Paul Kazarian
About Paul Kazarian
Paul Kazarian is Chief Executive Officer of Saba Capital Income & Opportunities Fund (BRW) and has served in this role since November 2024. He is a Portfolio Manager at Saba Capital; his date of birth is 04/25/1984 (born 1984-04-25) . BRW’s officers are employees of Saba Capital and are compensated by the adviser, not the Fund; the proxy does not disclose his salary/bonus/equity terms or performance-tied metrics such as TSR, revenue or EBITDA targets . Saba Capital reported approximately $5.9B in AUM as of April 1, 2025 (vs. $4.6B as of April 1, 2024), providing context on the adviser’s scale during his tenure at the Fund .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Saba Capital Management, L.P. | Portfolio Manager | Past 5 years (as disclosed) | Adviser to BRW; manages closed-end fund/credit strategies at the adviser level |
External Roles
- Not disclosed in the Fund’s proxy materials for Paul Kazarian. If external directorships or roles existed, they were not included in the officer disclosures .
Fixed Compensation
- Officers (including CEO) are compensated by Saba Capital or its affiliates and are not paid by the Fund. The proxy does not include base salary, target bonus, or actual bonus figures for officers .
Performance Compensation
- Not disclosed. The proxy includes no detail on performance metrics, weightings, payout curves, or equity award structures (RSUs/PSUs/options) for Fund officers because compensation is paid by the adviser, not the Fund .
Equity Ownership & Alignment
| Item | Detail | As-of Date |
|---|---|---|
| Dollar range of BRW equity held by Paul Kazarian | None (proxy dollar-range table) | March 31, 2025 |
| Officers/Trustees owning ≥1% of outstanding shares | None (no Trustee or Officer owned ≥1%) | Record Date (proxy) |
| Common shares outstanding | 42,529,493.52 | April 24, 2025 (Record Date) |
| Pledging/Hedging policies | Codes of Ethics prohibit short-term trading of Fund shares; personal trading subject to pre-clearance/reporting | Proxy date |
Notes:
- The proxy shows “None” for the dollar range of Fund equity securities for Kazarian and indicates no officer held ≥1% of shares .
- No disclosure of pledged shares by officers appears in the proxy; the Fund’s codes of ethics restrict short-term trading and require pre-clearance and reporting .
Employment Terms
| Term | Disclosure | Source |
|---|---|---|
| CEO Start | Since November 2024 | 2025 DEF 14A |
| Election/Term Mechanics | Officers are elected by the Board and hold office until successors are chosen and qualified, or until resignation/removal/disqualification | 2025 DEF 14A |
| Employment Agreement | Not disclosed by the Fund (officers are adviser employees) | 2025 DEF 14A |
| Severance / Change-in-Control | Not disclosed (no officer compensation agreements provided in Fund proxy) | 2025 DEF 14A |
| Clawback | Not specifically disclosed; Codes of Ethics govern personal trading; no clawback terms are outlined for officers in the proxy | 2025 DEF 14A |
| Non-compete / Non-solicit | Not disclosed in Fund proxy | 2025 DEF 14A |
Additional governance context:
- The Board has Audit and Nominating committees and no standing compensation committee; independent trustees collectively consider trustee and executive officer matters . Annual meeting agendas were limited to trustee elections in 2024 and 2025; no say‑on‑pay proposal is presented .
Investment Implications
- Pay-for-performance transparency is limited: Because officers are compensated by Saba Capital (not the Fund) and the proxy lacks salary/bonus/equity details, investors cannot directly assess CEO pay alignment with BRW NAV/TSR or income distribution goals from Fund filings .
- Ownership alignment appears low at the Fund level: The proxy indicates Kazarian reported “None” in the dollar-range table for BRW holdings and no officer owned ≥1% of shares, reducing direct ownership-based alignment and near-term insider selling pressure risks (no disclosed grant overhang), but also limiting “skin-in-the-game” optics .
- Hedging/pledging risks: No pledging disclosure is provided; codes of ethics prohibit short-term trading and require pre-clearance, which modestly mitigates trading-related conflicts though do not substitute for explicit ownership guidelines .
- Retention/transition risk: With appointment as CEO in Nov 2024 and no disclosed employment, severance, or change‑in‑control protections in Fund filings, contractual retention levers are opaque; incentives are likely embedded in his Saba employment, not disclosed at the Fund level .
- Process/governance: Absence of a compensation committee and lack of say‑on‑pay proposals at the Fund (typical for CEFs) limit shareholder feedback channels on executive pay; oversight of officer matters is handled collectively by independent trustees alongside Nominating and Audit functions .