Jane D. O’Keeffe
About Jane D. O’Keeffe
Jane D. O’Keeffe (born 1955) is a long-tenured Trustee of Bancroft Fund Ltd. (BCV), serving since 1995. She is classified as an “interested” trustee (not independent) under the Investment Company Act, reflecting her prior executive affiliations with the Fund and its adviser complex. O’Keeffe served as President of BCV from 1996–2023, previously held leadership roles at Ellsworth Growth & Income Fund and Dinsmore Capital Management, and has portfolio management and research experience at Gabelli Funds, Fiduciary Trust International, Simms Capital, Soros Fund Management, and IDS Progressive Fund; she holds a Bachelor’s degree from the University of New Hampshire and attended Pace University’s Lubin Graduate School.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Bancroft Fund Ltd. (BCV) | President | 1996–2023 | Executive leadership of the Fund |
| Ellsworth Growth and Income Fund Ltd. | President | 1996–Feb 2014 | Executive leadership |
| Ellsworth Growth and Income Fund Ltd. | Executive Vice President | 2014–2015 | Senior management |
| Dinsmore Capital Management | President | 1996–2015 | Firm leadership |
| Gabelli Funds, LLC | Portfolio Manager | 2015–2021 | Investment management |
| Fiduciary Trust International | Vice President & Portfolio Manager | Began 1988 (end not disclosed) | PM for individuals, endowments, foundations |
| Simms Capital Management | Portfolio Manager & Research Analyst | 1986–1988 | Investment research/PM |
| Soros Fund Management Company | Research & PM responsibilities | 1983–Mar 1986 | Investment research/PM |
| IDS Progressive Fund | Assistant to Portfolio Manager | Began 1980 | Early investment role |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Other public company directorships (past 5 years, excluding other funds managed by the Adviser) | None disclosed | — | — |
Board Governance
| Attribute | Detail |
|---|---|
| Independence | Classified as an interested trustee (not independent) |
| Years of service on BCV board | Since 1995 |
| Committee memberships | Not listed as a member of Audit (Harding, Bizzell, Bogan), Nominating (Melarkey, Fahrenkopf, Platt), or Lead Independent roles; board also maintains ad hoc Proxy Voting/Pricing/Compensation committees; O’Keeffe not named among members in proxy narrative |
| Board meeting attendance | Trustees met 4 times in FY ended Sep 30, 2024; each trustee attended at least 75% of Board and applicable committee meetings |
| Annual shareholder meeting attendance | No Trustee or nominee attended the May 13, 2024 annual meeting |
| Lead Independent Director | James P. Conn; presides over executive sessions and serves as liaison |
Fixed Compensation
| Item | Amount | Notes |
|---|---|---|
| Annual retainer (Independent Trustees and certain Interested Trustees) | $8,500 | Base retainer |
| Board meeting fee | $1,000 per meeting | Applied per meeting; FY 2024 had 4 meetings |
| Committee meeting fee | $500 per meeting | Applies to all Board committee members |
| Audit Committee Chair fee | $2,000 annually | Committee chair premium |
| Nominating Committee Chair fee | $2,000 annually | Committee chair premium |
| Lead Independent Trustee fee | $1,000 annually | Role premium |
| Aggregate Trustee remuneration paid by Fund (FY ended 9/30/2024) | $125,750 | Excludes expenses |
| Person | Aggregate Compensation from BCV (FY 2024) | Aggregate Compensation from Fund Complex (CY 2024) |
|---|---|---|
| Jane D. O’Keeffe (Trustee) | $0 | $0 |
Performance Compensation
| Component | Disclosure | Metrics/Terms |
|---|---|---|
| Equity awards (RSUs/PSUs/Options) | Not disclosed for trustees | No stock/option awards disclosed for trustees |
| Bonus/variable pay | Not disclosed for trustees | No performance-based pay disclosed |
| Performance metrics (TSR, EBITDA, ESG) | Not applicable | No trustee performance metrics disclosed |
| Clawbacks/COC/severance | Not disclosed for trustees | Not disclosed in proxy for trustees |
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Other public company boards (current/past 5 years) | None disclosed for O’Keeffe (excluding fund complex) |
| Number of portfolios in the Gabelli Fund Complex overseen | 1 |
| Shared directorships with competitors/suppliers/customers | Not disclosed |
| Advisory-affiliate interests (independent trustees’ disclosure table) | Table covers independent trustees; O’Keeffe not listed (as interested) |
Expertise & Qualifications
- Longstanding closed-end fund executive and portfolio manager with multi-decade investment research/PM experience across Soros Fund Management, Simms Capital, Fiduciary Trust, Gabelli Funds, and fund presidencies.
- Education: Bachelor’s degree from the University of New Hampshire; attended Lubin Graduate School of Pace University.
- Deep familiarity with BCV and the Gabelli fund complex operations and risk oversight context.
Equity Ownership
| Holder | Shares Beneficially Owned | Percent of Shares Outstanding | Dollar Range in BCV | Aggregate Dollar Range in Fund Complex |
|---|---|---|---|---|
| Jane D. O’Keeffe | 24,981 Common Shares | ~0.43% (24,981 / 5,862,058) | E (Over $100,000) | E (Over $100,000) |
Notes:
- Percent calculated using total common shares outstanding on record date (5,862,058).
- Asterisk in the proxy denotes <1% ownership; computed value aligns with that designation.
Governance Assessment
- Independence and potential conflicts: O’Keeffe is classified as an “interested” trustee (not independent), driven by her prior executive roles with BCV and affiliations within the Gabelli fund complex; this reduces structural independence and creates potential perceived conflicts vis-à-vis adviser oversight.
- Committee roles: She is not listed on key oversight committees (Audit, Nominating) and not named in ad hoc committee memberships, limiting direct involvement in core governance levers (financial reporting, board refresh).
- Attendance and engagement: Board met quarterly; all trustees met at least the 75% threshold. However, no trustees (including nominees) attended the 2024 annual meeting—an investor engagement optics negative.
- Compensation alignment: As an interested trustee, O’Keeffe received $0 from BCV and $0 from the fund complex in the disclosed periods, mitigating cash compensation conflict risks; her ownership of 24,981 shares (~0.43%) provides some direct alignment with common shareholders.
- RED FLAGS: Not independent; prior long-tenured President of BCV; absence from shareholder meeting; lack of committee assignments diminishes formal oversight influence.
Overall implication for investor confidence: While O’Keeffe brings deep fund-specific and investment expertise, her “interested” status and prior executive role present structural independence concerns. The absence from the 2024 annual meeting and non-membership on core committees reduce direct accountability channels. Equity ownership is meaningful for a trustee but below 1%, providing moderate alignment.