Andrew Kellerman
About Andrew Kellerman
Andrew Kellerman (DOB: 09/22/1965) is an Interested Trustee and Chairperson of the Board at Saba Capital Income & Opportunities Fund (BRW), serving since July 2020. He is a Partner, President, and Head of Business Development & Investor Relations at Saba Capital Management, L.P., the Fund’s investment adviser; he was appointed Chair of both BRW and Saba Capital Income & Opportunities Fund II’s boards (Fund II appointment effective April 1, 2025). He holds a B.S. in International Relations from Syracuse University and has extensive credit markets and distribution experience across Deutsche Bank, Alex. Brown/Raymond James, FleetBoston Financial, Presidio Capital, and First National Bank of Chicago .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Saba Capital Management, L.P. | Partner; President; Head of BD & IR | Joined April 2018 | Senior leadership; adviser to BRW |
| Alex. Brown Raymond James | Managing Director; Head of Distribution (Private Institutional Client group) | c. 2017–2018 | Oversaw placement of Private Funds and Private Direct Investments |
| Measure 8 Venture Partners | Managing Partner | Jan 2017–Nov 2017 | Private capital fund leadership |
| Vertical Knowledge | Managing Director; Head of Business Development | 2014–2016 | Open-source data/analytics for defense, FS, commercial markets |
| Deutsche Bank | Managing Director (Credit Derivatives); U.S. Head of Synthetic CDO Sales; Head of Hedge Fund Credit Sales | 2002–2014 | Credit leadership across derivatives and hedge fund coverage |
| FleetBoston Financial (Singapore) | Director, Asia Structured Finance | Prior to 2002 | Structured finance leadership |
| Presidio Capital (Singapore) | Director, Structured Finance | Prior to 2002 | Structured finance role |
| First National Bank of Chicago | VP; Head of EM Options Trading | Early career | Trading leadership |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Saba Capital Income & Opportunities Fund II | Interested Trustee; Chairperson | Since Apr 1, 2025 | Governance leadership across fund complex |
| Other public company boards | None | — | No external public company directorships disclosed |
Board Governance
- Independence status: Kellerman is an Interested Trustee because he is employed by Saba Capital (the Fund’s adviser) and serves as Chairperson of the Board. The Board has five members, four of whom are Independent Trustees; Kellerman serves as Chair and liaison among trustees and management .
- Committees: Audit Committee (Independent Trustees Caldwell [Chair, Financial Expert], Bumbolow, Desai) held three meetings in FY ended Oct 31, 2024. Nominating & Corporate Governance Committee (Independent Trustees Caldwell, Bumbolow [Chair], Desai) met once in FY 2024. There is no standing compensation committee; independent trustees collectively consider compensation for trustees and officers .
- Attendance: Board held four meetings in FY ended Oct 31, 2024; the Fund reports no trustees attended the annual meeting on June 20, 2024. In FY 2023, one trustee (Goodwin) attended fewer than 75% of combined meetings, but no attendance issues were attributed to Kellerman .
- Governance processes: The Nominating Committee charter mandates all members be independent, oversees board evaluations, succession planning, and conflict-of-interest monitoring; it can retain external advisors and conduct periodic charter reviews .
Fixed Compensation
| Component | FY 2024 Amount | Notes |
|---|---|---|
| Aggregate Compensation from BRW | $0 | Interested Trustee; receives no Fund compensation |
| Total Compensation from Fund Complex | $0 | Complex = BRW + Fund II |
BRW’s independent trustees receive cash retainers; interested trustees (including Kellerman) receive $0 from the Fund .
Performance Compensation
| Metric/Instrument | FY 2024 Status | Terms/Performance Conditions |
|---|---|---|
| RSUs/PSUs | Not disclosed for trustees | No performance-based equity disclosed in proxy |
| Stock options | Not disclosed for trustees | No option awards disclosed in proxy |
| Bonus/Performance Cash | Not applicable | No compensation committee; independent trustees jointly consider compensation |
| Pay-for-performance metrics (TSR, EBITDA, ESG, etc.) | Not applicable | No director performance metrics disclosed |
Other Directorships & Interlocks
| Entity | Relationship | Potential Interlock/Conflict |
|---|---|---|
| Saba Capital Management, L.P. | Employer; Adviser to BRW | Affiliation creates non-independence and potential perceived conflict |
| Saba Capital Income & Opportunities Fund II | Chair; Interested Trustee | Oversees multiple funds within same complex |
| Other operating companies | None disclosed | No external public company boards |
Expertise & Qualifications
- 25+ years across credit derivatives, structured finance, hedge fund distribution, and investor relations; senior roles at Deutsche Bank, Alex. Brown/Raymond James, Vertical Knowledge, and Saba Capital .
- Bachelor of Science in International Relations (Syracuse University) .
- Qualifications cited: extensive investment and financial services experience, including managing director responsibilities at a large multinational investment bank .
Equity Ownership
| Holder | Dollar Range of BRW Shares (as of Mar 31, 2025) | ≥1% of Outstanding? | Common Shares Outstanding (Record Date) |
|---|---|---|---|
| Andrew Kellerman | $0 | No trustee or officer ≥1% | 42,529,493.52 |
Proxy indicates “$0” dollar range for Kellerman and that, to the Fund’s knowledge, no trustee or officer owned ≥1% of outstanding shares as of the record date .
Insider Trades
| Period | Form 4 Transactions by Kellerman | Section 16(a) Compliance |
|---|---|---|
| FY ended Oct 31, 2024 | Not disclosed in proxy | Fund states reporting persons complied with filing requirements |
Governance Assessment
- Strengths:
- Independent majority on the Board; Audit chaired by a designated Financial Expert; Nominating Committee is fully independent and oversees board evaluations, conflicts, governance principles, and succession planning .
- Formal Codes of Ethics and insider trading policies; Section 16 compliance affirmed for FY 2024 .
- Concerns and RED FLAGS:
- Non-independent Chair employed by the Adviser (Saba Capital), which may concentrate agenda control and increase perceived adviser influence over governance; this is atypical for strong governance norms favoring an independent Chair or Lead Independent Director .
- No Fund share ownership by the Chair (dollar range $0), weakening ownership alignment and “skin-in-the-game” signaling .
- No trustees attended the June 20, 2024 annual meeting, a negative engagement signal (though meetings were telephonic) .
- Absence of a standing compensation committee; while independent trustees collectively consider compensation, dedicated oversight may be limited for executive/board pay matters .
Implications: The combination of an adviser-employed Chair and zero Fund ownership by the Chair could weigh on investor confidence in board independence and alignment. Mitigating factors include a strong independent committee structure (Audit and Nominating), explicit conflict oversight responsibilities, and majority independent composition .