Keith Quinton
About Keith Quinton
Keith Quinton (born 1958) is a noninterested Trustee of Eaton Vance Municipal Income 2028 Term Trust (ETX), serving since 2018; he is currently a Class III Trustee with a term expiring in 2027 . He brings 30+ years of investment industry experience, including portfolio management and quantitative research roles, and is the Chairperson of the Closed‑End Fund Committee; his education includes an AB in Russian from Dartmouth College and an MBA from the Tuck School at Dartmouth, and he was a CFA charterholder during his investment career .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Fidelity Investments | Portfolio Manager & Senior Quantitative Analyst | 2001–2014 | Investment management; quantitative portfolio research |
| MFS Investment Management | Vice President & Quantitative Analyst | 2000–2001 | Quantitative analysis |
| Santander Global Advisors | Senior Quantitative Analyst | 1997–2000 | Quantitative equity analysis |
| Putnam Investments | Senior Vice President, Quantitative Equity Research | 1995–1997 | Led quantitative equity research |
| Eberstadt Fleming; Falconwood Securities; Drexel Burnham Lambert | Various investment roles; Senior Quantitative Analyst (career start) | From 1983 | Early‑career quantitative analytics in investments |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| New Hampshire Retirement System | Independent Investment Committee Member | 2017–2021 | 5‑member committee overseeing investments per board policy and asset allocation |
| New Hampshire Municipal Bond Bank | Director | 2016–2021 | Governance of municipal bond financing; later chaired the institution |
| New Hampshire Municipal Bond Bank | Chairman | 2019–2021 | Chaired board; oversight of municipal bond programs |
Board Governance
- Independence: Quinton is a “noninterested” Trustee under the Investment Company Act of 1940 .
- Committee assignments and chair roles:
- Chairperson, Closed‑End Fund Committee (formerly Ad Hoc Committee for Closed‑End Fund Matters) .
- Member, Audit Committee (Audit Committee comprised of Wennerholm (Chair), Gorman, Quinton, and Stefani) .
- Member, Governance Committee (2024 disclosure; all members independent) .
- Member, Compliance Reports & Regulatory Matters Committee (2024 disclosure) .
- Attendance and engagement:
- FY ended Jan 31, 2025: Board met 7x; Audit 9x; Governance 5x; Compliance 8x; Closed‑End Fund Committee 1x; each Trustee attended at least 75% of Board and Committee meetings; none attended the Fund’s 2024 Annual Meeting .
- FY ended Jan 31, 2024: Board met 7x; Audit 9x; Governance 4x; Compliance 7x; Ad Hoc Closed‑End Fund Matters 3x; each Trustee attended at least 75%; none attended the Fund’s 2023 Annual Meeting .
- FY ended Jan 31, 2023: Board met 11x; Audit 11x; Governance 6x; each Trustee attended at least 75%; none attended the Fund’s 2022 Annual Meeting .
| Committee (FY 2025) | Quinton Role | Meetings Held | Notes |
|---|---|---|---|
| Audit Committee | Member | 9 | Financial reporting oversight; independence discussions with auditors |
| Governance Committee | Member (per 2024 disclosure) | 5 | Structure/membership of Board; nomination processes; compensation recommendations |
| Compliance Reports & Regulatory Matters | Member (per 2024 disclosure) | 8 | Liaison with CCO; qualified legal compliance committee |
| Closed‑End Fund Committee | Chairperson | 1 (FY2025); predecessor Ad Hoc met 8 in FY2025 | Focuses on issues specific to EV closed‑end funds |
Fixed Compensation
- Trustee fee schedule (Fund Boards wide):
- 2025: Annual retainer $325,000; Chair of noninterested Trustees +$150,000; Committee Service +$82,500; +$15,000 for service on ≥4 Committees; Committee Chair +$35,000; out‑of‑pocket expenses reimbursed .
- 2024: Annual retainer $315,000; Chair of noninterested Trustees +$150,000; Committee Service +$82,500; +$15,000 for ≥4 Committees; Committee Chair +$35,000; Ad Hoc Committee Chair $5,000 per six‑month period; out‑of‑pocket expenses reimbursed .
- Deferred Compensation Plan: Nonaffiliated Trustees may elect to defer fees into EV funds; no pension or retirement plan for Trustees .
| Metric | Calendar 2023 | Calendar 2024 |
|---|---|---|
| Total Compensation from Fund & Fund Complex (Keith Quinton) | $407,500 | $420,000 |
| Metric | FY ended Jan 31, 2024 | FY ended Jan 31, 2025 |
|---|---|---|
| Total Compensation from ETX Fund (Keith Quinton) | $1,653 | $1,401 |
Performance Compensation
- No performance‑linked elements (bonuses, RSUs/PSUs, options, or performance metrics) are disclosed for Trustees; compensation is structured as fixed retainers plus committee and chair fees; deferrals are elective and track EV fund performance rather than ETX operating metrics .
| Program/Metric | Disclosure |
|---|---|
| Annual Bonus | None disclosed for Trustees |
| Equity Awards (RSUs/PSUs) | None disclosed for Trustees |
| Options | None disclosed for Trustees |
| Performance Metrics (TSR/EBITDA/ESG) | None disclosed for Trustee pay |
| Clawback Provisions | Not applicable to Trustee fees; deferral mechanics described |
Other Directorships & Interlocks
| Category | Current | Prior |
|---|---|---|
| Public company boards | None disclosed for Quinton | None disclosed |
| Government/municipal entities | — | Director (2016–2021) and Chairman (2019–2021), NH Municipal Bond Bank |
| Pension systems | — | Independent Investment Committee Member, NH Retirement System (2017–2021) |
Expertise & Qualifications
- Career: Quantitative equity research and portfolio management across leading asset managers (Fidelity, MFS, Putnam, Santander) .
- Education: AB in Russian, Dartmouth; MBA, Tuck; CFA charterholder during career .
- Board skills: Chairs Closed‑End Fund Committee; participates in Audit and Governance workstreams; independent status under 1940 Act .
Equity Ownership
| Holding | As of Sep 5, 2023 | As of Aug 26, 2025 |
|---|---|---|
| ETX Fund shares owned (Quinton) | None (only Mr. Smith owned >$100,000) | None (only Mr. Smith owned >$100,000) |
| Aggregate beneficial holdings across Eaton Vance family of funds (Quinton) | Over $100,000 | Over $100,000 |
Governance Assessment
- Strengths: Independent Trustee; extensive quantitative and portfolio management background; active committee engagement including Audit membership and chairing the Closed‑End Fund Committee—supportive of board effectiveness on investment and structure matters .
- Alignment: Quinton does not hold ETX shares, though he holds “Over $100,000” across EV family of funds; elective deferral plan can align Trustee economics with fund performance indirectly .
- Engagement: Attendance threshold met (≥75%) across FY 2023–2025; however, none of the Trustees attended recent Annual Meetings (2022–2024), which may be viewed as modest retail engagement, though typical for closed‑end fund boards .
- Conflicts/Related Parties: No related‑party transactions or conflicts disclosed; all governance committees noted as independent; governance processes (charters, candidate sourcing, independence standards) are documented .
- Compensation signals: Purely fixed fee structure with committee/chair premia; year‑over‑year increase in complex fee from $407,500 (2023) to $420,000 (2024) reflects schedule changes (retainer from $315k to $325k) rather than discretionary pay—no red flags such as option repricing or tax gross‑ups disclosed .
Red flags to monitor
- No direct ownership of ETX shares (potential alignment consideration) .
- Nonattendance at annual shareholder meetings (2023–2024) ; (2022) .
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