Stephen Ellwood
About Stephen Ellwood
Stephen Ellwood serves as Chief Compliance Officer and Secretary of Advent Convertible and Income Fund (NYSE: AVK), and has held officer roles since 2023 . Year of birth: 1970 . He signs the Fund’s proxy statements in his capacity as Secretary, evidencing his corporate secretary responsibilities . The Fund discloses no officer compensation or performance-linked pay at the Fund level, so TSR/revenue/EBITDA-linked metrics for Ellwood’s pay are not available in AVK filings .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Arrowgrass Capital Partners (US) LP | Chief Compliance Officer | 2011–2015 | Not disclosed in AVK proxy |
| Quattro Global Capital, LLC | General Counsel and Chief Compliance Officer | 2007–2011 | Not disclosed in AVK proxy |
| Greywolf Capital Management, LP | Chief Compliance Officer | 2006–2007 | Not disclosed in AVK proxy |
| Forest Investment Management LLC | Chief Compliance Officer and Counsel | 2004–2006 | Not disclosed in AVK proxy |
| MacKay Shields LLC | Director and Counsel | 1999–2003 | Not disclosed in AVK proxy |
| Goldman Sachs & Co. (Asset Management Division) | Compliance Associate | 1998–1999 | Not disclosed in AVK proxy |
| Société Générale Asset Management | Compliance Officer | 1997–1998 | Not disclosed in AVK proxy |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| None disclosed in AVK proxy statements | — | — | Executive officer listing does not include external directorships |
Fixed Compensation
The Fund explicitly states that officers receive no compensation from AVK; officers may be employees of the investment adviser (Advent Capital Management, LLC) and receive compensation in that capacity. AVK does not disclose adviser-level pay details for Stephen Ellwood .
| Component | Amount/Status | Notes |
|---|---|---|
| Fund base salary | Not paid by AVK | “The Fund’s officers receive no compensation from the Fund” |
| Fund target/actual bonus | Not paid by AVK | No Fund-level bonus disclosure for officers |
| Fund RSU/PSU grants | None disclosed | No equity award disclosure for officers at Fund level |
| Fund option awards | None disclosed | No option award disclosure for officers at Fund level |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed for Fund officers | — | — | — | — | AVK does not report performance-linked officer payouts; officers are compensated by the adviser, not the Fund |
Equity Ownership & Alignment
| Date | Individual Ownership (Ellwood) | Group Ownership (Trustees & Officers) | Pledged Shares | Notes |
|---|---|---|---|---|
| Aug 4, 2023 | Less than 1% of outstanding shares (each Trustee and officer individually) | Less than 1% as a group | Not disclosed in proxy | Trustee/officer beneficial ownership ranges disclosed; exact Ellwood share count not itemized |
| Aug 5, 2022 | Not applicable—Ellwood not listed as an officer in 2022 table | Less than 1% as a group | Not disclosed in proxy | 2022 officer table covers other officers; Ellwood’s appointment is 2023 |
Additional alignment context:
- Stock ownership guidelines for officers are not disclosed in AVK proxy statements .
- AVK proxies do not report hedging/pledging policies specific to officers beyond general beneficial ownership data .
Employment Terms
| Term | Detail |
|---|---|
| Office/Title | Chief Compliance Officer and Secretary |
| Officer since | 2023 |
| Business address | c/o Advent Capital Management, LLC, 888 Seventh Avenue, 31st Floor, New York, NY 10019 |
| Term length | Officers serve at the pleasure of the Board until a successor is appointed and qualified or earlier resignation/removal |
| Severance / change-of-control | Not disclosed in AVK proxy statements for Fund officers (officers are paid by adviser) |
| Clawbacks / gross-ups | Not disclosed for Fund officers |
| Non-compete / non-solicit | Not disclosed in AVK proxy statements |
| Secretary authority | Signs proxy statements “By order of the Board of Trustees” as the Fund’s Secretary |
Investment Implications
- Pay-for-performance visibility is low at the Fund level: AVK does not report officer compensation or performance metrics for officers, since officers are compensated by Advent Capital Management, LLC, not the Fund. This limits evaluation of Stephen Ellwood’s cash/equity mix, bonus metrics, and vesting schedules from AVK filings .
- Insider selling pressure appears minimal from Fund-issued awards: AVK discloses no RSUs/options for officers and group beneficial ownership is under 1%, indicating limited Fund-level equity exposure for officers and fewer Fund-driven vesting events that could force selling .
- Alignment via direct Fund equity is limited: As of Aug 4, 2023, each Trustee/officer individually owned less than 1% of the Fund’s shares, and the group owned less than 1%. Without ownership guidelines or pledged-share disclosures for officers, equity alignment is constrained at the Fund level .
- Retention risk cannot be assessed from AVK filings: Employment, severance, and change-of-control economics for officers are not disclosed (officers serve at the pleasure of the Board; compensation is at the adviser), leaving retention drivers to adviser-level policies not available in AVK proxy materials .
- Governance/operational competency: Ellwood’s long compliance/legal track record across asset managers and his Secretary role support governance processes and regulatory oversight; however, these are qualitatively described via titles and tenure, not linked to Fund performance metrics in the proxy .