Nicholas Dalmaso
About Nicholas Dalmaso
Nicholas Dalmaso (birth year: 1965) is an Independent Trustee and Chairman of the Board of the Destra Multi-Alternative Fund (DMA), serving on the Board since November 2018. He is Founder and CEO of Sound Capital entities (Holdings, Distributors, Solutions) and has over 25 years’ experience across legal, compliance, investment management, and fintech; prior leadership roles include M1 Holdings/M1 Finance/M1 Advisory (General Counsel; CCO), and earlier positions at Destra Capital, Claymore Group, Nuveen Investments, and Van Kampen Investments. He was deemed an “interested person” historically due to a former position with Destra, but has been independent under the 1940 Act since February 8, 2021. As Chairman, he presides over Board meetings and serves as liaison with officers, counsel, the Adviser and key service providers.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Sound Capital Holdings LLC; Sound Capital Distributors LLC; Sound Capital Solutions LLC | Founder & CEO | 2020–present | Founder/CEO of capital markets and advisory entities |
| M1 Holdings Inc. | General Counsel; Chief Compliance Officer | GC: 2014–present; CCO: 2014–2019 | Led legal and compliance for holding company |
| M1 Finance LLC (registered broker/dealer) | General Counsel; Chief Compliance Officer | GC: 2014–present; CCO: 2014–2019 | Broker/dealer governance and regulatory compliance |
| M1 Advisory Services LLC (investment adviser) | General Counsel; Chief Compliance Officer | GC: 2014–present; CCO: 2014–2021 | Investment adviser legal/compliance leadership |
| Keno Kozie Associates (IT Consulting) | Independent Director | 2016–2018 | Board service at IT consulting firm |
| Destra Capital Management; Claymore Group; Nuveen Investments; Van Kampen Investments | Senior executive positions (unspecified titles) | Not disclosed | Broad experience in asset/investment management and securities law |
External Roles
| Organization | Role | Status | Notes |
|---|---|---|---|
| Milliman Variable Insurance Trust | Trustee (2 portfolios) | Current | Listed among other directorships in past 5 years |
| Flaherty & Crumrine Investment Company Boards | Director (5 listed closed-end funds) | Current | Listed among other directorships in past 5 years |
Board Governance
- Board structure: DMA’s Board has five trustees, all of whom are Independent Trustees (i.e., not “Interested Persons” under the 1940 Act). Dalmaso is the Class III Trustee and a continuing Trustee.
- Leadership: Dalmaso serves as Chairman of the Board; the Chairman presides at Board meetings and acts as liaison with officers and key service providers.
- Committees: Audit Committee members are Emrich, Erickson, Murphy (Chair), and Dalmaso; all are independent. Audit Committee met four times in the fiscal year ended March 31, 2025.
- Nominating & Governance Committee: Comprised of all Independent Trustees (Chair: Erickson); met two times in the fiscal year ended March 31, 2025.
- Qualified Legal Compliance Committee: Exists and is composed of Independent Trustees (membership not individually listed).
- Attendance: In FY ended March 31, 2025, the Board met four times; each Trustee attended at least 75% of Board and applicable committee meetings.
- Oversight: Board risk oversight includes reviews of performance/operations, compliance policies/procedures, oversight of Adviser/sub-adviser and service providers, and use of the CCO to test procedures.
Fixed Compensation
| Component | Amount | Period/Context |
|---|---|---|
| Independent Trustee annual retainer (Fund Complex) | $39,000 | Current program |
| Chairman of the Board annual retainer (Fund Complex) | $46,000 | Current program (Dalmaso receives Chairman retainer) |
| Aggregate compensation from DMA Fund | $6,837 | FY ended March 31, 2025 (allocated based on net assets) |
| Aggregate total compensation from Fund Complex | $46,000 | FY ended March 31, 2025 |
| Reimbursement of expenses | Reasonable out-of-pocket in accordance with policy | Ongoing |
The Fund pays no salaries to officers or to any interested trustee employed by the Adviser; DMA has no employees. Independent Trustees are compensated via retainers paid by the Fund Complex.
Performance Compensation
| Element | Disclosure |
|---|---|
| Stock awards (RSUs, PSUs) | No director equity awards disclosed; compensation is via fixed retainers paid by the Fund Complex |
| Option awards | None disclosed |
| Performance metrics (revenue/EBITDA/TSR/ESG) | None disclosed for directors; no performance-linked components described |
| Meeting fees/Committee chair fees | Not disclosed beyond chairman/standard retainers |
Other Directorships & Interlocks
| Company | Exchange/Type | Role | Notes |
|---|---|---|---|
| Flaherty & Crumrine Investment Company Boards | NYSE-listed closed-end funds | Director (5 funds) | Listed as other directorships held in past 5 years |
| Milliman Variable Insurance Trust | Registered investment company | Trustee (2 portfolios) | Listed as other directorships held in past 5 years |
Expertise & Qualifications
- 25+ years across financial services, investments, banking, and fintech with depth in corporate governance, regulatory compliance, litigation, asset/investment management, business development, strategy, and securities law.
- Senior legal and compliance leadership at M1 Holdings/Finance/Advisory; founder/operator experience at Sound Capital entities; prior leadership at Destra Capital, Claymore Group, Nuveen Investments, and Van Kampen.
Equity Ownership
| Holder | Beneficial Ownership of DMA (as of Sept 30, 2025) | Note |
|---|---|---|
| Nicholas Dalmaso | None | “As of September 30, 2025, no Independent Trustee beneficially owned equity securities in the Fund or Fund Complex.” |
Governance Assessment
-
Strengths
- Independent Chairman with extensive legal/compliance background; Board and all standing committees are composed entirely of independent trustees, supporting robust oversight.
- Active committee structure with defined charters; Audit Committee includes an “audit committee financial expert” (Murphy) and met four times in FY25.
- Attendance: met at least the 75% attendance threshold; Board met four times in FY ended March 31, 2025.
- Board documents explicit risk oversight processes spanning performance reviews, compliance policies, and service provider oversight.
-
Watch items / RED FLAGS
- RED FLAG: No beneficial equity ownership by Independent Trustees (including Dalmaso) as of September 30, 2025, which may limit direct alignment with common shareholders.
- Prior affiliation with Destra (resulting in “interested person” status historically); independence restored as of February 8, 2021—monitor for any perceived conflicts given former ties.
- Concentration of roles across multiple investment company boards (e.g., five Flaherty & Crumrine CEFs) increases workload; ensure continued capacity for DMA oversight.