Bronwyn Wright
About Bronwyn Wright
Bronwyn Wright (born 1971) is an Independent Trustee of First Trust Intermediate Duration Preferred & Income Fund (FPF), appointed to the First Trust Funds’ Board in September 2023 and nominated as a Class III Trustee for a three-year term expiring at the 2028 annual meeting if elected. She is a former Managing Director of Citibank Europe plc and Head of Securities and Fund Services for Citi Ireland (2007–2009), with earlier roles across international Citi affiliates (1994–2009); since 2009 she has acted as an independent director to a number of Irish collective investment funds, bringing deep expertise in trustee, custody, depositary, and fund services across Ireland, the U.K., Luxembourg, Jersey, and Cayman .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Citibank Europe plc / Citi Ireland | Managing Director; Head of Securities & Fund Services (Ireland) | 2007–2009 | Led strategy and management for funds, custody, securities finance/lending, global agency & trust; expanded trustee/custodian/depositary businesses across IE, UK, LU, JE, KY |
| Citibank international affiliates | Various roles | 1994–2009 | Senior leadership across securities and fund services; international remit |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| First Trust Global Funds (UCITS, Ireland) | Director | Current | Oversees 39 ETFs and 1 mutual fund advised by First Trust Advisors |
| First Trust Exchange-Traded Fund (FTETF) | Advisory Board Member | Current | Due to 1940 Act restrictions, serves as advisory board member (not a Trustee) for 26 portfolios |
| First Trust Global Portfolios Management Limited (manager to FT UCITS; affiliate of First Trust Advisors) | Director | Resigned Mar 6, 2023 | Previously served; resignation reduces affiliate interlock risk |
Board Governance
- Independence: Classified as an Independent Trustee under the 1940 Act; Board has six Independent Trustees and one Interested Trustee (Chairman) .
- Committee memberships: Audit Committee, Nominating & Governance Committee, and Valuation Committee (member; not Chair/Vice Chair) .
- Attendance: Each Trustee attended at least 75% of the aggregate Board and committee meetings during the last fiscal year .
- Tenure: Appointed September 10, 2023; currently a Class III nominee for a term through 2028 if elected .
- Lead Independent Director: Robert F. Keith; Vice Lead Independent Director: Thomas R. Kadlec .
- Executive sessions/engagement: Independent Trustees meet privately each quarter with the Chief Compliance Officer; ongoing risk reporting and oversight at quarterly Board meetings .
Fixed Compensation
| Component | Amount | Period/Scope | Source/Notes |
|---|---|---|---|
| Fixed annual retainer (Independent Trustees) | $285,000 | Effective Jan 1, 2024 (allocated across complex) | Structure disclosed; paid by First Trust Fund Complex |
| Per fund annual fee – closed-end funds | $7,500 | Ongoing | Applies per closed-end fund; paid in addition to retainer |
| Per fund annual fee – actively managed open-end funds | $2,000 | Ongoing | Applies per active open-end fund |
| Per fund annual fee – target outcome funds | $750 | Ongoing | Applies per target outcome ETF |
| Per fund annual fee – index funds | $500 | Ongoing | Applies per index ETF |
| Committee/leadership stipends (if applicable) | $15k–$30k | Ongoing | Lead ($30k), Vice Lead (up to $25k), Audit Chair ($25k), Valuation Chair ($20k), Nominating Chair ($20k), Audit Vice Chair ($15k); allocated pro rata by net assets |
| FPF compensation (per-fund) | $7,535 | FY ended Oct 31, 2024 | Wright’s compensation from FPF |
| FMY compensation (per-fund) | $7,445 | FY ended Oct 31, 2024 | Wright’s compensation from FMY |
| FFA compensation (per-fund) | $8,694 | FY ended Dec 31, 2024 | Wright’s compensation from FFA |
| Total First Trust complex compensation | $617,975 | Calendar 2024 | Includes service to five First Trust Series Fund portfolios, seven FTVIT portfolios, 13 closed-end funds, and 256 ETF series (fewer ETFs for Wright vs 282 for others per footnote) |
Performance Compensation
| Metric/Provision | Status | Source/Notes |
|---|---|---|
| Bonuses or variable pay | None disclosed | Compensation described as fixed retainer + per-fund fees; no bonus framework disclosed |
| Equity awards (RSUs/PSUs/options) | None disclosed | No equity grants to Trustees disclosed |
| Retirement/pension | None | “The Funds have no retirement or pension plans.” |
| Clawback provisions | None disclosed | Not specified for Trustees |
| Change-of-control/severance | None disclosed | Not specified for Trustees |
| Performance metrics tied to pay (TSR, EBITDA, ESG) | None disclosed | Not specified; Trustee pay is service-based |
Other Directorships & Interlocks
| Entity | Relationship | Potential Interlock/Conflict Consideration |
|---|---|---|
| First Trust Global Funds (UCITS) | Director of an Irish fund umbrella advised by First Trust Advisors | Ongoing relationship with entities advised by the same Advisor; disclosed within unitary board context |
| First Trust Global Portfolios Management Limited | Former director (resigned Mar 6, 2023) of UCITS manager affiliate | Prior affiliate board role; resignation mitigates conflict risk |
| FTETF | Advisory Board Member (not Trustee) | Engagement with ETF trust under 1940 Act restrictions; remains independent of Advisor |
Expertise & Qualifications
- Fund governance and oversight across multi-jurisdictional trustee, custodian, and depositary business lines; senior leadership at Citi overseeing securities/fund services across IE/UK/LU/JE/KY .
- Active participation on Audit, Nominating & Governance, and Valuation Committees across the First Trust Funds .
Equity Ownership
| Item | Value | Date | Notes |
|---|---|---|---|
| FPF shares outstanding | 60,847,827 | Record Date Feb 19, 2025 | Shares outstanding for FPF |
| Wright’s beneficial ownership in FPF | 0 shares; $0 | As of Dec 31, 2024 | Reported $0 (0 shares) in FPF |
| Wright’s aggregate holdings across First Trust Fund Complex | None | As of Dec 31, 2024 | “Aggregate Dollar Range… None” |
| Ownership guideline (Independent Trustees) | Expectation to invest ≥ one year’s retainer within 3 years of becoming Independent Trustee | Policy | Independent Trustees’ investment expectation |
| Tenure start | Sep 10, 2023 | Appointment | Wright’s board appointment date |
Governance Assessment
- Strengths: Independent status; multi-committee engagements (Audit, Valuation, Nominating & Governance); compliance-oriented oversight with quarterly CCO executive sessions; robust unitary board processes and rotating leadership roles improve continuity and coverage .
- Alignment watch item: As of Dec 31, 2024, Wright disclosed no holdings across the First Trust Fund Complex; given the guideline to invest at least one year’s retainer within three years, monitor progress toward compliance through September 2026 to bolster “skin-in-the-game” alignment .
- Interlocks: Current directorship of First Trust Global Funds (UCITS) advised by First Trust Advisors is disclosed; prior resignation from the UCITS manager affiliate (Mar 6, 2023) reduces perceived conflicts while maintaining domain expertise across the First Trust ecosystem .
RED FLAGS
- Zero disclosed ownership in FPF and across the First Trust Fund Complex as of Dec 31, 2024 — monitor for guideline compliance within the three-year window to strengthen investor-alignment optics .
- Ongoing interlock with First Trust UCITS (Director) — while disclosed and consistent with the unitary board model, it warrants continued monitoring for independence optics given shared advisory relationships .