Moritz Sell
About Moritz Sell
Moritz Sell (born 1967) is an Independent Director of abrdn Global Income Fund, Inc. (FCO), serving since 2018; his current FCO term expires in 2026. He also serves on the boards of abrdn Asia-Pacific Income Fund, Inc. (FAX) and abrdn Australia Equity Fund, Inc. (IAF), and is currently nominated as a Preferred Share Director for FAX through 2028. Outside the abrdn complex, he is Lead Independent Director of the Swiss Helvetia Fund (SWZ) and a director of High Income Securities Fund (PCF) and BNY Mellon Municipal Income Fund (DMF), bringing deep closed‑end fund governance expertise. Background highlights note director/executive experience at an investment banking and trading firm, plus principal and advisory roles in real estate and investment management.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Edison Holdings GmbH (commercial real estate & venture) | Principal | Since Oct 2015 | Senior-level operating and investment oversight |
| Markston International LLC (investment manager) | Senior Advisor | Since Jan 2014 | Strategic advisory; investment/markets perspective |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Swiss Helvetia Fund (SWZ) | Lead Independent Director | Since June 2017 | Lead independent role; board leadership |
| High Income Securities Fund (PCF) | Director | Since June 2018 | Closed-end fund governance experience |
| BNY Mellon Municipal Income Fund (DMF) | Director | Since 2024 | Municipal fund oversight; audit/gov perspective |
Board Governance
- Independence: Classified as Independent Director; FCO’s standing committees are comprised entirely of Independent Directors per NYSE American standards.
- Committee assignments: Audit Committee member; Nominating & Corporate Governance Committee member.
- Chair roles: Board Chair is P. Gerald Malone; no chair assignment disclosed for Sell at FCO.
- Attendance and engagement: In FY 2024, the FCO Board held five regular meetings; Audit met four times; Nominating met once. Each incumbent Director attended at least 75% of aggregate Board/Committee meetings. Independent Directors hold executive sessions at least quarterly with separate independent counsel.
| Governance Activity | FY 2022 | FY 2024 |
|---|---|---|
| Board meetings held | 4 | 5 |
| Audit Committee meetings | 3 | 4 |
| Nominating & Corporate Governance meetings | 1 | 1 |
| Director attendance threshold | ≥75% for incumbents | ≥75% for incumbents |
| Independent director executive sessions | Quarterly | Quarterly |
Fixed Compensation
Directors receive cash compensation; the proxy discloses aggregate amounts by fund and across the fund complex. No equity or option grants for directors are disclosed.
| Metric (USD) | FY 2021 | FY 2022 | FY 2024 |
|---|---|---|---|
| Aggregate Compensation from FAX | $43,667 | $51,587 | $63,198 |
| Aggregate Compensation from FCO | $43,357 | $48,418 | $56,005 |
| Aggregate Compensation from IAF | $43,357 | $48,418 | $58,205 |
| Total Compensation from Funds & Fund Complex | $130,380 | $148,424 | $177,408 |
Officers and Interested Directors do not receive compensation directly from the Funds; Sell is an Independent Director.
Performance Compensation
No performance-based metrics tied to director pay are disclosed; compensation appears as cash retainers/fees without TSR/EBITDA/NAV-linked components.
| Performance Metric | FY 2021 | FY 2022 | FY 2024 |
|---|---|---|---|
| TSR percentile | Not disclosed | Not disclosed | Not disclosed |
| NAV total return target | Not disclosed | Not disclosed | Not disclosed |
| ESG/other KPIs | Not disclosed | Not disclosed | Not disclosed |
Other Directorships & Interlocks
- Within abrdn complex oversight: Sell oversees three registrants/portfolios (FAX, FCO, IAF).
- External boards: SWZ (Lead Independent Director), PCF, DMF (disclosed above).
| Company/Fund | Relationship to FCO | Potential interlock/conflict comment |
|---|---|---|
| abrdn FAX / IAF | Same complex | Standard cross-directorship in fund complex; committees are independent. |
| SWZ / PCF / DMF | External closed-end funds | Network ties; no related-party transactions with FCO disclosed. |
Expertise & Qualifications
- Qualifications: Director/executive experience at an investment banking and trading firm; board experience with closed-end funds outside abrdn complex.
- Board’s governance view: Directors possess skills to oversee risk, valuation, audit and compliance through interaction with the Investment Manager/Sub-Adviser, service providers, CCO, and auditors.
Equity Ownership
Dollar ranges of beneficial ownership (no share counts disclosed). Directors/officers collectively own <1% of each Fund’s shares; Independent Directors and immediate family members own no shares of abrdn Investment Manager/Sub-Adviser or their controlled affiliates.
| As-of Date | FAX | FCO | IAF | Aggregate Dollar Range across abrdn family |
|---|---|---|---|---|
| Oct 31, 2022 | $1–$10,000 | $1–$10,000 | $1–$10,000 | $50,001–$100,000 |
| Apr 1, 2025 | $1–$10,000 | $1–$10,000 | $1–$10,000 | $50,001–$100,000 |
Aggregate director/officer ownership <1% per Fund; no abrdn-related entity ownership by Independent Directors or immediate family members.
Insider Trades and Section 16(a)
| Fiscal Year | Reporting Compliance (Fund-wide) | Exceptions related to Moritz Sell |
|---|---|---|
| FY 2022 | Timely filings, with noted late filings for certain officers (not including Sell) | None disclosed for Sell |
| FY 2024 | Timely filings; no delinquencies noted in director ownership section | None disclosed for Sell |
Governance Assessment
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Strengths
- Independent status; active membership on Audit and Nominating & Corporate Governance Committees, indicating direct involvement in financial reporting, valuation, board composition, and self-assessment processes.
- Strong attendance and engagement with regular executive sessions and independent counsel for Independent Directors, supporting board effectiveness.
- External experience as Lead Independent Director (SWZ) and director at PCF/DMF enhances governance perspective for closed‑end funds.
-
Alignment and potential watch items
- Ownership alignment is modest ($1–$10k per Fund; aggregate $50,001–$100k across abrdn family), and directors/officers collectively hold <1%—common in fund boards but a potential alignment consideration for some investors.
- Multiple board commitments within the fund complex plus external boards increase workload; monitor for overboarding risks vs. continued ≥75% attendance.
- No related-party transactions or abrdn affiliate share ownership by Independent Directors, mitigating direct conflicts.
-
Overall signal for investor confidence
- Objective indicators—independence, committee roles, risk oversight processes, and attendance—support board effectiveness; limited disclosed equity ownership and multi-board responsibilities warrant ongoing monitoring, but no specific conflicts are disclosed.