Tracy V. Maitland
Chairman, President and Chief Executive Officer at ADVENT CONVERTIBLE & INCOME FUND
CEO
Executive
Board
About Tracy V. Maitland
Tracy V. Maitland (Year of Birth: 1960) serves as Chairman, President, Chief Executive Officer, and Class III Trustee of Advent Convertible and Income Fund (NYSE: AVK); he is classified as an “Interested Trustee” due to his role as an officer of Advent Capital Management, LLC, the Fund’s investment adviser . He is President and Founder of Advent Capital Management, LLC (2001–present) and is described as President and Chief Investment Officer in the Fund’s trustee qualifications summary, bringing deep investment management expertise to board oversight . Maitland has been a Trustee since the Fund’s commencement of operations, holds over $100,000 of AVK equity, but individually owns less than 1% of shares; his board attendance was below standard in consecutive years (60% in FY 2023; 50% of regular quarterly meetings and 43% of all meetings in FY 2024) . Performance metrics (TSR, revenue, EBITDA) are not disclosed in AVK proxies; the Fund’s officers receive no compensation from the Fund, and Maitland’s compensation from AVK is $0 (his pay occurs at the adviser) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Advent Capital Management, a division of Utendahl Capital | President | Not disclosed | Prior leadership experience cited in trustee profile |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Advent Capital Management, LLC | President and Founder | 2001–present | Leads AVK’s investment adviser; provides investment, governance, and regulatory expertise to AVK’s Board |
| Advent Capital Management, LLC | President and Chief Investment Officer | Not disclosed | CIO responsibility referenced in trustee qualifications summary |
Board Governance
- Board service history: Class III Trustee; re-elected September 10, 2024, with term continuing until the 2027 annual meeting; Trustee since the Fund’s commencement of operations .
- Roles and independence: Interested Trustee (officer of adviser) serving as Board Chair; Independent Trustees designated Daniel L. Black as Lead Independent Trustee to chair executive sessions and represent independent views .
- Committees: Audit Committee and Nominating & Governance Committee are composed solely of Independent Trustees; Maitland is not a committee member .
- Meeting cadence and attendance: 5 Board meetings in FY 2023 with Maitland attending 60% of aggregate meetings; 7 Board meetings in FY 2024 with Maitland attending 50% of regular quarterly meetings and 43% of all meetings (below the 75% threshold met by other trustees) .
Fixed Compensation
- Officers receive no compensation from the Fund; compensation occurs in capacities at the adviser (Advent Capital Management, LLC). Maitland’s compensation from AVK is $0 .
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Aggregate compensation from AVK ($) | $0 | $0 |
Performance Compensation
- RSUs/PSUs, options, performance metrics, vesting schedules, bonuses (target/actual), severance/change-of-control economics, clawbacks, tax gross-ups, deferred compensation, and pension/SERP: Not disclosed for Fund officers; the Fund’s officers are compensated by the adviser, not the Fund .
Equity Ownership & Alignment
| Metric | As of Jul 25, 2024 | As of Aug 1, 2025 |
|---|---|---|
| Dollar range of AVK equity securities | Over $100,000 | Over $100,000 |
| Individual ownership as % of shares outstanding | Less than 1% | Less than 1% |
| Shares outstanding | 34,593,769 | 44,148,745 |
| Other public/investment company directorships | None | None |
- Pledging/hedging: No disclosure in proxies .
- Ownership guidelines: Nominating & Governance Committee may recommend policies for Trustee share ownership, but specific guidelines and compliance status are not disclosed .
Employment Terms
| Role | Class | Latest election date | Term end | Tenure |
|---|---|---|---|---|
| Chairman, President, CEO, Trustee | Class III | Sept 10, 2024 | 2027 annual meeting | Trustee since Fund commencement of operations |
- Contract terms, auto-renewal, non-compete/non-solicit, garden leave, and post-termination arrangements: Not disclosed for Fund officers .
Board Meeting Attendance
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Board meetings held | 5 | 7 |
| Maitland attendance | 60% of aggregate | 50% of regular quarterly meetings; 43% of all meetings |
Director Compensation (For context; AVK Independent Trustees)
- Independent Trustees received aggregate compensation ranging from $94,500 to $99,500 in FY 2023 and FY 2024; Maitland (Interested Trustee) received $0 from the Fund in both years .
| Trustee Type | FY 2023 Aggregate Compensation ($) | FY 2024 Aggregate Compensation ($) |
|---|---|---|
| Independent Trustee range | $94,500–$99,500 | $94,500–$99,500 |
| Tracy V. Maitland (Interested Trustee) | $0 | $0 |
Related Party / Conflicts
- The Board notes investment, regulatory, and conflict-of-interest risks involving affiliates of Advent and Guggenheim Funds in managing the Fund; Board leadership includes an Interested Trustee as chairperson with a Lead Independent Trustee and independent counsel to mitigate governance risks .
Investment Implications
- Alignment: Maitland holds over $100,000 in AVK shares and receives $0 from the Fund, implying alignment through ownership and adviser economics rather than Fund-paid compensation; individual ownership remains <1% given the share base (34.6M in 2024; 44.1M in 2025) .
- Governance risk: Dual role (Chairman + CEO) and classification as Interested Trustee create independence concerns; the Board employs a Lead Independent Director and independent-only committees, but Maitland’s below-threshold attendance (60% in FY 2023; 50%/43% in FY 2024) is a governance red flag that could attract shareholder scrutiny or activist pressure around oversight rigor .
- Retention/continuity: Tenure since Fund inception and current term through 2027 suggest continuity; compensation and employment terms are set via the adviser, with no Fund-level severance/change-of-control disclosures, limiting direct pay-for-performance evaluation within the Fund’s proxy framework .
- Trading signals: The combination of dual-role governance, low attendance, and lack of Fund-level performance pay detail increases governance risk perceptions; however, personal ownership and long tenure may be viewed positively for adviser-led execution continuity. Monitoring future proxies for attendance improvement, governance enhancements, and any disclosed ownership changes is warranted .