investment matters, including CEO and board service at asset management firms .
- Audit oversight: Serves on Audit Committee; majority of its members are designated audit committee financial experts, reinforcing financial literacy and oversight depth .
Equity Ownership
| Metric | 2023 (as of Aug 4) | 2024 (as of Jul 25) | 2025 (as of Aug 1) |
|---|---|---|---|
| Dollar range of AVK equity owned | Over $100,000 | Over $100,000 | Over $100,000 |
| Ownership vs. outstanding | <1% of shares outstanding (per trustee and group) | <1% of shares outstanding (per trustee and group) | <1% of shares outstanding (per trustee and group) |
| Shares outstanding at record date | 34,593,769 | 34,593,769 | 44,148,745 |
Governance Assessment
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Strengths
- Independence and committee structure: Seizert is an Independent Trustee, serving on audit and nominating/governance committees comprised solely of Independent Trustees, which enhances oversight of financial reporting and governance processes .
- Engagement: At least 75% attendance at Board and committee meetings in FY 2024; teleconference annual meeting attendance noted for all trustees in 2024, signaling active participation .
- Alignment: Personal investment “Over $100,000” in AVK across 2023–2025 indicates meaningful personal stake, albeit small relative to total shares outstanding, consistent with typical closed‑end fund trustee ownership ranges .
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Watch items
- Board chair is an Interested Trustee (adviser-affiliated), which can raise perceived conflict risk; mitigants include a designated lead Independent Trustee, independent legal counsel participation, and committees limited to Independent Trustees .
- Compensation trend: Aggregate compensation rose from $83,500 (FY 2022) to $94,500 (FY 2023), then remained flat in FY 2024. No disclosure of equity components or performance metrics, implying a cash retainer structure; continued periodic review of compensation by the Nominating & Governance Committee per charter .
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Conflicts and related-party exposure
- The proxy does not disclose related‑party transactions involving Seizert. The Board’s risk oversight notes potential conflicts affecting affiliates of Advent and Guggenheim; the committee/lead independent structure is intended to provide checks and balances .