Troy Statczar
About Troy Statczar
Troy Statczar serves as Principal Financial Officer and Treasurer of Saba Capital Income & Opportunities Fund (BRW), elected by the Board and in role since June 2021; he is a Senior Director at Foreside Fund Officer Services, LLC, with prior fund administration and operations leadership roles at Thornburg Investment Management and Henderson Global Investors . Date of birth: 08/31/1971; mailing address for his Foreside role is 3 Canal Plaza, Suite 100, Portland, ME 04101 . As PFO/Treasurer, Statczar certifies BRW’s periodic reports (SOX 302 and 906), attesting controls and procedures as effective and fair presentation of financials (e.g., N-CSR filings dated July 2, 2025 and July 8, 2024) . The Fund discloses that officers are compensated by Saba Capital or affiliates and are not paid by the Fund; specific compensation levels and performance-linked pay for officers are not disclosed .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Foreside Fund Officer Services, LLC | Senior Director (Treasurer Services) | 2020–present | Not disclosed |
| Thornburg Investment Management, Inc. | Director of Fund Administration | 2017–2019 | Not disclosed |
| Henderson Global Investors N.A., Inc. | Director of U.S. Operations | 2008–2017 | Not disclosed |
External Roles
| Organization | Position | Years | Notes |
|---|---|---|---|
| Foreside Fund Officer Services, LLC | Senior Director | 2020–present | Provides BRW’s Treasurer and compliance officer services under service agreement; address: 3 Canal Plaza, Suite 100, Portland, ME 04101 |
Fixed Compensation
- Officers of the Fund “are compensated by Saba Capital or its affiliates” and “are not paid by the Fund”; BRW does not disclose base salary, target bonus, or actual bonus paid for its officers .
- Portfolio manager compensation (at the Adviser) is described as base salary plus profit distributions and discretionary bonuses, and not tied to Fund performance; this is disclosed for portfolio managers, not for the PFO/Treasurer .
Performance Compensation
- No performance-based metrics (e.g., revenue, EBITDA, TSR) tied to officer compensation are disclosed for the PFO/Treasurer .
- Adviser’s portfolio managers are “not compensated based on Fund performance,” a policy disclosure that does not specifically cover the Fund’s officers .
Equity Ownership & Alignment
| Metric | As of Mar 31, 2024 | As of Mar 31, 2025 |
|---|---|---|
| Dollar range of BRW equity held by Troy Statczar | $0 | None (no holdings) |
| Officers and Trustees group ownership | Less than 1% of outstanding common shares (group level) | Less than 1% of outstanding common shares (group level) |
| Shares pledged as collateral | Not disclosed | Not disclosed |
| Ownership guidelines / compliance | Not disclosed | Not disclosed |
Additional alignment and trading policy context:
- Codes of Ethics prohibit short-term trading of Fund shares by persons subject to the codes; personal trading requires pre-clearance and regular reporting .
- Section 16(a) compliance: The Fund believes its Reporting Persons (including officers) complied with all applicable filing requirements for FY ended Oct 31, 2024 .
Employment Terms
- Officers are elected by the Board and hold office until successors are chosen and qualified, or until resignation/removal/disqualification; no fixed term or expiration disclosed for the PFO/Treasurer .
- The Fund has engaged Foreside Fund Officer Services, LLC to provide third-party compliance officer and treasurer services; the officers are compensated by Saba Capital or affiliates and not by the Fund .
- Severance provisions, change-of-control triggers, vesting, non-compete/non-solicit terms, garden leave, and post-termination consulting arrangements for the PFO/Treasurer are not disclosed .
Performance & Track Record
- Statczar, as PFO/Treasurer, signed SOX Section 302 certifications and Section 906 certifications for BRW’s N-CSR filings (e.g., dated July 2, 2025 and July 8, 2024), affirming effective disclosure controls and procedures and fair presentation of results .
- Controls and procedures: N-CSR filings state that PEO and PFO concluded BRW’s disclosure controls and procedures were effective, with no material changes to internal control over financial reporting during the reporting periods cited .
- Fund-level TSR/revenue/EBITDA performance during his tenure is not provided in officer disclosures; BRW is a closed-end fund where portfolio manager performance/pay policies are discussed separately at the Adviser level .
Board Governance (context)
- BRW’s Board has Audit and Nominating & Corporate Governance Committees; independent trustees and governance practices are disclosed, but the Fund does not have a standing compensation committee; independent trustees collectively consider compensation of trustees and executive officers .
- Audit Committee met three times in FY ended Oct 31, 2024; Ms. Caldwell is Audit Committee Chair and Financial Expert .
Investment Implications
- Alignment: Statczar held no BRW shares as of March 31, 2025, and officers are compensated outside the Fund, implying limited equity-alignment and minimal insider selling pressure from the PFO/Treasurer role .
- Retention: His role is delivered via Foreside under a services framework; continuity depends on the Fund’s engagement with Foreside rather than individualized employment contracts or change-of-control economics at the Fund level .
- Governance and controls: Repeated SOX certifications and declared effectiveness of disclosure controls support operational rigor in financial reporting; no Section 16(a) compliance issues were noted for officers in FY 2024, reducing execution risk signals tied to reporting integrity .
- Trading signals: Codes of Ethics restrict short-term trading by insiders and require pre-clearance, combined with zero holdings, diminishing near-term insider-selling or pledging risk indicators related to Statczar .