Patrick Bradley
About Patrick Bradley
W. Patrick Bradley, CPA, is Vice President and Assistant Treasurer of DNP Select Income Fund Inc. (DNP) since December 2024; he is age 52 and serves in similar roles at DPG and DTF . Officers of the Funds are elected at the annual Board meeting held in connection with the annual meeting of shareholders and receive no compensation from the Funds; they are employees or officers of the Adviser or a Fund administrator (Virtus or Baird) and are compensated in those capacities . Bradley’s primary employer role is Executive Vice President, Fund Services at Virtus Investment Partners since 2016 (Senior Vice President 2010–2016), with various officer positions at Virtus and its subsidiaries since 2004 . Context: DNP is externally advised by Duff & Phelps Investment Management Co., an indirect, wholly owned subsidiary of Virtus Investment Partners (NASDAQ: VRTS) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Virtus Investment Partners, Inc. | Executive Vice President, Fund Services | Since 2016 | — |
| Virtus Investment Partners, Inc. | Senior Vice President, Fund Services | 2010–2016 | — |
| Virtus Investment Partners, Inc. and/or certain subsidiaries | Various officer positions | Since 2004 | — |
| Registered funds advised by Virtus subsidiaries | Various officer positions | Since 2006 | — |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Stone Harbor Investment Funds plc; Stone Harbor Global Funds plc | Director | Since 2023 | — |
| Virtus Global Funds ICAV | Director | Since 2019 | — |
| Virtus Global Funds, plc | Director | Since 2013 | — |
| BNY Mellon Asset Servicing Client Advisory Board | Member | Since 2022 | — |
Fixed Compensation
- Officers of the Funds receive no compensation from DNP; compensation is earned from the Adviser, a Fund administrator, or an affiliate (e.g., Virtus Investment Partners or Baird) .
- Base salary, target bonus, and cash compensation specifics for Bradley are not disclosed in DNP’s proxy because the Fund does not pay its officers .
Performance Compensation
- DNP does not grant equity or cash incentive awards to Fund officers; therefore, RSUs/PSUs/options terms, performance metric weightings, vesting schedules, and payouts for Bradley are not disclosed at the Fund level .
Equity Ownership & Alignment
- The proxy provides a table of DNP share ownership for directors and certain named individuals plus “directors and executive officers as a group,” each under 1% of the Fund’s outstanding common stock; individual ownership data for Bradley is not itemized in the table .
- The group of directors and executive officers for DNP consists of 15 individuals, with aggregate holdings shown; beneficial ownership and shared voting/disposition disclosures are provided for certain directors but not specifically for Bradley .
- No pledging or hedging disclosure is provided for Bradley individually in the DNP proxy .
Employment Terms
| Term | Disclosure |
|---|---|
| DNP role start date | Vice President and Assistant Treasurer of DNP since December 2024 |
| Role scope | Officer of the Funds; address c/o Duff & Phelps Investment Management Co., 10 South Wacker Drive, Suite 1900, Chicago, IL 60606 |
| Election/term | Officers are elected annually by the Board in connection with the annual meeting of shareholders |
| Compensation source | Officers receive no compensation from the Funds; compensated by Adviser/administrator/affiliate (e.g., Virtus/Baird) |
| Severance / change-of-control | Not disclosed at Fund level |
| Non-compete / non-solicit | Not disclosed at Fund level |
| Clawback / ownership guidelines | Not disclosed at Fund level |
Investment Implications
- Pay-for-performance analysis cannot be conducted at the Fund level for Bradley because DNP does not compensate its officers; compensation alignment would reside with Virtus Investment Partners’ policies rather than DNP’s shareholder returns .
- Insider selling pressure from Fund-granted equity is not a risk driver here (no RSUs/PSUs/options from DNP); any equity incentives, vesting, and potential selling dynamics would be at Virtus or other affiliated entities, not the Fund .
- Ownership alignment at DNP appears modest at the aggregate officer/director level (<1% of shares outstanding), and the proxy does not disclose Bradley’s individual holdings; monitoring of individual beneficial ownership and pledging is constrained by limited disclosure for officers .
- Retention risk and employment economics (severance, change-of-control, non-compete) are not disclosed by DNP and likely governed by Virtus employment agreements, indicating retention/leverage signals must be assessed via Virtus-level documents rather than Fund filings .
- Structural context: DNP is externally advised by Duff & Phelps Investment Management (a Virtus subsidiary), so operational execution and incentive alignment are primarily determined by adviser-level governance and compensation frameworks rather than Fund-level officer pay .