Jeffrey Murphy
About Jeffrey S. Murphy
Independent Trustee of Destra Multi-Alternative Fund (DMA) since November 2018; birth year 1966. He chairs the Audit Committee and is designated an “audit committee financial expert.” He is retired since 2014, following a 20-year tenure at Affiliated Managers Group, Inc. (AMG) with roles across operations, finance, and capital development, including service on executive and mutual fund boards of AMG affiliates. He oversees four registered investment companies in the Destra fund complex.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Affiliated Managers Group, Inc. (AMG) | Operations, Finance, Capital Development | 20-year tenure | Served on AMG executive board and mutual fund board of trustees for several affiliates |
| Destra Multi-Alternative Fund (DMA) | Independent Trustee | Since Nov 2018 | Audit Committee Chair; Independent Trustee |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| — | No other public company directorships disclosed | — | — |
Board Governance
| Topic | Detail |
|---|---|
| Board independence | Board comprised entirely of trustees who are not “Interested Persons” under the 1940 Act; Audit Committee members are “independent” per NYSE standards |
| Audit Committee | Members: Emrich, Erickson, Murphy, Dalmaso; Chair: Murphy; Meetings: 4 (FY ended Mar 31, 2025) |
| Nominating & Governance Committee | Composition: All Independent Trustees; Chair: Erickson; Meetings: 2 (FY ended Mar 31, 2025) |
| Qualified Legal Compliance Committee | Standing committee; chaired by Independent Trustees (chair not named); composition: Independent Trustees |
| Board meeting cadence & attendance | Board met 4 times in FY ended Mar 31, 2025; each Trustee attended at least 75% of Board and applicable committee meetings. In FY ended Mar 31, 2024, Board met 6 times; each Trustee attended at least 75% |
| Audit Committee report signatories | Emrich, Erickson, Murphy, Dalmaso signed the audit committee report |
Fixed Compensation
| Year/Item | Amount |
|---|---|
| Independent Trustee Annual Retainer (Fund Complex) | $39,000 per year |
| Chairman of the Board Annual Retainer (Fund Complex) | $46,000 per year |
| Murphy – Aggregate Compensation from DMA Fund (FY ended Mar 31, 2025) | $5,797 |
| Murphy – Aggregate Compensation from DMA Fund (FY ended Mar 31, 2024) | $8,710 |
| Murphy – Aggregate Total Compensation from Fund Complex (FY ended Mar 31, 2025) | $39,000 |
| Murphy – Aggregate Total Compensation from Fund Complex (FY ended Mar 31, 2024) | $39,000 |
| Expense reimbursement | Independent Trustees reimbursed for reasonable out-of-pocket expenses per policy |
| Allocation method | Retainers allocated across fund complex annually based on each fund’s net assets as of prior Dec 31 |
Performance Compensation
| Component | Details |
|---|---|
| Short/long-term bonus metrics (Revenue, EBITDA, TSR, ESG) | Not disclosed for Trustees (Fund pays no salaries; compensation consists of retainers) |
| Stock awards (RSUs/PSUs) | Not disclosed for Trustees |
| Option awards | Not disclosed for Trustees |
| Clawbacks, severance, change-of-control (single/double trigger) | Not disclosed for Trustees |
Other Directorships & Interlocks
| Item | Details |
|---|---|
| Other public company boards (past 5 years) | None disclosed for Murphy |
| Fund complex oversight | Oversees four registered investment companies in fund complex |
| Activist/large holder representation on Board | Paul Kazarian (Saba Capital) serves as Trustee; Saba beneficially owned ~19.39% of shares as of 2024 and ~24.94% as of 2025, designating Saba an affiliate under the 1940 Act |
Expertise & Qualifications
- Audit committee financial expert; extensive investment management and financial services background supporting audit oversight .
- Prior leadership across operations, finance, and capital development at AMG; governance experience via executive/mutual fund boards at AMG affiliates .
Equity Ownership
| As-of Date | Beneficial Ownership in DMA | Notes |
|---|---|---|
| Sep 30, 2025 | None (no Independent Trustee beneficially owned equity securities in the Fund or Fund Complex) | |
| Sep 30, 2024 | None (no Independent Trustee beneficially owned equity securities in the Fund or Fund Complex) | |
| Adviser/underwriter securities | Independent Trustees and immediate family members did not own any class of securities of the Adviser, principal underwriter, or their affiliates (as of Sep 30, 2025 and 2024) |
Governance Assessment
- Strengths: Independent status and Audit Chair role with financial expert designation indicate robust financial reporting oversight; consistent ≥75% attendance evidences engagement .
- Alignment watchpoint: Cash-only retainer structure with no disclosed equity awards and no beneficial ownership in DMA may reduce direct stockholder alignment; consider engagement practices to offset alignment concerns .
- Board dynamics: Presence of an affiliate of a large activist holder (Saba) on the Board and Saba’s increasing ownership could shape strategic decisions; independent trustees’ oversight and committee structures are critical to balance interests .
- Process rigor: Audit Committee activity (4 meetings in FY2025) and formal reporting suggest established controls and oversight processes; Nominating & Governance activity (2 meetings) supports board refresh and shareholder engagement pathways .
RED FLAGS
- No beneficial ownership by Independent Trustees (including Murphy) in DMA as of Sep 30, 2025 and 2024—potential “skin-in-the-game” concern for some investors .
- Elevated external influence: Saba’s stake at ~24.94% (2025) and representation via Trustee may pressure strategic outcomes; ongoing monitoring advised .
Notes
- DMA pays no salaries to officers or any interested trustee; Independent Trustee compensation is via retainers and expense reimbursement; no equity plan disclosure for trustees in proxies reviewed .
- Attendance at stockholder annual meetings is not required for Trustees .