James Dykas
President and Chief Executive Officer at First Trust Intermediate Duration Preferred & Income Fund
CEO
Executive
About James Dykas
James M. Dykas (born 1966) serves as President and Chief Executive Officer (principal executive officer) of First Trust Intermediate Duration Preferred & Income Fund (FPF). He has held this role across the First Trust closed‑end funds complex since his election in December 2015, effective January 2016 . He is also Managing Director and Chief Financial Officer of First Trust Advisors L.P. and First Trust Portfolios L.P., and Chief Financial Officer of BondWave LLC and Stonebridge Advisors LLC . As principal executive officer, he signs FPF’s Sarbanes‑Oxley Section 302 and 906 certifications and attests to the effectiveness of disclosure controls and procedures; the latest certifications are dated July 9, 2025, with no material changes to internal control over financial reporting during the period .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| First Trust Advisors L.P. / First Trust Portfolios L.P. | Managing Director and Chief Financial Officer | Past 5 years; ongoing | Finance leadership for adviser/distributor to the First Trust funds complex . |
| First Trust Funds Complex | President and Chief Executive Officer (FPF and other First Trust closed‑end funds) | Elected Dec 2015; effective Jan 2016; indefinite term | Oversight of fund administration as principal executive officer for FPF and peers . |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| BondWave LLC (software) | Chief Financial Officer | Not disclosed | Financial stewardship at First Trust affiliate . |
| Stonebridge Advisors LLC (investment advisor; FPF sub‑advisor affiliate) | Chief Financial Officer | Not disclosed | Finance support at sub‑advisor to FPF . |
| First Trust (fund press/IR contact) | Investor/press inquiries contact on fund press releases | 2023 | Serves as named contact on trustee appointment press release . |
Fixed Compensation
| Component | Amount/Terms | Notes |
|---|---|---|
| Compensation from FPF for executive officers | $0 | “The executive officers and the Interested Trustee of each Fund receive no compensation from the Funds for serving in such capacities.” |
| Compensation source | Paid by First Trust Advisors L.P. (adviser) | Officer cash/equity pay, if any, is set and paid by the adviser; not disclosed in FPF proxy . |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed at Fund level | — | — | — | — | — |
- FPF states recovery of erroneously awarded compensation (clawback) is “Not applicable to the Registrant,” reflecting that exchange‑listed clawback rules do not apply at the fund level .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Officer‑specific holdings (Dykas) | Not individually disclosed for FPF in proxy . |
| Trustees and executive officers as a group | 1,969 FPF shares (<1% of shares outstanding) as of December 31, 2024 . |
| Pledging/hedging disclosure | No pledging by officers disclosed in FPF proxy; no officer‑level hedging disclosure identified . |
| Ownership guidelines | Independent Trustees have an ownership expectation (≥ one year’s annual retainer within 3 years), but this applies to Trustees, not fund officers . |
Employment Terms
| Term | Detail |
|---|---|
| Office/tenure | President & CEO with indefinite term; elected Dec 2015 effective Jan 2016 . |
| Contract term/auto‑renewal | Not disclosed at fund level . |
| Severance/change‑of‑control | Not disclosed at fund level . |
| Non‑compete / non‑solicit | Not disclosed at fund level . |
| Clawback applicability | Not applicable to the Registrant (fund‑level clawback) . |
| SOX certifications | Signs 302/906 certifications; latest dated July 9, 2025 . |
| Disclosure controls/ICFR | Controls deemed effective; no material changes in ICFR during period . |
Additional Governance and Trading Signal Indicators
- Section 16(a) compliance: The DEF 14A lists late Section 16 filings for certain other individuals but does not list any delinquencies for Dykas; no FPF Form 3/4/5 transactions by Dykas are identified in the filings reviewed .
- Officer compensation visibility: FPF pays no officer compensation; therefore, base salary, bonus targets, equity grants, vesting schedules, severance/CoC economics, clawbacks, and related pay metrics for Dykas (if any) reside at First Trust Advisors L.P. and are not disclosed in FPF’s proxy .
Investment Implications
- Pay‑for‑performance visibility is limited at the fund level because FPF does not compensate its executive officers; any incentives that drive Dykas’s behavior sit at the adviser (First Trust Advisors L.P.) and are not disclosed in FPF’s proxy, constraining alignment analysis from fund documents .
- Retention risk appears low based on tenure: Dykas has served as President & CEO since January 2016 across the fund complex; continuity of principal executive oversight is evident, though adviser‑level employment terms are undisclosed .
- Insider‑driven trading signals are muted: no Dykas‑specific Section 16 transactions or delinquencies are identified in FPF’s filings, limiting read‑through on near‑term selling pressure or insider sentiment at the fund level .
- Governance/process rigor: recurring SOX certifications and effective control assertions reinforce operational discipline, but fund‑level clawback rules are stated as not applicable, reducing formal recourse at the registrant level in the event of a restatement .