Yury Friedman
About Yury Friedman
Independent Trustee of DoubleLine Opportunistic Credit Fund (DBL), appointed December 19, 2023; currently serving as a Class III Trustee with a term expected to run through the 2027 annual meeting. Born in 1956; retired; formerly Managing Director, Institutional Fixed Income at Citibank/Citigroup, with specialization in institutional fixed income products. Oversees 27 portfolios across the DoubleLine fund complex (Funds Trust and ETF Trust) as of the latest proxy .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Citibank/Citigroup | Managing Director, Institutional Fixed Income | Not disclosed (prior to retirement) | Specialization in institutional fixed income; experience considered in board skills matrix |
External Roles
| Organization | Role | Period | Notes |
|---|---|---|---|
| None disclosed | — | Past 5 years | “Other Directorships Held by Trustee During Past 5 Years: None” |
Board Governance
- Committee assignments (DBL, DSL, DLY):
- Audit Committee: Member; Chair is John C. Salter. All members (including Friedman) are independent and financially literate per NYSE standards; committee members collectively have substantial financial expertise; no individual “financial expert” designated .
- Nominating Committee: Member; composed solely of non-interested trustees .
- Qualified Legal Compliance Committee (QLCC): Member (current composition includes Ciprari, Friedman, Odell, and Salter) ; previously Ciprari, Friedman, and Salter .
- Board structure and tenure: Classified board (Classes I–III) regarded as an “anti-takeover” provision; Friedman appointed December 19, 2023 and re-elected to serve as Class III (DBL), Class II (DSL), Class I (DLY) through 2027 .
- Independence: Friedman is an Independent Trustee; committee compositions and NYSE independence affirmation for Audit Committee confirm independence status .
- Attendance: Each current Trustee attended at least 75% of board and committee meetings in FY 2024; same threshold achieved in FY 2023 .
- Board leadership: Board leadership structure includes a lead Independent Trustee and executive sessions of Independent Trustees with independent legal counsel; Redell is the Interested Trustee (Chairman, President, CEO) and officer of DoubleLine adviser entities .
| Committee | Friedman Membership | Chair | Independence Status |
|---|---|---|---|
| Audit | Member | John C. Salter | All members independent per NYSE |
| Nominating | Member | Not disclosed | Composed solely of non-interested trustees |
| QLCC | Member | Not disclosed | QLCC established for legal compliance oversight |
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Aggregate Compensation from DBL | — | $30,000 |
| Aggregate Compensation from DSL | — | $48,000 |
| Aggregate Compensation from DLY | — | $35,000 |
| Total Compensation from Funds & Fund Complex | $66,750 | $371,750 |
| Annual Program (Effective) | 2024 Policy | 2025 Policy |
|---|---|---|
| Trustee Annual Compensation (Funds + DoubleLine Funds Trust + DoubleLine ETF Trust) | $400,000 | $400,000 |
| Audit Committee Chair Fee | $21,600 | $21,600 |
| Lead Independent Trustee Fee | $25,000 | $25,000 |
| Per-Trustee fee borne by DBL | $30,000 (2024) | $30,000 (2025) |
| Per-Trustee fee borne by DSL | $48,000 (2024) | $48,000 (2025) |
| Per-Trustee fee borne by DLY | $35,000 (2024) | $35,000 (2025) |
| Additional per-fund cost for Audit Chair/LID | Not disclosed in 2024 | DBL $3,500; DSL $5,600; DLY $4,100 (2025) |
| Deferred Compensation Plan | Available; returns track designated Fund shares | No additional deferrals for services in 2025+ |
Notes:
- Friedman is not the Audit Committee Chair or Lead Independent Trustee; he receives the base Trustee compensation only .
Performance Compensation
- No performance-based compensation, equity (RSUs/PSUs), options, or incentive metrics are disclosed for Independent Trustees; compensation is a fixed cash retainer with optional deferred compensation election tied to fund returns in prior years .
Other Directorships & Interlocks
| Company | Role | Interlocks/Notes |
|---|---|---|
| None | — | No other public company board roles in past 5 years; reduces interlock/conflict risk |
- Qualification safeguards: Bylaws include trustee qualification requirements (limits on service on other boards, restrictions on relationships with advisers other than DoubleLine, and restrictions on relationships with shareholders owning ≥5% of voting securities), reinforcing independence .
Expertise & Qualifications
- Board’s skills matrix cites Friedman’s “significant experience serving in the investment banking industry and as a senior executive at an investment bank, specializing in institutional fixed income products,” contributing to financial oversight capabilities .
- Audit Committee members are independent and financially literate; collectively possess substantial financial expertise (though the registrant has not designated an individual “audit committee financial expert”) .
Equity Ownership
| Holder | DBL (Dec 31, 2023) | DSL (Dec 31, 2023) | DLY (Dec 31, 2023) | DBL (Dec 31, 2024) | DSL (Dec 31, 2024) | DLY (Dec 31, 2024) |
|---|---|---|---|---|---|---|
| Yury Friedman | None | None | None | None | None | None |
| Aggregate $ Range in Family (all registered investment companies overseen) | None (2023) | — | — | None (2024) | — | — |
- Trustees and officers as a group beneficially own less than 1% of each Fund’s outstanding common shares as of both December 31, 2023 and December 31, 2024 .
- No pledging or hedging disclosures; none indicated for Friedman .
Governance Assessment
- Strengths:
- Independence: Multiple committee roles (Audit, Nominating, QLCC) with explicit NYSE independence standards; financial literacy and collective expertise bolster oversight .
- Engagement: Attendance threshold met (≥75%) for FY 2024 and FY 2023; ongoing QLCC and Nominating participation .
- Limited external interlocks: No other public company board roles in past five years, reducing interlock/conflict risk .
- Qualification controls: Bylaw-based restrictions on outside relationships and major shareholder ties support independence .
- Watch items / RED FLAGS:
- Low direct ownership: Friedman reports “None” across DBL/DSL/DLY in 2023 and 2024; while a deferred compensation mechanism existed, direct share ownership is a common alignment indicator for public company boards. For closed-end funds, lack of director share ownership can be viewed as a soft alignment concern .
- Classified board: Anti-takeover structure makes it harder for shareholders to change board majority; continuity benefits but may reduce accountability leverage for investors .
- Adviser influence: Presence of Interested Trustee (Redell) who is also President of adviser entities underscores the importance of robust independent oversight; board notes executive sessions and lead Independent structure to mitigate this, but investors should monitor practical independence in decision-making .
- Compensation structure signals:
- Fixed cash retainer with no performance-linked elements; no equity-based awards for trustees. Deferred compensation plan tied to fund returns ended new deferrals for 2025 and beyond, slightly reducing incentive alignment to fund performance versus prior years .