Derek Maltbie
About Derek Maltbie
Derek D. Maltbie (born 1972) serves as Treasurer, Chief Financial Officer, and Chief Accounting Officer of the First Trust Senior Floating Rate Income Fund II and other First Trust funds; he has held these officer roles since June 2023 on an indefinite-term basis and is also a Senior Vice President of First Trust Advisors L.P. and First Trust Portfolios L.P. (since July 2021; previously Vice President 2014–2021) . Fund proxy statements disclose no salary, bonus, equity, or incentive paid by the Funds to executive officers; executive officers receive no compensation from the Funds for serving in such capacities (they are paid by the Advisor), and individual officer stock ownership is not itemized beyond a group total . He signed the Funds’ N‑CEN filing as Treasurer on August 7, 2025, evidencing responsibility for financial reporting and compliance processes . A late Form 3 for Mr. Maltbie was filed on April 18, 2024; for the fiscal year ended May 31, 2025, the Funds report all required Section 30(h)/16(a) filings were met .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| First Trust Advisors L.P. and First Trust Portfolios L.P. | Senior Vice President | Jul 2021–present | Senior leadership within First Trust; principal occupation listed in proxy . |
| First Trust Advisors L.P. and First Trust Portfolios L.P. | Vice President | 2014–2021 | Finance/operations leadership within First Trust; principal occupation listed in proxy . |
| First Trust fund complex (including FCT) | Treasurer, Chief Financial Officer, Chief Accounting Officer | Since Jun 2023 (indefinite term) | Officer responsible for fund financial reporting and filings across the complex . |
External Roles
No external directorships or board roles for Mr. Maltbie are disclosed in the Funds’ proxy statements; his principal occupations over the past 5 years are with First Trust entities .
Fixed Compensation
Executive officers (including Mr. Maltbie) receive no compensation from the Funds; compensation is paid by First Trust Advisors L.P. and is not disclosed in the Funds’ proxies .
| Item | Latest disclosure | Amount/Detail |
|---|---|---|
| Compensation paid by FCT/Fund(s) to executive officers | DEF 14A filed Jul 28, 2025 | $0 (executive officers receive no compensation from the Funds) |
| Compensation source | DEF 14A filed Jul 28, 2025 | Paid by First Trust Advisors L.P. (not disclosed in Fund proxy) |
Performance Compensation
No fund-paid bonus, equity awards (RSUs/PSUs), or option awards for executive officers are disclosed; the Funds state executive officers receive no compensation from the Funds (thus no fund-level performance metrics, targets, or payouts are presented) .
Equity Ownership & Alignment
| Item | As-of date | Amount/Detail |
|---|---|---|
| Mr. Maltbie individual ownership | Dec 31, 2024 | Not individually disclosed; executive officers are included only within the “Trustees, Nominees and executive officers as a group” line in the proxy . |
| Group beneficial ownership (Trustees, Nominees, and executive officers) – First Trust Senior Floating Rate Income Fund II (FCT) | Dec 31, 2024 | 1,166 shares; less than 1% of outstanding shares . |
| Group beneficial ownership (Trustees, Nominees, and executive officers) – First Trust High Yield Opportunities 2027 Term Fund | Dec 31, 2024 | 143,000 shares; less than 1% of outstanding shares . |
| Section 16/30(h) compliance | FY ended May 31, 2025 | All filing requirements applicable to such persons were met (fund level) . |
| Late Form 3 for Derek D. Maltbie | Apr 18, 2024 | One late Form 3 filed for Mr. Maltbie (reported in 2024 proxy) . |
Notes:
- Officers hold the same positions across the First Trust Fund Complex (312 portfolios), which concentrates responsibilities and may reduce the incentive to build material ownership in any single fund .
Employment Terms
| Term | Disclosure | Detail |
|---|---|---|
| Officer titles | DEF 14A (2025) | Treasurer, Chief Financial Officer, Chief Accounting Officer . |
| Term status | DEF 14A (2025) | Indefinite term; officer since 2023 . |
| Appointment date | DEF 14A (2025) | Elected as officer of all then-existing funds in June 2023 . |
| Employment agreement, severance, change-of-control, vesting acceleration | DEF 14A (2025) | Not disclosed in the Funds’ proxy; executive officers receive no compensation from the Funds . |
| Clawback, hedging/pledging policies applicable to officers | DEF 14A (2025) | Not specifically disclosed for officers in the Fund proxy excerpts reviewed . |
| Section 16 status | DEF 14A (2024) | Late Form 3 filed Apr 18, 2024; indicates officer status requiring ownership reporting . |
| Regulatory filings | N‑CEN (2025) | Signed as Treasurer on Aug 7, 2025 . |
Investment Implications
- Pay-for-performance transparency is limited: fund officers receive no compensation from the Funds and officer-level incentive metrics (e.g., revenue/EBITDA/TSR) are not disclosed at the fund level; alignment must be inferred from Advisor policies rather than fund proxies .
- Ownership alignment appears limited at the fund level: group beneficial ownership (Trustees, Nominees, executive officers) is de minimis (<1% for each fund), and individual officer holdings (including Mr. Maltbie’s) are not itemized; monitor subsequent Form 4s for alignment and potential selling pressure .
- Compliance and trading signal watchlist: Mr. Maltbie had a late Form 3 in April 2024, but the Funds report all applicable Section 16(a)/30(h) filings were timely for FY ended May 31, 2025; continue to monitor for 10b5‑1 plans and insider transactions that could signal liquidity needs or sentiment .
- Retention risk governed by Advisor, not Funds: officer roles span 312 portfolios and are indefinite-term appointments with no fund-disclosed severance or CoC economics; retention and incentives are determined by First Trust Advisors L.P., outside the Fund proxy’s disclosure framework .