Jo Ann Quinif
President and Chief Client Officer, Diamond Hill Capital Management at DIAMOND HILL INVESTMENT GROUP
Executive
About Jo Ann Quinif
Jo Ann Quinif, age 49, serves as President of Diamond Hill Capital Management (DHCM) since 2023 and Chief Client Officer since 2020, after joining DHCM in 2017; she holds a BSBA from The Ohio State University and an MBA from Xavier University . Under her tenure in senior client and distribution leadership, DHIL delivered $2.3B of fixed income net inflows in 2024 with fixed income AUM surpassing $6B, while operating margins improved to 29% GAAP (32% adjusted) in 2024 from 26% GAAP (30% adjusted) in 2023, and five‑year TSR stood at $151 (value of $100 initial investment) in 2024 . She is a Named Executive Officer (NEO) with compensation tied to long‑term client investment performance and core financial metrics (adjusted NOI, adjusted operating margin, adjusted diluted EPS) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Diamond Hill Capital Management (DHCM) | Managing Director | 2017–2020 | Senior commercial leadership preceding appointment as Chief Client Officer |
| Weitz Investment Management | VP, Director of Sales & Marketing | 2008–2017 | Led distribution and marketing across channels |
| Ariel Capital Management | VP – Strategic Account Management | 2005–2008 | Key account leadership for advisory relationships |
| Ariel Capital Management | Director of Advisory Services | 2003–2005 | Advisory service leadership |
| CinFin Capital Management (Cincinnati Financial subsidiary) | Director of Marketing | 2002–2003 | Marketing leadership at asset management subsidiary |
| Kendle International | Financial Analyst | 2001–2002 | Corporate finance/analyst role |
| Cincinnati Financial Corporation | Commercial Insurance Underwriter | (earlier career) | Underwriting experience prior to asset management roles |
External Roles
No external directorships or outside public company roles are mentioned in the current proxy biography for Ms. Quinif .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $300,000 | $300,000 |
| Target Bonus % | Not disclosed | Not disclosed |
| Actual Annual Incentive (Cash) ($) | $1,000,000 | $1,250,000 |
| Total Base + Incentive ($) | $2,200,000 | $2,550,000 |
| Cash Mix (Base + Cash Incentive as % of Total) | ~59.1% (derived from disclosed amounts) | ~60.8% (derived from disclosed amounts) |
Notes: Company discloses cash incentives are discretionary and not formulaic; no explicit target bonus % for Ms. Quinif is disclosed .
Performance Compensation
Annual Incentive Framework (qualitative design)
| Metric | How used | Weighting | Target | Actual/Payout |
|---|---|---|---|---|
| Long-term investment performance | Focus on five-year client returns vs benchmarks/peers | Not disclosed | Not disclosed | 2024 cash incentive: $1,250,000 (discretionary) |
| Adjusted net operating income | Core operating performance (non‑GAAP) | Not disclosed | Not disclosed | Considered in committee discretion |
| Adjusted operating margin | Profitability quality | Not disclosed | Not disclosed | Considered in committee discretion |
| Adjusted diluted EPS | Earnings quality | Not disclosed | Not disclosed | Considered in committee discretion |
Long-Term Incentive (Restricted Stock) – Grants and Vesting
| Grant Year (for Performance Year) | Grant Date | Shares Granted | Grant-Date Fair Value ($) | Vesting Schedule |
|---|---|---|---|---|
| 2024 (for 2023) | 02/16/2024 | 5,864 | $900,000 | 1/3 on 4/1/2025; 1/3 on 4/1/2026; 1/3 on 4/1/2027 (continued employment) |
| 2025 (for 2024) | Feb 2025 | Not disclosed | $1,000,000 | 1/3 each on 4/1/2026, 4/1/2027, 4/1/2028 (continued employment) |
Stock options are not used; the company has not granted options in more than 10 years .
Recently Vested Equity (supply realized)
| Year | Shares Vested | Value Realized on Vesting ($) |
|---|---|---|
| 2024 | 3,594 | $554,087 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (3/3/2025) | 28,548 shares (includes 816 shares in 401(k)) |
| Ownership % of Outstanding | 1.0% of 2,787,492 shares outstanding |
| Unvested Restricted Stock (12/31/2024) | 9,612 shares (market value $1,490,821 at $155.10) |
| Options held | None (no outstanding options) |
| Pledging/Hedging | No pledging; hedging/derivatives prohibited by policy |
| Ownership Guidelines | 5x salary target; target shares 9,671; owns 21,708; status: Met |
Upcoming Vesting Schedule (potential selling pressure)
Values shown at $155.10 per share (12/31/2024 close).
| Vesting Date | Shares | Approx. Value ($) |
|---|---|---|
| 04/01/2025 | 4,708 (1,680 + 1,034 + 1,994) | ~$730,211 (at $155.10) |
| 04/01/2026 | 2,969 (1,034 + 1,935) | ~$460,492 (at $155.10) |
| 04/01/2027 | 1,935 | ~$300,119 (at $155.10) |
| 04/01/2026–04/01/2028 | Additional shares from 2025 grant (value $1,000,000 at grant) | Not disclosed |
Ownership implications:
- Shares may be sold to cover taxes at vest; directors/officers are subject to insider trading windows and 10b5‑1 plan requirements under policy .
- No pledging; hedging and short sales are prohibited, supporting alignment .
Employment Terms
| Item | Detail |
|---|---|
| Employment Agreement | None disclosed for Ms. Quinif; only CEO has an individual agreement |
| Severance | No company‑wide severance obligations for employees other than CEO |
| Change-in-Control (plan-based) | Upon a Change in Control, all employees’ unvested restricted stock vests immediately; committee may cash out or substitute awards |
| Non-compete/Non-solicit | Not disclosed for Ms. Quinif (CEO agreement only summarized) |
| Clawbacks | Company-wide compensation recoupment policies; separate executive officer policy compliant with Nasdaq Rule 5608 |
Performance & Track Record
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Total Shareholder Return (value of $100) | $115 | $167 | $168 | $156 | $151 |
| Net Income ($) | $38,165,138 | $75,589,539 | $36,870,762 | $43,085,548 | $43,177,918 |
| Adjusted Net Operating Income ($) | $47,974,867 | $83,680,496 | $60,352,296 | $41,434,000 | $48,696,000 |
| GAAP Operating Margin (%) | — | — | — | 26% | 29% |
| Adjusted Operating Margin (%) | — | — | — | 30% | 32% |
| Fixed Income Net Flows/AUM | — | — | — | — | +$2.3B; FI AUM >$6B |
Notes: Metrics reflect company-level outcomes during Ms. Quinif’s senior leadership tenure in client and distribution roles; compensation decisions emphasize five-year client investment performance and core operating results .
Compensation Structure & Governance
- Mix and trend: Ms. Quinif’s 2024 total of $2.55M comprised $1.25M cash incentive and $1.0M LTI (RS) on a $300k base; mix similar to 2023, indicating stable balance between cash and equity, with increased scale reflecting performance and role scope .
- Instruments: No stock options; equity is time-vested restricted stock, which lowers risk versus options and encourages retention .
- Metrics: Committee uses long-term client investment performance and adjusted financials (adjusted NOI, adjusted operating margin, adjusted diluted EPS); no fixed weights disclosed; heavy discretion applied .
- Peer benchmarking: Uses McLagan/Aon industry analysis without a fixed peer group or percentile targeting; pay set for competitiveness and value to the company .
- Say-on-Pay: 96% approval for 2023 NEO compensation at 2024 AGM, indicating strong shareholder support .
Compensation Committee & Oversight
| Committee | Members | Key Points |
|---|---|---|
| Compensation Committee | R.S. Cooley, G.B. Fowler, J.F. Laird, P.R. Meyer, N.R. St. Pierre (Chair), L. Thomas | All independent; oversees NEO pay, plans, consultants (McLagan), and succession; met twice in 2024 |
| Insider Trading Policy | — | Prohibits speculative, short selling, hedging, and derivatives; trading only per policy/10b5‑1 |
| Clawbacks | — | Company-wide recoupment policy and executive officer policy under Nasdaq Rule 5608 |
Risk Indicators & Red Flags
- Pledging/Hedging: None; policy prohibits hedging/derivatives; none of the named individuals have pledged shares (alignment positive) .
- Related Party Transactions: None requiring disclosure since 2024 (clean) .
- Option Repricing/Use: No options in >10 years; plan prohibits repricing without shareholder approval (good governance) .
- Say-on-Pay Support: 96% approval suggests low governance risk from pay practices .
Data Appendix: Outstanding Equity Detail (as of 12/31/2024)
| Award Tranche | Vesting Date(s) | Shares | Source |
|---|---|---|---|
| 2022 LTI (RS) | 04/01/2025 | 1,680 | |
| 2023 LTI (RS) | 04/01/2025; 04/01/2026 | 1,034; 1,034 | |
| 2024 LTI (RS) | 04/01/2025; 04/01/2026; 04/01/2027 | 1,994; 1,935; 1,935 | |
| 2025 LTI (RS) | 04/01/2026–04/01/2028 | Not disclosed (value $1,000,000) |
Investment Implications
- Alignment: Significant unvested RSUs (9,612 shares at YE 2024) and strict anti‑hedging/no‑pledging policies drive long‑term alignment; accelerated vesting on change‑in‑control is plan‑based, not individualized, limiting golden‑parachute optics .
- Retention vs. Liquidity: Meaningful vesting events cluster on April 1 (2025–2027), which could create episodic selling pressure for tax or diversification, though policy controls (trading windows/10b5‑1) apply; added 2025 grant extends vesting to 2028, supporting retention .
- Pay-for-Performance: Year-over-year increase in both cash incentive ($1.25M vs $1.0M) and LTI ($1.0M vs $0.9M) aligns with improved adjusted operating margin (32% vs 30%) and fixed income franchise growth ($2.3B inflows), though formulaic weighting is not disclosed (some discretion risk) .
- Governance Risk: No related-party transactions, strong say-on-pay (96%), and no options/repricing history reduce governance red flags; absence of an individual employment agreement for Ms. Quinif lowers severance leakage but concentrates retention in equity vesting .