Paul Kazarian
About Paul Kazarian
Paul Kazarian (birth year 1984) is an Independent Trustee of Destra Multi-Alternative Fund (DMA). He has served on the Board since December 2023 and is a Partner and Portfolio Manager at Saba Capital Management, L.P. since March 2013, focusing on closed-end fund and ETF strategies. He holds a B.A. in Political Science from Bates College and previously worked at RBC Capital Markets (Global Arbitrage & Trading Group) and Merrill Lynch (technology analyst) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Saba Capital Management, L.P. | Partner & Portfolio Manager | March 2013 – present | Focus on closed-end fund and ETF strategies; significant experience in the asset management and closed-end space |
| RBC Capital Markets | Director, Global Arbitrage & Trading Group | Not disclosed | Managed ETF and index arbitrage strategies |
| Merrill Lynch | Technology Analyst | Not disclosed | Early career analytical role |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Saba Capital Income & Opportunities Fund II (NYSE: SABA) | Trustee | Since May 2021 | Current public company board |
| Miller/Howard High Income Equity Fund (NYSE: HIE) | Director | 2022 – 2024 | Prior board role |
| Templeton Global Income Fund | Director | Disclosed in 2024 proxy | Listed as an other directorship in 2024; not repeated in 2025 proxy |
Board Governance
- Board structure: Five trustees, all not “Interested Persons” under the 1940 Act; Nicholas Dalmaso serves as Chairman .
- Committees:
- Audit Committee: Emrich, Erickson, Murphy (Chair, audit committee financial expert), and Dalmaso; met 4 times in FY ended March 31, 2025. Kazarian is not listed as a member .
- Nominating & Governance Committee: Composed of all Independent Trustees; Erickson is Chair; met 2 times in FY ended March 31, 2025 .
- Qualified Legal Compliance Committee: Exists; chaired by an Independent Trustee; membership composed of Independent Trustees (specific members not listed) .
- Meeting cadence and attendance:
- Board meetings: 4 (FY ended March 31, 2025); each Trustee attended at least 75% of Board and relevant Committee meetings. Prior year Board meetings: 6 (FY ended March 31, 2024) .
| Governance Metric | FY 2024 | FY 2025 |
|---|---|---|
| Board Meetings (count) | 6 | 4 |
| Audit Committee Meetings (count) | 4 | 4 |
| Nominating & Governance Meetings (count) | 2 | 2 |
| Attendance threshold achieved (≥75%) | Yes | Yes |
Fixed Compensation
- Independent Trustee annual retainer: $39,000; Chairman retainer: $46,000. No meeting fees disclosed; reimbursed reasonable expenses per policy .
| Item | Amount | Notes |
|---|---|---|
| Independent Trustee Retainer (annual) | $39,000 | Paid across Fund Complex based on net assets allocation |
| Chairman Retainer (annual) | $46,000 | Paid to Chairman Nicholas Dalmaso |
| Aggregate Compensation – Paul Kazarian | N/A | Not reported in the compensation table |
| Reimbursement of Expenses | Policy-based | Reasonable out-of-pocket expenses reimbursed |
Performance Compensation
| Component | Status | Performance Metrics |
|---|---|---|
| Equity awards (RSUs/PSUs/options) | None disclosed | Not applicable |
| Bonus/Performance-linked cash | None disclosed | Not applicable |
| Performance metrics (e.g., TSR, EBITDA) | Not applicable | Directors receive fixed retainers |
The Fund pays no salaries to officers or interested trustees; Independent Trustees are paid retainers. No performance-based compensation or equity grants for directors are disclosed .
Other Directorships & Interlocks
| Director Role | Interlock/Connection | Potential Impact |
|---|---|---|
| Partner at Saba Capital; Trustee of SABA fund | Saba beneficially owns 2,235,144 shares (24.94%) of DMA as of record date; Saba is an affiliate of the Fund under the 1940 Act | Significant influence over shareholder outcomes; board acknowledges value in his closed-end fund expertise (notably regarding DMA’s 2027 scheduled termination) |
Expertise & Qualifications
- Closed-end and ETF strategies; asset management industry experience; prior arbitrage strategy management at RBC .
- Audit committee financial expert designation applies to Murphy (Chair), not Kazarian; Kazarian’s committee expertise is not specifically labeled, but he is an Independent Trustee with sector-specialized experience .
- Education: B.A., Political Science, Bates College .
Equity Ownership
- Trustee ownership: As of September 30, 2025, no Independent Trustee beneficially owned equity securities of the Fund or Fund Complex .
- Significant owners (as of record date November 14, 2025):
- Saba Capital Management, L.P.: 2,235,144 shares, 24.94% of outstanding; beneficial owner .
- Bulldog Investors, LLP: 280,192 shares, 3.13% .
- Phillip Goldstein: 322,457 shares, 3.60% .
- Andrew Dakos: 280,192 shares, 3.13% .
| Beneficial Owner | Shares | % Outstanding | Type |
|---|---|---|---|
| Saba Capital Management, L.P. | 2,235,144 | 24.94% | Beneficial |
| Bulldog Investors, LLP | 280,192 | 3.13% | Beneficial |
| Phillip Goldstein | 322,457 | 3.60% | Beneficial |
| Andrew Dakos | 280,192 | 3.13% | Beneficial |
As of September 30, 2025, Saba beneficially owned $19,311,644 of the Fund .
Governance Assessment
-
Strengths
- Independent Board and committees; Nominating & Governance and Qualified Legal Compliance Committees composed solely of Independent Trustees, with active oversight and regular meeting cadence .
- Audit Committee chaired by an audit committee financial expert; stable meeting frequency (4/year) and formal pre-approval and independence processes with the auditor .
- Board reports consistent attendance (≥75%) and routine self-assessment; governance structure appears engaged .
-
Alignment and Compensation
- Director pay is fixed retainer-based; no equity grants or performance-linked pay, reducing pay-for-performance alignment concerns but also limiting direct equity alignment of directors with common shareholders. Kazarian’s aggregate compensation from the Fund Complex was N/A in the latest table .
-
Conflicts and RED FLAGS
- Saba is a 24.94% beneficial owner and is deemed an affiliate; Kazarian is a Partner and PM at Saba and serves as a DMA Independent Trustee. This interlock presents a material potential conflict in matters affecting capital allocation, corporate actions, and DMA’s scheduled termination in 2027. RED FLAG: Significant related-party exposure via Saba’s influence and Kazarian’s affiliation, notwithstanding the Fund’s independent trustee classification under the 1940 Act .
- No director equity ownership in DMA by Independent Trustees as of September 30, 2025, which may limit personal economic alignment with public shareholders relative to activist holders .
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Attendance and Engagement
- Board and committees met regularly and report adequate attendance; Kazarian’s individual attendance % not disclosed, but the Board states each trustee achieved at least 75% .
-
Additional Observations
- Governance transparency includes detailed disclosure of significant holders; auditors’ fees and independence oversight are documented; no non-audit services billed in FY 2025 .
- The Fund’s November 2025 special proxy sought to revise the fundamental concentration policy to remove a mandated 25%+ real estate concentration, indicating responsiveness to portfolio management flexibility—Board unanimously recommended FOR the proposal .
Monitoring Recommendations: Track DMA’s actions related to the 2027 termination, any restructuring or capital actions, and committee-level processes where Saba’s stake could influence outcomes. Watch for any future disclosures of related-party transactions and changes in Kazarian’s committee assignments that may concentrate decision influence .