Anatoly Nakum
About Anatoly Nakum
Anatoly Nakum (DOB: 06/03/1973) is an Independent Trustee of the Saba Capital Income & Opportunities Fund (BRW) since April 2024, with 25+ years of senior credit markets experience managing multibillion-dollar portfolios at major institutions. He holds a B.S. in Finance & Economics from NYU, serves as Partner and Head of Portfolio Management & Trading at EPFC Capital Partners (since 2023), and is an adjunct Professor of Finance at Fordham University; he is also a Life Chess Master . He is designated an “Independent Trustee” under the 1940 Act and oversees two funds in the complex (BRW and Saba Capital Income & Opportunities Fund II) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Deutsche Bank | Senior leadership in Credit Trading/Private Credit (Americas) | Not disclosed | Member of Credit and Fixed Income Committees; led teams across Corporate Credit, EM, Private Credit, Structured Finance |
| UBS | Senior leadership in credit businesses | Not disclosed | Committee membership; portfolio/risk management across multiple credit strategies |
| Crédit Agricole | Senior leadership in credit businesses | Not disclosed | Built infrastructure, predictive credit score technology, risk systems, and legal frameworks for scalable investment processes |
| Asset Management (unspecified) | Managed Credit portfolios | Not disclosed | Oversight of risk and transactions across Private Credit, Structured Products, Corporate Credit |
External Roles
| Organization | Role | Start | Notes |
|---|---|---|---|
| EPFC Capital Partners | Partner; Head of Portfolio Management & Trading | 2023 | Senior finance executive focused on portfolio/risk management |
| Fordham University | Adjunct Professor of Finance | Not disclosed | Teaches Banking and Credit |
| Saba Capital Income & Opportunities Fund II | Independent Trustee | Feb 2023 | Oversees two funds in the complex |
Board Governance
- Independence: Identified as an “Independent Trustee” (not an “interested person” under the 1940 Act) .
- Committee assignments: Not currently listed as a member of the Board’s Audit Committee or Nominating & Corporate Governance Committee .
- Chair role: Board Chairperson is Andrew Kellerman (an “Interested Trustee” affiliated with the Adviser); no Lead Independent Director disclosed .
- Meeting cadence: Board met 4 times in FY ended Oct 31, 2024; Audit Committee met 3 times; Nominating Committee met once .
- Annual meeting attendance: The Fund has no formal policy; no Trustees attended the last annual meeting (June 20, 2024) .
- Compensation oversight: No standing compensation committee; Independent Trustees collectively consider trustee and officer compensation .
| Committee | Members | Chair | Nakum Member? |
|---|---|---|---|
| Audit Committee | Caldwell; Bumbolow; Desai | Caldwell | No |
| Nominating & Corporate Governance | Caldwell; Bumbolow; Desai | Bumbolow | No |
Fixed Compensation
| Component | FY 2024 Amount | Notes |
|---|---|---|
| Annual retainer (Independent Trustee) | $15,000 | Paid quarterly per Board-approved fee schedule |
| Committee chair fee | N/A | Audit Chair receives $7,500 (Caldwell); not applicable to Nakum |
| Meeting fees | Not disclosed | Board may designate other meetings as subject to compensation |
| Aggregate compensation from BRW | $15,000 | Fiscal year ended Oct 31, 2024 |
| Total compensation from Fund Complex | $30,000 | BRW + Fund II, FY ended Oct 31, 2024 |
Performance Compensation
| Metric/Element | Tied to Compensation? | Details |
|---|---|---|
| Performance-based pay (e.g., revenue, EBITDA, TSR, ESG) | None disclosed | Trustee comp described as cash retainers; no performance metrics disclosed |
| Equity awards (RSUs/PSUs/options) | None disclosed | No equity-based director compensation referenced; compensation table shows cash amounts only |
| Clawbacks, severance, CoC terms | Not disclosed | No director-specific provisions disclosed |
Other Directorships & Interlocks
| Organization | Role | Start | Interlock/Conflict Considerations |
|---|---|---|---|
| Saba Capital Income & Opportunities Fund II | Independent Trustee | Feb 2023 | Within fund complex; proxy states no Independent Trustee or immediate family owns Adviser/principal underwriter equity |
- No other public company directorships disclosed for Nakum beyond the fund complex .
- No related-party transactions or adverse proceedings disclosed for nominees; no material adverse interests .
Expertise & Qualifications
- 25+ years credit markets experience; managed multibillion-dollar portfolios; leadership across Corporate Credit, EM, Private Credit, Structured Finance .
- Built predictive credit scoring tech, risk systems, and legal frameworks for scalable processes .
- Education: NYU B.S. in Finance & Economics; adjunct Professor of Finance at Fordham; Life Chess Master .
Equity Ownership
| Item | Status |
|---|---|
| Dollar range of BRW equity owned | None |
| Aggregate dollar range across fund complex | $0 |
| Shares pledged/hedged | Not disclosed; Codes of Ethics prohibit short-term trading; pre-clearance required |
| Shares outstanding (context) | 42,529,493.52 |
| Adviser/principal underwriter ownership by Nakum/immediate family | None |
Governance Assessment
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Strengths: Independent status; deep credit/risk expertise; independent committees (Audit; Nominating) with defined charters; Audit Committee oversight of auditor independence and pre-approval; Section 16(a) compliance affirmed; Codes of Ethics and personal trading/hedging controls .
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Engagement signals: Board met 4 times; committees active; however, no Trustees attended the 2024 annual meeting, which may be viewed negatively for shareholder engagement .
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Alignment and incentives: Cash-only retainer ($15,000 at BRW; $30,000 across complex) with no equity or performance-based elements; zero BRW share ownership reported—potentially weak “skin-in-the-game” alignment for some investors .
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Structural considerations: Board chaired by an Interested Trustee with no disclosed Lead Independent Director; no standing compensation committee (Independent Trustees collectively set compensation)—may raise oversight optics relative to best-practice governance frameworks .
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RED FLAGS
- No BRW share ownership (None) .
- No Trustee attendance at prior annual meeting .
- Interested Chair with no Lead Independent Director disclosed .
- No performance-based or equity-linked director compensation .