Joseph J. Ciprari
About Joseph J. Ciprari
Joseph J. Ciprari (born 1964) is an Independent Trustee of DoubleLine Opportunistic Credit Fund (DBL) and has served since each Fund’s inception; he is nominated to continue as a Class I Trustee of DBL with a term expected to run to the 2028 annual meeting if re‑elected . His core credentials include senior investment banking roles (Managing Director at UBS AG and Ally Securities LLC), and current operating roles as Executive Vice President at Pointivo, Inc. and President of Remo Consultants (real estate financial consulting) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| UBS AG | Managing Director | Formerly (dates not disclosed) | Senior investment banking leadership |
| Ally Securities LLC | Managing Director | Formerly (dates not disclosed) | Senior investment banking leadership |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Pointivo, Inc. (software development) | Executive Vice President | Current | Operating executive experience |
| Remo Consultants (real estate financial consulting) | President | Current | Financial consulting leadership |
Board Governance
- Board structure and independence: DBL’s Board has five Trustees, four Independent Trustees; the Chair (Ronald R. Redell) is an interested person . The Board uses a classified structure (Class I/II/III), which promotes continuity and can function as an anti‑takeover provision .
- Lead Independent Director: John C. Salter serves as Lead Independent Trustee, presiding over executive sessions of Independent Trustees with independent counsel .
- Committee assignments: Ciprari is a member of the Audit Committee (Chair: John C. Salter), the Nominating Committee, and the Qualified Legal Compliance Committee (QLCC) .
- Attendance and engagement: In FY ended September 30, 2024, DBL’s Board held 4 regular and 2 special meetings; the Audit Committee met 4 times; the Nominating Committee met 2 times; QLCC did not meet. Each current Trustee attended at least 75% of Board and relevant committee meetings .
Fixed Compensation
Director compensation is a cash retainer (with optional deferral through 2024), plus additional fees for Audit Chair and Lead Independent Trustee roles; Ciprari is not a chair and receives the standard trustee compensation .
| Metric | FY 2021 | FY 2024 |
|---|---|---|
| DBL Aggregate Compensation to Ciprari ($) | 30,000 | 30,000 |
| DSL Aggregate Compensation to Ciprari ($) | 48,000 | 48,000 |
| DLY Aggregate Compensation to Ciprari ($) | 34,125 | 35,000 |
| Total Compensation from Funds and Fund Complex ($) | 399,125 | 400,000 |
| Annual Trustee Retainer (structure-wide) ($) | 399,125 | 400,000 |
| Audit Committee Chair Fee ($) | 21,600 | 21,600 |
| Lead Independent Trustee Fee ($) | 25,000 | 25,000 |
| 2025 Per‑Fund Annual Trustee Allocation (DBL/DSL/DLY) ($) | — | 30,000 / 48,000 / 35,000 |
- Deferred compensation plan: Independent Trustees could elect to defer 2024 and prior years’ compensation; deferrals earn returns based on designated Fund shares; no new deferrals allowed for services in 2025 or thereafter .
Performance Compensation
- No equity awards, options, or performance‑linked pay are disclosed for Trustees; compensation is presented as cash retainers and role‑based fees in the proxy tables .
- Deferred compensation earns an investment return based on designated Fund shares (alignment mechanism), but is not tied to operating performance metrics (e.g., revenue/EBITDA/TSR) .
Other Directorships & Interlocks
| Company | Role | Period | Notes |
|---|---|---|---|
| None reported | — | Past 5 years | No other public company directorships disclosed |
- Portfolios overseen: Ciprari oversees 27 portfolios across the DoubleLine fund complex (Funds, DoubleLine Funds Trust, DoubleLine ETF Trust) .
- Trustee qualification restrictions: Fund Bylaws include limits on service on other boards and restrictions on relationships with investment advisers other than DoubleLine, aimed at independence and conflict mitigation .
Expertise & Qualifications
- The Board cited Ciprari’s significant investment banking experience as a senior executive, contributing to financial markets expertise and effective oversight; the Board assessed individual and collective skills, character, integrity, willingness to serve, and time commitment, affirming his status as an Independent Trustee .
Equity Ownership
| Holder | DBL Beneficial Ownership | DSL Beneficial Ownership | DLY Beneficial Ownership | Aggregate Dollar Range in Family of Investment Companies |
|---|---|---|---|---|
| Joseph J. Ciprari (as of Dec 31, 2024) | None | None | None | Over $100,000 |
- Group ownership threshold: Trustees/officers as a group beneficially owned less than 1% of each Fund’s outstanding shares as of Dec 31, 2024 .
- Conflict screening: As of Dec 31, 2024, Independent Trustees and their immediate family members did not own securities of the investment manager or principal underwriter, or entities controlling/controlled by either (other than registered investment companies), mitigating related‑party exposure .
Governance Assessment
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Strengths
- Long‑tenured Independent Trustee with senior capital markets background; serves on all key governance committees (Audit, Nominating, QLCC) .
- Board independence majority (4/5) and use of executive sessions led by a Lead Independent Trustee support oversight quality .
- Attendance at or above the 75% threshold; documented committee activity (Audit and Nominating met multiple times) .
- No direct holdings of adviser/underwriter securities by Independent Trustees, and Bylaw qualification limits reduce conflict risks .
- Deferred compensation ties returns to Fund shares designated by the Trustee, creating some alignment, albeit indirect .
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Watch items / RED FLAGS
- Classified Board structure can entrench incumbents and reduce shareholder ability to effect rapid governance change .
- Chair is an interested person (also President/CEO), which can concentrate authority; mitigated by Lead Independent Trustee and committee independence .
- Late Section 16 Form 3 was filed on Ciprari for DLY due to administrative error; while minor, it is a compliance blemish to monitor .
- No direct DBL/DSL/DLY holdings by Ciprari; while he has “Over $100,000” across the broader family, lack of fund‑specific ownership may be viewed as weaker alignment by some investors .
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Overall view: Ciprari’s capital markets expertise and committee engagement, combined with majority board independence and documented attendance, support board effectiveness. The classified structure and the interested Chair are structural considerations, and the late filing warrants continued compliance monitoring .