Nitin Sapru
About Nitin Sapru
Nitin Sapru (DOB: 12/07/1980) serves as Vice President of Saba Capital Income & Opportunities Fund (NYSE: BRW) and has held this office since May 2021; his principal occupation for the past five years is Chief Financial Officer at Saba Capital Management, L.P., the Fund’s investment adviser . Officers of the Fund are compensated by Saba Capital or its affiliates and are not paid by the Fund; the proxy and SAI provide no Fund-specific performance-linked compensation metrics for officers . No total shareholder return or operating performance attribution is disclosed for Sapru in Fund filings .
Past Roles
| Organization | Role | Years | Strategic impact/notes |
|---|---|---|---|
| Saba Capital Income & Opportunities Fund (BRW) | Vice President | Since May 2021 | Fund officer elected by the Board; officers serve until successors are chosen |
| Saba Capital Management, L.P. (Adviser to BRW) | Chief Financial Officer | Past 5 years (as disclosed) | Adviser manages the Fund |
External Roles
| Organization | Role | Years | Scope/notes |
|---|---|---|---|
| Saba Capital Management, L.P. | Chief Financial Officer | Past 5 years (as disclosed) | CFO of the Fund’s investment manager; listed as an authorized officer for the Fund’s 2025 rights offering documentation |
Fixed Compensation
| Item | Detail |
|---|---|
| Compensation payor | Officers (including Sapru) are compensated by Saba Capital or its affiliates; the Fund does not pay officer compensation |
| Base salary | Not disclosed by the Fund (officers are paid by Adviser; no Fund-paid salary) |
| Target/actual bonus | Not disclosed by the Fund (officers are paid by Adviser; no Fund-paid bonuses) |
| Perquisites, pension/SERP, deferred comp | Not disclosed in Fund filings for officers |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Officer compensation linked to Fund performance (Sapru) | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
| Context: Adviser portfolio manager compensation policy (not specific to Sapru) | N/A | N/A | N/A | PMs receive base salary, profit distributions, and discretionary bonuses; not tied to Fund performance or assets under management |
Note: Sapru is disclosed as CFO at the Adviser, not as a portfolio manager; the PM compensation framework is provided for context only .
Equity Ownership & Alignment
| Metric | As of Mar 31, 2024 | As of Mar 31, 2025 |
|---|---|---|
| Dollar range of BRW shares beneficially owned by Nitin Sapru | $0 / None | None |
- Officers and Trustees as a group beneficially owned less than 1% of outstanding BRW common shares as of the date of the SAI (context) .
- Stock ownership guidelines for officers; pledging/hedging policy for officers: Not disclosed in Fund filings .
- Shares outstanding (record date reference for context): 42,529,493.52 common shares .
Employment Terms
| Term | Disclosure |
|---|---|
| Office/tenure | Vice President; serving since May 2021 |
| Election and term | Officers are elected by the Board and hold office until successors are chosen and qualified, or earlier resignation/removal/disqualification |
| Employer/payor | Compensated by Saba Capital or affiliates; not paid by the Fund |
| Severance/change-of-control economics | Not disclosed in Fund filings for officers |
| Non-compete/non-solicit/garden leave | Not disclosed in Fund filings for officers |
| Authorized roles in transactions | Listed as CFO of the Fund’s Investment Manager and an authorized signatory in 2025 rights offering materials |
Investment Implications
- Pay-for-performance alignment: Because officers are paid by the Adviser (not the Fund) and no Fund-specific performance metrics are disclosed for officers, direct alignment to BRW’s TSR or operating metrics is limited at the Fund level; incentive alignment rests within Saba Capital’s private compensation framework .
- Insider selling pressure and vesting: No equity awards or vesting schedules are disclosed for Sapru at the Fund level, and his reported dollar range of BRW share ownership is “None,” implying minimal Fund-related vesting or selling pressure from officer equity .
- Ownership alignment: Absence of disclosed BRW share ownership by Sapru and <1% aggregate insider ownership suggests modest direct “skin in the game” at the Fund level; monitoring Adviser-level incentives and capital alignment is more relevant for assessing motivation and risk-taking .
- Retention/contract risk: No Fund-level employment agreements, severance, or change-of-control provisions are disclosed for officers, reducing visibility on retention economics tied to Fund governance events .
- Monitoring signals: Track future DEF 14A/SAI updates for any changes in officer roles, ownership, or compensation disclosure, and monitor Forms 3/4/5 for any BRW insider activity; Sapru’s inclusion as an authorized officer in the 2025 rights offering documentation underscores operational involvement in capital actions but does not itself indicate compensation-driven selling pressure .