Frank J. Nasta
About Frank J. Nasta
Independent Trustee (Class II) of Federated Hermes Premier Municipal Income Fund (FMN); began serving January 2025. Born October 11, 1964; core credentials include senior legal and compliance leadership across mutual funds: former Managing Director at JPMorgan Chase & Co. and Head of Legal for JPMorgan U.S. Mutual Funds; prior Partner, General Counsel, Corporate Secretary, and Board Director at J. & W. Seligman; chaired industry committees at the Investment Company Institute and New York City Bar; previously chaired Broadridge Mutual Fund Advisory Committee as a non‑employee consultant and resigned effective December 31, 2024 in connection with election to the Board . As of the proxy’s reported dates, he held no shares of FMN or any Federated Hermes family investment companies .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| JPMorgan Chase & Co. | Managing Director; Head of Legal for U.S. Mutual Funds | Not disclosed | Led legal oversight for JPMorgan’s U.S. mutual fund business |
| J. & W. Seligman | Partner, General Counsel, Corporate Secretary; Board Director | Not disclosed | Senior legal leadership; board governance experience |
| Investment Company Institute (ICI) | Chair, SEC Rules Committee; Chair, Mutual Funds Conference Advisory Committee | Not disclosed | Industry rulemaking and conference leadership |
| New York City Bar Association | Chair, Investment Management Regulation Committee | Not disclosed | Legal/regulatory leadership in investment management |
| The International Preschools (NYC) | Director | Not disclosed | Non-profit board service |
External Roles
| Organization | Role | Status/Date |
|---|---|---|
| Broadridge Financial Solutions, Inc. (industry forums) | Chair, Mutual Fund Advisory Committee (non‑employee consultant) | Resigned December 31, 2024, in connection with election to FMN Board |
Board Governance
- Independence: Listed among “Independent Trustees”; independence per the Fund’s framework under the Investment Company Act .
- Committees:
- Nominating Committee: All Independent Trustees are members; John S. Walsh is Chair; met once in fiscal 2024 .
- Audit Committee: Members are John G. Carson, Thomas M. O’Neill (Chair), Madelyn A. Reilly, and John S. Walsh; Nasta is not listed; Audit Committee met seven times in fiscal 2024; O’Neill and Walsh designated “financial experts” .
- Executive Committee: Members are J. Christopher Donahue, G. Thomas Hough, Madelyn A. Reilly, and John S. Walsh; Nasta is not listed; met once in fiscal 2024 .
- Board meetings and attendance: The Board met four times in fiscal year ended November 30, 2024; each Trustee attended at least 75% of Board and committee meetings during their service period (note: Nasta’s service began January 2025) .
- Annual meeting attendance: The Fund does not have a policy on director attendance; no Board members attended the 2024 annual shareholders meeting .
- Board leadership: Chairman must be independent and have no prior relationship with Federated Hermes or affiliates (other than Board service) per regulatory settlements .
Fixed Compensation
| Component | Amount |
|---|---|
| Aggregate Compensation from FMN (past fiscal year) | $0 |
| Total Compensation from FMN and Federated Hermes Complex (calendar year 2024) | $0 |
Peer context (calendar 2024 totals across Federated Hermes Complex):
| Trustee | Total Compensation (CY 2024) |
|---|---|
| G. Thomas Hough | $395,000 |
| Thomas M. O’Neill | $376,000 |
| John S. Walsh | $341,000 |
| Madelyn A. Reilly | $310,000 |
| John G. Carson | $242,570.94 |
Performance Compensation
No performance‑linked metrics (e.g., TSR, revenue/EBITDA targets) are referenced in the trustee compensation tables; disclosures provide fixed fee totals by fund and complex without performance conditions .
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Public company boards | None disclosed |
| Registered investment companies | None disclosed (outside the Federated Hermes Complex trustee role) |
| Non‑profit/other boards | Director, The International Preschools (NYC) |
| Potential interlocks | None disclosed with FMN competitors/suppliers/customers |
Expertise & Qualifications
- Legal/compliance expertise in mutual fund governance; senior roles at JPMorgan and J. & W. Seligman .
- Industry policy/regulatory leadership via ICI and NYC Bar committees .
- Governance credentials suitable for oversight of a regulated investment company Board .
Equity Ownership
| Holder | Dollar Range of FMN Shares (as of June 30, 2025) | Aggregate Dollar Range across Federated Hermes Family (as of December 31, 2024) |
|---|---|---|
| Frank J. Nasta | None | None |
Governance Assessment
- Engagement and independence: Newly elected Independent Trustee (Jan 2025) with deep mutual fund legal/compliance background, strengthening regulatory oversight capability on the Board .
- Committee footprint: Member of the Nominating Committee by virtue of Independent status; not on Audit or Executive Committees, concentrating involvement in board composition/selection processes .
- Ownership alignment: As of reported dates, Nasta holds no FMN or family fund shares, whereas several peers disclose “Over $100,000” aggregated holdings—this may indicate lower immediate “skin‑in‑the‑game” versus peers, though timing of appointment (2025) is a factor .
- Conflicts/related‑party exposure: Broadridge advisory chair role was as a non‑employee consultant and was resigned prior to Board service (Dec 31, 2024), reducing potential conflicts; no other related‑party transactions disclosed .
- Attendance signals: Board and committee cadence is robust (Board: 4 meetings; Audit: 7 meetings in fiscal 2024), with reported ≥75% attendance for Trustees serving during FY2024; annual meeting attendance is not expected nor required, and none attended in 2024 .
Red Flags and Watch Items
- Zero share ownership as of proxy‑reported dates—monitor for subsequent ownership to assess alignment over time .
- Not on Audit Committee—given legal/compliance background, adding Nasta to Audit could enhance oversight breadth; current Audit experts are O’Neill and Walsh .
- Compensation transparency: Individual fee components (retainer, chair fees, meeting fees) are not itemized for Nasta in 2024 due to start date; track 2025 proxy for full breakdown .