Derek Maltbie
About Derek Maltbie
Derek D. Maltbie (born 1972) serves as Treasurer, Chief Financial Officer and Chief Accounting Officer of First Trust Intermediate Duration Preferred & Income Fund (FPF) with an indefinite term; he was elected to these roles in June 2023 across the First Trust Fund Complex. He is Senior Vice President at First Trust Advisors L.P. and First Trust Portfolios L.P. (since July 2021), and previously served as Vice President (2014–2021) .
FPF performance context during his tenure: for the 1-year ended 4/30/2025, FPF delivered 8.62% total return at NAV and 12.91% at market, versus 8.00% for the ICE BofA US Investment Grade Institutional Capital Securities Index and 7.20% for the fund’s blended benchmark. As of 4/30/2025, FPF traded at a 5.12% discount to NAV, with net assets of $1.130B and a current monthly distribution of $0.1375 (8.89% on NAV; 9.36% on market) .
Past Roles
| Organization | Role | Years | Strategic Impact/Notes |
|---|---|---|---|
| First Trust Advisors L.P. / First Trust Portfolios L.P. | Vice President | 2014–2021 | Progression within First Trust’s finance/administration leadership pipeline . |
| First Trust Funds (Fund Complex) | Elected Treasurer, CFO & CAO of all then-existing funds | June 2023–present | Complex-wide executive finance/accounting oversight across the First Trust Fund Complex . |
External Roles
| Organization | Role | Years | Strategic Impact/Notes |
|---|---|---|---|
| First Trust Advisors L.P. | Senior Vice President | July 2021–present | Senior finance/operational leadership at FTA, the advisor to FPF . |
| First Trust Portfolios L.P. | Senior Vice President | July 2021–present | Senior leadership at affiliate distributor/platform . |
Fixed Compensation
The fund discloses that executive officers receive no compensation from the Funds for serving in such capacities. Compensation for officers is paid by the advisor, and fund-level salary/bonus data are not disclosed .
| Item | FPF Fund-Level Disclosure |
|---|---|
| Base salary | Executive officers receive no compensation from the Funds . |
| Target/actual bonus | Not applicable at the fund level . |
| Director/Trustee pay | Applies only to Independent Trustees; officers receive $0 from Funds . |
Performance Compensation
No fund-level performance incentive details are disclosed for executive officers; officers receive no compensation from the Funds .
| Incentive Type | Metric(s) | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| Cash bonus | Not disclosed at fund level | — | — | — | — |
| Equity (RSUs/PSUs/Options) | Not disclosed at fund level | — | — | — | — |
Note: As a closed-end fund, officer compensation is borne by the advisor (First Trust Advisors), not the Fund; advisor-level pay plans are not included in the Fund’s proxy and are therefore not disclosed .
Equity Ownership & Alignment
| Category | Detail |
|---|---|
| Initial beneficial ownership at FPF | Form 3 filed 4/18/2024 reports 0 common shares; no derivative securities reported (event date 6/5/2023) . |
| Insider transactions | Proxy notes one late Form 3 filing for Derek D. Maltbie on 4/18/2024 across multiple First Trust closed-end funds, including FPF . |
| Group ownership | Trustees and executive officers as a group owned 1,969 FPF shares as of 12/31/2024 (<1% of shares outstanding) . |
| Pledging/hedging | No pledging or hedging disclosure specific to officers in the FPF proxy . |
| Ownership guidelines | Independent Trustees have an ownership expectation equal to at least one year’s retainer within three years; officer guidelines not disclosed . |
Employment Terms
| Term | Disclosure |
|---|---|
| Title | Treasurer, Chief Financial Officer, and Chief Accounting Officer (principal financial officer) . |
| Term | Indefinite; holds current roles since 2023 across the First Trust Fund Complex . |
| Certifications | Signs SOX 302 and 906 certifications for FPF’s N-CSR as principal financial officer . |
| Severance / Change-in-control | Not disclosed at the Fund level (officers compensated by the advisor) . |
| Clawback | “Recovery of Erroneously Awarded Compensation” is noted as not applicable to the registrant (FPF) . |
| Non-compete / Non-solicit | Not disclosed at the Fund level . |
Fund Performance Context (during Maltbie’s tenure)
| Metric | Value | Source/Period |
|---|---|---|
| NAV total return | 8.62% | 1-year ended 4/30/2025 |
| Market total return | 12.91% | 1-year ended 4/30/2025 |
| Benchmark (ICE BofA US IG Institutional Capital Secs) | 8.00% | 1-year ended 4/30/2025 |
| Blended benchmark | 7.20% | 1-year ended 4/30/2025 |
| Discount to NAV | -5.12% | As of 4/30/2025 |
| Net assets (common) | $1,129,672,640 | As of 4/30/2025 |
| Monthly distribution | $0.1375 | Began and ended period at $0.1375; annualized $1.65 |
| Distribution rate (NAV/Market) | 8.89% / 9.36% | As of 4/30/2025 |
| Total expense ratio (ex-interest) | 1.39% (FY 2024); 1.42% annualized (six months ended 4/30/2025) | |
| Total expense ratio (incl. interest) | 4.47% (FY 2024); 4.24% annualized (six months ended 4/30/2025) | |
| Leverage outstanding | $583.4mm loan at 10/31/2024; $594.75mm total loan + reverse repo at 4/30/2025 |
Additional context: Management cites leverage drag (~130 bps), markdown of Credit Suisse legal claims, and specific sector/security tilts as key drivers of relative performance in the semi-annual period .
Risk Indicators & Red Flags
- Section 16(a) delinquency: one late Form 3 filing for Derek D. Maltbie (4/18/2024) was noted by the Funds across multiple First Trust closed-end funds, including FPF .
- Clawback rules: Fund-level recovery of erroneously awarded compensation is disclosed as “not applicable” to FPF .
- Officer fund pay: Officers receive no compensation from the Funds; compensation is at the advisor level and not subject to fund say-on-pay, limiting direct pay-for-performance transparency at the fund .
Governance/Committee Context (Board-level)
- Officers serve indefinite terms; Board maintains standing committees (Executive, Dividend, Nominating & Governance, Valuation, Audit). Independent Trustees are represented by independent counsel; committee leadership rotates on a set cadence .
Investment Implications
- Alignment: At fund level, Maltbie reported zero FPF share ownership on his initial Form 3, and officer compensation is paid by the advisor with no fund-level pay disclosure—indicating limited direct fund-level alignment signals; group ownership across trustees/officers is de minimis (<1%) .
- Selling pressure: No insider selling pressure evident at FPF from filings; only an initial (late) Form 3 was noted for Maltbie, with no derivative holdings reported .
- Retention/contract risk: Officers serve indefinite terms and sign SOX 302/906 certifications, but severance/COC and restrictive covenants are not disclosed at the fund level; retention dynamics hinge on advisor (First Trust Advisors) employment terms outside fund filings .
- Performance context: FPF returns over the most recent year are competitive versus benchmarks with a persistent discount and a high distribution rate; leverage and sector/security factors materially affected recent relative performance—useful for gauging operating environment rather than individual pay linkage .
Overall, fund-level disclosures suggest minimal direct equity or compensation-based alignment signals for Maltbie at FPF; analyst focus should shift to advisor-level incentives and responsibilities, while monitoring future Section 16 filings and any changes in fund discount/leverage that might intersect with governance or financing decisions .