Jeanne M. Kelly
About Jeanne M. Kelly
Jeanne M. Kelly is Senior Vice President of Western Asset Emerging Markets Debt Fund Inc. (EMD), serving in this officer role since 2007; birth year 1951. Her current responsibilities are anchored within Franklin Templeton’s fund governance and administration: she is U.S. Fund Board Team Manager at Franklin Templeton (since 2020) and also President and Chief Executive Officer of LM Asset Services, LLC (LMAS) and Legg Mason Fund Asset Management, Inc. (LMFAM) since 2015; previously Managing Director at Legg Mason & Co. (2005–2020) and Senior Vice President at FTFA/its predecessor since 2006 . EMD’s externally managed structure means officer compensation is paid by the adviser, not by the Fund, and the Fund does not disclose officer-specific performance or incentive metrics; investment performance is overseen by FTFA (adviser) and Western Asset affiliates (subadvisers), not by Fund officers .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Legg Mason & Co. | Managing Director | 2005–2020 | Senior leadership in fund complex and governance functions supporting registered funds . |
| Legg Mason Fund Asset Management (LMFAM) | Senior Vice President | 2013–2015 | Senior operating role within registered investment adviser affiliate . |
| Franklin Templeton/FTFA | Senior Vice President | 2006–present | Senior executive within adviser supporting fund administration and board processes . |
| Franklin Templeton | U.S. Fund Board Team Manager | 2020–present | Leads U.S. fund board team, coordinating board governance and materials across the fund complex . |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| LM Asset Services, LLC (LMAS) | President & CEO | 2015–present | Leads fund services affiliate supporting administration, operations and governance across Franklin Templeton/Legg Mason fund complex . |
| Legg Mason Fund Asset Management, Inc. (LMFAM) | President & CEO | 2015–present | Executive leadership of affiliated adviser entity within fund complex . |
Fixed Compensation
- Officers of EMD receive no compensation from the Fund (officer pay is borne by the adviser/affiliates). No base salary, bonus, or perquisite amounts are disclosed at the Fund level for officers .
- The Fund’s Compensation Committee sets compensation for Independent Directors only; it does not administer executive officer pay programs for the Fund .
Performance Compensation
- No officer performance incentive plan details (metrics, weightings, targets, payouts, vesting) are disclosed by the Fund; as an externally managed closed-end fund, officer compensation is paid by and disclosed (if applicable) at the adviser/affiliate level, not in the Fund’s proxy .
Equity Ownership & Alignment
| Metric | Value | As of | Notes |
|---|---|---|---|
| Shares outstanding (Common Stock) | 58,130,443 | Aug 29, 2025 | Record date for 2025 annual meeting . |
| Directors and officers as a group – % ownership of outstanding shares | Less than 1% | Aug 29, 2025 | Aggregate beneficial ownership for nominees, Directors and officers as a group; individual officer holdings not itemized . |
| Individual holdings for Jeanne M. Kelly | Not disclosed | N/A | Fund does not itemize officer holdings; Section 16 compliance stated as met . |
| Pledging/hedging | Not disclosed | N/A | No pledging/hedging disclosure specific to officers in the Fund proxy . |
Employment Terms
| Item | Disclosure |
|---|---|
| Officer role and tenure | Senior Vice President; officer since 2007 . |
| Employer/payor | Compensation paid by adviser/affiliates (FTFA/Franklin Templeton group); Fund does not pay officers . |
| Contract term, severance, change-of-control | Not disclosed in Fund filings (Fund Compensation Committee oversees independent Director pay only) . |
| Clawback provisions | Not disclosed for officers at Fund level . |
| Section 16 reporting status | Fund states required filings were met for FY2024; no exceptions noted . |
Investment Implications
- Pay-for-performance linkage at the Fund level is not applicable to officers: EMD does not pay or disclose officer cash/equity awards, metrics, or vesting schedules; compensation is borne by the adviser with no Fund-level incentive alignment metrics disclosed. This limits the usefulness of officer compensation as a trading signal for EMD .
- Insider selling pressure appears low at the Fund officer level: there are no Fund equity grants, and aggregate insider ownership (Directors and officers combined) is below 1% of shares outstanding, reducing alignment-driven trading cues from insider ownership changes; monitor Form 4 filings for any exceptions .
- Retention/contract risk is opaque: no officer employment agreements, severance or change-of-control economics are disclosed at the Fund; governance and investment performance are primarily a function of the adviser (FTFA) and subadvisers (Western Asset affiliates), not the Fund officers .
- Execution risk attribution: operational governance continuity is supported by Jeanne Kelly’s long tenure (since 2007) in Fund officer roles and leadership across LMAS/LMFAM, but portfolio performance is driven by subadvisers, not by Fund officers—investors should focus on manager performance and mandate rather than officer incentives for trading signals .