Alan C. Bowser
About Alan C. Bowser
Independent Trustee of Eaton Vance Municipal Bond Fund (EIM) since 2023; currently a Class III Trustee with term expiring in 2026 . Career includes Partner and Operating Committee member at Bridgewater Associates (roles included Co‑Head of the Americas Region and Chief Diversity Officer, 2011–2023), Managing Director/Head of Investment Services at UBS Wealth Management Americas (2007–2010), and Managing Director/Head of Client Solutions at Citibank Private Bank (1999–2007) . Education: B.S. in Economics, summa cum laude, The Wharton School (University of Pennsylvania), and M.Phil. in Politics, Oxford University . Recognitions include EMPower Ethnic Minority Executive Role Models (2020) and Business Insider “Diversity Trailblazers” (2022) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Bridgewater Associates | Partner; Operating Committee member; Co‑Head Americas; Chief Diversity Officer | 2011–2023 | Senior leadership across client advisory and firm operations |
| UBS Wealth Management Americas | Managing Director, Head of Investment Services | 2007–2010 | Client platform leadership |
| Citibank Private Bank (Latin America) | Managing Director, Head of Client Solutions | 1999–2007 | Client solutions leadership for UHNW/Family Offices |
External Roles
| Organization | Role | Tenure/Status | Notes |
|---|---|---|---|
| Stout Risius Ross | Independent Director | Since 2021 | Middle market professional services advisory firm |
| Black Hedge Fund Professionals Network | Founding Board Member; Board Chair | Current (as disclosed) | Non‑profit/industry network |
| Robert Toigo Foundation; New York Urban League; University of Pennsylvania; Greater Miami Chamber of Commerce (Task Force on Ethics) | Board/Trustee/Leadership roles | Prior service (various) | Non‑profit/academic civic roles |
Board Governance
- Independence: EIM’s Board is composed solely of noninterested (independent) Trustees; Bowser serves as a noninterested Trustee .
- Tenure/Class: Trustee since 2023; Class III term through 2026 .
- Board leadership: Following the August 9, 2025 passing of Chair Mark R. Fetting, Susan J. Sutherland is acting Chairperson .
- Meeting cadence and attendance: In fiscal year ended Sep 30, 2024, Board met 8x; committees met as listed below; each Trustee attended at least 75% of applicable meetings; none attended the Fund’s 2024 annual meeting of shareholders (engagement flag) .
| Committee (EIM) | Role | Chair | FY24 Meetings |
|---|---|---|---|
| Audit | Not listed as member in 2025 (members: Wennerholm (C), Gorman, Quinton, Stefani) | Wennerholm | 10 |
| Contract Review | Member (Bowser) | Gorman | 5 |
| Portfolio Management | Not listed as member in 2025 (members: Smith (C), Gorman, Wennerholm, Frost, Mosley) | Smith | 7 |
| Compliance Reports & Regulatory Matters | Member (Bowser) | Stefani | 8 |
| Closed‑End Fund Committee | Member (Bowser) | Quinton | Predecessor Ad Hoc CEF Matters met 9x; CEF Committee formed after FY24 |
| Governance | Member (Bowser) | Sutherland | 4 |
Fixed Compensation
| Compensation Structure (noninterested Trustees) | Amount | Source |
|---|---|---|
| Annual retainer | $325,000 | |
| Chair of noninterested Trustees (additional) | $150,000 | |
| Committee service retainer | $82,500 | |
| Extra retainer for serving on 4+ Committees | $15,000 | |
| Committee Chair retainer | $35,000 | |
| Out‑of‑pocket expenses | Reimbursed |
| Bowser – Actual Compensation | EIM (Fund‑level) | Fund Complex (Calendar Year) | Source |
|---|---|---|---|
| 2024 (calendar year) | $6,655 | $395,000 | |
| 2023 (calendar year) | $7,417 | $374,906 |
- Deferred compensation: Trustees may elect to defer fees into Eaton Vance family funds; Bowser had no listed deferral in 2024; program available and described in proxy .
Performance Compensation
- Not applicable for noninterested Trustees. EIM’s Trustee remuneration consists of retainers and committee fees; no bonuses, options, RSUs/PSUs, or performance metrics are disclosed for directors .
Other Directorships & Interlocks
| Company/Entity | Public? | Role | Potential Interlock/Comments |
|---|---|---|---|
| Stout Risius Ross | Not specified as public | Independent Director (since 2021) | Professional services firm; no EIM‑disclosed related‑party transactions noted in proxy |
| Eaton Vance fund complex | Registered funds | Trustee across EV fund boards (122 funds overseen as of Aug 20, 2025, for each Trustee) | Common across all EV Trustees; standard complex‑wide governance structure |
Expertise & Qualifications
- 25+ years in financial services leading advisory teams for institutions, family offices, and UHNW clients; senior leadership across operations and diversity/inclusion at Bridgewater .
- Educational credentials (Wharton BS Economics; Oxford M.Phil.) and governance recognitions (EMPower 2020; Business Insider 2022) .
Equity Ownership
| Ownership (as of dates shown) | EIM Shares Owned | Aggregate Ownership in EV Fund Complex (Dollar Range) | Source |
|---|---|---|---|
| Aug 20, 2025 | None | Over $100,000 | |
| May 28, 2024 | None | Over $100,000 |
- Note: Trustees beneficially owned less than 1% of EIM outstanding shares as a group on Aug 20, 2025 .
Insider Filings (Section 16)
| Filing | Date | Fund | Notes |
|---|---|---|---|
| Form 3 (Initial Statement) | Mar 15, 2023 | EIM | Initial statement filed for Bowser (CIK 0001969586) |
| Delinquent Section 16(a) note | Proxy filed Jun 20, 2024 | EIM | Proxy states Bowser submitted Form 3 after its due date; no transactions reported on the form |
| Compliance update | Proxy filed Aug 21, 2025 | EIM | Proxy states all Trustees/officers complied with Section 16(a) for the most recent fiscal year |
Governance Assessment
-
Positives
- Independent director with deep asset‑management leadership and operating experience; sits on key oversight committees (Contract Review; Compliance; Governance; Closed‑End Fund) supporting monitoring of conflicts, compliance, and CEF capital‑market matters .
- Meaningful personal exposure to Eaton Vance funds (aggregate “Over $100,000”) and optional fee deferral into fund shares can align interests with shareholders across the complex .
- Robust board/committee workload (Board 8x; Audit 10x; Compliance 8x; CEF predecessor Ad Hoc 9x), with at least 75% attendance for all Trustees, indicates active oversight cadence .
-
Watch‑items / RED FLAGS
- None of the Trustees attended the Fund’s 2024 annual meeting of shareholders; while not uncommon for funds, it is a shareholder‑engagement negative .
- Section 16(a) timeliness: Bowser’s initial Form 3 was late per the 2024 proxy, though 2025 proxy reports compliance thereafter (improvement, but prior lapse noted) .
- No direct EIM share ownership (as of Aug 20, 2025) may dilute single‑fund alignment, though complex‑wide ownership is substantial .
-
Implications
- Committee mix (Compliance, Contract Review, Governance, Closed‑End) positions Bowser to influence adviser oversight, regulatory compliance, and market‑related actions for the closed‑end fund—key levers for discount management and investor protection .
- Compensation is fixed‑fee oriented without performance linkage, aligning with best practice for independent fund Trustees but offering limited direct pay‑for‑performance signaling; total complex compensation is in line with responsibilities across 100+ funds .