Alan C. Bowser
About Alan C. Bowser
Alan C. Bowser (born 1962) is a noninterested Trustee of Eaton Vance Municipal Income 2028 Term Trust (ETX), serving since 2023 and currently a Class II Trustee with a term expiring in 2026. He is a private investor with 25+ years in financial services leadership, including senior roles at Bridgewater Associates, UBS Wealth Management Americas, and Citibank Private Bank. He holds a B.S. in Economics, summa cum laude, from The Wharton School and an M.Phil. in Politics from Oxford University .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Bridgewater Associates | Co-Head of the Americas Region; Chief Diversity Officer; Partner; Operating Committee Member | 2011–2023 | Led investment advisory teams serving institutions, family offices, and UHNW clients across U.S. and Latin America; senior governance responsibilities as Operating Committee member |
| UBS Wealth Management Americas | Managing Director and Head of Investment Services | 2007–2010 | Led investment services across Americas for wealth management platform |
| Citibank Private Bank (Latin America Division) | Managing Director and Head of Client Solutions | 1999–2007 | Headed client solutions in private banking; leadership in advisory and client strategy |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Stout Risius Ross | Independent Director | Since 2021 | Middle-market professional services advisory firm (private) |
| Black Hedge Fund Professionals Network | Founding Board Member; Board Chair | N/A | Industry network leadership |
| Robert Toigo Foundation | Board member | N/A | Non-profit governance |
| New York Urban League | Board member | N/A | Non-profit governance |
| University of Pennsylvania | Board member | N/A | University governance |
| Greater Miami Chamber of Commerce Task Force on Ethics | Vice Chairman | N/A | Ethics oversight |
Board Governance
| Item | Detail |
|---|---|
| Independence | Noninterested Trustee under the Investment Company Act of 1940; all Board committees comprised solely of noninterested Trustees |
| Committee Memberships | Contract Review Committee (member) ; Compliance Reports & Regulatory Matters Committee (member) ; Closed-End Fund Committee (member) ; Governance Committee (member) |
| Committee Chair Roles | None (not listed as chair of any committee) |
| Audit Committee | Not a member; Audit Committee designated financial experts are other Trustees (Gorman, Wennerholm) |
| Portfolio Management Committee | Not a member |
| Board/Committee Meetings (FY ended Jan 31, 2025) | Board: 7; Audit: 9; Contract Review: 5; Governance: 5; Portfolio Management: 7; Compliance: 8; Closed-End Fund: 1 |
| Attendance | Each Trustee attended at least 75% of Board and Committee meetings; none of the Trustees attended the Fund’s 2024 Annual Meeting of Shareholders |
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual retainer (noninterested Trustees) | $325,000 | Paid across the Eaton Vance fund complex; Fund pays pro rata share based on its net assets |
| Chairperson of noninterested Trustees (additional) | $150,000 | Not applicable to Bowser (he is not Chairperson) |
| Committee Service retainer | $82,500 | Annual retainer for committee service |
| 4+ Committees (additional) | $15,000 | Additional annual retainer for serving on four or more Committees |
| Committee Chair retainer | $35,000 | Not applicable to Bowser (not a chair) |
| Bowser – Total Compensation from ETX (FY ended Jan 31, 2025) | $1,285 | Pro rata share attributable to ETX |
| Bowser – Total Compensation from Fund Complex (Calendar year 2024) | $395,000 | Aggregate across Eaton Vance fund complex |
| Deferred Compensation Plan | Available | Trustees may defer fees into shares of one or more EV funds; no pension plan for Trustees |
Performance Compensation
| Award Type / Metric | Disclosure |
|---|---|
| Equity awards (RSUs/PSUs) | None disclosed for Trustees |
| Options (strike, vesting) | None disclosed for Trustees |
| Bonus / Performance metrics (EBITDA, TSR, ESG) | None disclosed; trustee compensation structured as fixed retainers and committee fees; no performance-based metrics |
| Clawback / Change-of-control / Severance | Not applicable / none disclosed for Trustees |
Other Directorships & Interlocks
| Company | Public/Private | Role | Potential Interlocks/Conflicts |
|---|---|---|---|
| Stout Risius Ross | Private | Independent Director | No direct supplier/customer/conflict disclosed with ETX |
| Non-profit/Academic Boards (multiple) | N/A | Board roles | No related-party transactions disclosed involving ETX |
Expertise & Qualifications
- 25+ years in financial services leadership, including portfolio advisory and regional leadership; Operating Committee member at Bridgewater Associates .
- Recognitions include EMPower Ethnic Minority Executive Role Models (Top 100, 2020) and Business Insider “Diversity Trailblazers” (2022) .
- Education: B.S. Economics, summa cum laude, Wharton; M.Phil. Politics, Oxford .
Equity Ownership
| Item | Amount |
|---|---|
| ETX shares owned (as of Aug 26, 2025) | None; only Mr. Smith held over $100,000 of ETX; no other Trustee (including Bowser) held ETX shares |
| Aggregate dollar range in EV family of funds overseen | Over $100,000 (Bowser) |
| % of ETX shares outstanding owned by Trustees/executives (group) | Less than 1% (group); individual percentages for Bowser not separately disclosed |
Governance Assessment
- Board effectiveness: Bowser is independent and serves on four key committees (Contract Review; Compliance; Closed-End Fund; Governance), indicating strong involvement in oversight of conflicts, compliance, closed-end fund market issues, and board composition .
- Engagement: Attendance met at least the 75% threshold; however, no Trustees attended the 2024 Annual Meeting of Shareholders, which is a negative signal for direct shareholder engagement .
- Compensation alignment: Trustee compensation is predominantly fixed cash retainers with committee-based increments; no performance-linked pay or equity awards, which limits direct pay-for-performance alignment but is typical for investment company boards. Bowser’s aggregate compensation across the fund complex was $395,000 in 2024; ETX-specific pro rata was $1,285 .
- Ownership alignment: Bowser held no ETX shares as of the record date; he holds over $100,000 across EV funds overseen. Lack of ETX share ownership can be viewed as weaker alignment for this specific vehicle, though fund-complex exposure and the Deferred Compensation Plan may partially align interests .
- Conflicts and related-party exposure: Committees are comprised solely of noninterested Trustees; Bowser is not affiliated with Eaton Vance/Morgan Stanley. No related-party transactions or conflicts involving Bowser were disclosed. Note the Fund’s officers are Eaton Vance/Morgan Stanley-affiliated and benefit from advisory/administration fees, which underscores the importance of independent board oversight—where Bowser contributes on Conflicts/Contract Review and Governance .
- RED FLAGS:
- No ETX share ownership for Bowser at the record date (alignment concern for ETX specifically) .
- No Trustee attendance at the 2024 Annual Meeting of Shareholders (shareholder engagement concern) .