Robert White
About Robert White
Robert White is Chief Financial Officer and Treasurer of Advent Convertible and Income Fund (NYSE: AVK), and Chief Financial Officer of Advent Capital Management, LLC, the Fund’s investment adviser, roles he has held since 2005 . He was previously Vice President and Client Service Manager in Goldman Sachs’ Prime Brokerage business from 1997 to 2005 . Year of birth is 1965 (age ~60 as of 2025, derived) . As is typical for closed-end funds, AVK discloses that Fund officers receive no compensation from the Fund and serve at the pleasure of the Board, with compensation (if any) paid by the adviser in those capacities . In 2024, White executed key documents for AVK’s transferable rights offering; the offering issued 9,540,946 shares at a final subscription price of $11.28 and raised gross proceeds of approximately $108 million, evidencing operational execution under his finance remit .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Advent Capital Management, LLC | Chief Financial Officer | 2005–present | — (not disclosed in AVK filings) |
| Goldman Sachs, Prime Brokerage | Vice President, Client Service Manager | 1997–2005 | — (not disclosed in AVK filings) |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No external directorships/roles disclosed for Robert White in AVK proxies |
Fixed Compensation
| Component | AVK Disclosure | Notes |
|---|---|---|
| Base salary (from AVK) | $0 (Fund officers receive no compensation from the Fund) | Officers may receive compensation from the adviser in those capacities; amounts not disclosed by AVK |
| Target bonus (from AVK) | Not disclosed | Compensation, if any, is paid by adviser; not reported in AVK proxy |
| Benefits/perqs (from AVK) | Not disclosed | Not reported by AVK for officers |
Performance Compensation
| Incentive Type | Metrics | Target/Payout | Vesting | AVK Disclosure |
|---|---|---|---|---|
| Annual cash incentive (from AVK) | — | — | — | Not disclosed; Fund officers not paid by AVK |
| Equity (RSUs/PSUs/options) tied to AVK | — | — | — | Not disclosed for officers; no AVK officer equity plans reported |
Equity Ownership & Alignment
| Item | Detail | As of | Source |
|---|---|---|---|
| Beneficial ownership (individual) | Each Trustee and officer, individually, owned less than 1% of outstanding AVK shares | Aug 1, 2025 | |
| Trustees’ aggregate dollar ranges | Trustees’ dollar ranges disclosed; officer-specific share counts not provided | 2024–2025 | |
| Vested vs. unvested shares | Not disclosed for officers | — | |
| Options (exercisable/unexercisable) | Not disclosed for officers | — | |
| Shares pledged as collateral | Not disclosed for officers | — | |
| Ownership guidelines (officers) | Not disclosed; trustee ranges provided, officer guidelines not reported | — |
Employment Terms
| Term | AVK Disclosure | Source |
|---|---|---|
| Officer start date | Officer since 2005 | |
| Term/renewal | Officers serve at the pleasure of the Board; no fixed term | |
| Employment agreement with AVK | Not disclosed (officers compensated by adviser, if at all) | |
| Severance/change-in-control | Not disclosed for officers in AVK filings | |
| Clawback/tax gross-ups | Not disclosed for officers | |
| Non-compete / non-solicit | Not disclosed for officers | |
| Business address | c/o Advent Capital Management, LLC, 888 Seventh Avenue, 31st Floor, New York, NY 10019 |
Additional Evidence of Execution (Transactions Signed by CFO)
| Transaction | Role/Signature | Date/Outcome | Source |
|---|---|---|---|
| Selling Group Agreement (Rights Offering) | Robert White signed as CFO and Treasurer of the Fund; also signed for Advent Capital Management, LLC as CFO | Sept 20, 2024; part of rights offering execution | |
| Information/Subscription Agent Agreement | Robert White signed as CFO; implemented mechanics of the offering | Sept 10, 2024 | |
| Rights Offering Results | 9,540,946 shares issued; $11.28 subscription price; ~$108M gross proceeds | Offer expired Oct 17, 2024; results announced Oct 24, 2024 |
Investment Implications
- Compensation transparency and pay-for-performance assessment at the Fund level are limited: AVK pays officers $0 and does not disclose adviser-level salary/bonus/equity, hindering direct alignment analysis and making Advent Capital’s internal policies the key (but undisclosed) driver .
- Ownership alignment appears modest at the Fund level: each Trustee and officer individually owned less than 1% of outstanding shares as of Aug 1, 2025; no officer pledging or vesting schedules are disclosed, reducing visibility into potential insider selling pressure from expiring awards .
- Retention risk appears low based on tenure: White has served as AVK officer since 2005 and executed critical 2024 rights-offering documents, indicating deep institutional knowledge; however, lack of disclosed severance/change-in-control protections means potential transition economics are unknown to shareholders .
- Trading signal watchlist: monitor Section 16 filings (Forms 3/4/5) for Robert White and other insiders for any meaningful ownership changes; AVK filings do not include such transactions. The 2024 rights offering increased assets and may influence future fee base and operating scale at the adviser, but is not a direct indicator of White’s personal incentive alignment given non-disclosure of adviser-level compensation .
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