Kevin McNally
About Kevin McNally
Kevin McNally (born 1969) is a Trustee of Clough Global Opportunities Fund (GLO) and is classified as an “Interested Trustee” due to his prior affiliation with Clough Capital Partners, the Fund’s investment adviser . He has served on the Funds’ Boards since 2017; his current GLO term expires in 2026 . McNally is a Portfolio Manager at Absolute Investment Advisers since 2024, with over 33 years of experience focused on closed-end funds; he holds a BA from the University of Massachusetts (1991) and an MBA in Finance from NYU Stern (1998) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Clough Capital Partners, LP | Managing Director; portfolio manager for an investment fund and SMAs investing primarily in CEFs | 2014–2023 | Portfolio management responsibilities in closed-end funds |
| ALPS Fund Services, Inc. | Director of Closed-End Funds | 2003–2014 | Instrumental in launching approximately $13 billion of CEF assets, including the three Clough CEFs |
| Smith Barney (Citigroup Global Markets, Inc.) | Director of Closed-End Fund & ETF Research | 1998–2003 | Research leadership in CEFs/ETFs |
| Morgan Stanley Dean Witter Discover & Co. | Director of Closed-End Fund & ETF Marketing | 1997–1998 | Marketing leadership in CEFs/ETFs |
| Merrill Lynch, Pierce, Fenner, & Smith, Inc. | Analyst covering closed-end funds, Mutual Fund Research Dept. | 1994–1997 | CEF research analyst |
| Prudential Securities | Manager, Closed-End Fund Marketing Department | 1992–1994 | CEF marketing leadership |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Absolute Investment Advisers | Portfolio Manager (mutual fund, hedge fund, SMAs investing primarily in CEFs) | 2024–present | Current occupation |
| Other public company directorships (past 5 years) | None | — | “Other Directorships Held by Trustee During the Past Five Years: None” |
Board Governance
- Status: Interested Trustee, not independent under the 1940 Act due to prior affiliation with Clough (Fund adviser) .
- Committee memberships: As an Interested Trustee, McNally does not serve on the Audit Committee or the Governance and Nominating Committee . Audit Committees are composed solely of Independent Trustees and chaired by Karen DiGravio; they met twice in FY2024 . Governance and Nominating Committees are composed solely of Independent Trustees, chaired by Adam D. Crescenzi; they met twice in FY2024 .
- Executive sessions: The Chairman and Independent Trustees meet quarterly in executive session without Interested Trustees, the adviser, administrator, or affiliates .
- Board leadership: The Board Chairman is an Independent Trustee (Clifford J. Weber) .
- Meetings/attendance: During FY ended Oct 31, 2024, GLO’s Board met four times; each Trustee then serving attended at least 75% of Board and applicable committee meetings .
- Annual meeting attendance: Trustees are not required to attend; no Trustees attended the 2024 Annual Meeting of Shareholders .
Fixed Compensation
- Structure: Funds pay compensation only to Independent Trustees and the Independent Chairman; Interested Trustees are not compensated. Independent Trustees: $14,000 per fund annual retainer plus $1,500 per Board meeting; Chairman: $16,800 per fund retainer plus $1,800 per meeting; Audit Chair: $15,400 per fund retainer plus $1,650 per meeting. Telephonic Board meeting fees: $500 for Independent Trustees, $600 for Chairman, $550 for Audit Chair; no separate committee meeting fees .
| Name | GLV ($) | GLQ ($) | GLO ($) | Total Fund Complex ($) |
|---|---|---|---|---|
| Kevin McNally | $0 | $0 | $0 | $0 |
- Note: “Trustees and Officers… currently employed by Paralel or Clough receive no compensation…”; more broadly, compensation is paid to Independent Trustees only, and McNally (Interested Trustee) received $0 .
Performance Compensation
| Component | Detail |
|---|---|
| Stock awards (RSUs/PSUs) | None disclosed for Trustees; compensation framed as cash retainers/meeting fees for Independent Trustees only |
| Option awards | None disclosed |
| Performance metrics tied to pay | None disclosed; Trustee pay does not reference revenue/EBITDA/TSR/ESG metrics |
| Vesting schedules | Not applicable |
| Severance/CoC/clawbacks/tax gross-ups | Not disclosed for Trustees |
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | None (past five years) |
| Fund boards | Trustee of GLV, GLQ, GLO since 2017 |
| Committee roles at other organizations | Not disclosed for McNally |
Expertise & Qualifications
- 33+ years focused on closed-end funds; quoted in major publications and TV appearances as a CEF/ETF expert .
- Instrumental in launching ~$13 billion in CEF assets at ALPS Fund Services .
- Academic credentials: BA, University of Massachusetts (1991); MBA (Finance), NYU Stern (1998) .
Equity Ownership
| Fund | Percent of Shares Held | Total Shares Owned |
|---|---|---|
| GLV | <1% | 1,000 |
| GLQ | <1% | 1,000 |
| GLO | <1% | 2,000 |
- Dollar ranges: $1–$10,000 in each of GLV, GLQ, GLO; aggregate $10,001–$50,000 across the Fund family .
- Pledging/hedging: No pledging or hedging disclosures specific to McNally in proxy materials .
- Ownership guidelines: Trustee stock ownership guidelines not disclosed in the proxy .
Governance Assessment
- Independence risk: McNally is an Interested Trustee due to prior affiliation with the adviser, Clough, which is a potential conflict from an investor-confidence standpoint .
RED FLAG: Interested (non-independent) status.
- Committee checks: He does not sit on Audit or Governance/Nominating; these committees are fully independent and chaired by Independent Trustees, which mitigates some oversight risks .
- Executive oversight: Quarterly executive sessions of Independent Trustees exclude Interested Trustees, supporting independent oversight without management/adviser presence .
- Compensation alignment: McNally receives $0 from the Funds, eliminating pay-driven conflicts with the issuer but also reducing direct pay-for-performance alignment typical in operating companies; trustee pay for the Fund complex is cash-based for Independent Trustees only .
- Ownership alignment: Direct holdings of 2,000 GLO shares (<1%) indicate limited economic exposure; dollar ranges across funds aggregate to $10,001–$50,000 .
- Engagement signal: No Trustees attended the 2024 Annual Meeting of Shareholders (attendance not required), which may be viewed negatively by some governance-focused investors .
RED FLAG: No Trustee attendance at 2024 Annual Meeting.
- Related-party exposure: Proxy discloses no specific related-party transactions involving McNally; independent trustees affirm no material interests with the adviser in past five years, but McNally is not in that independent group .
- Compliance: Section 16(a) reporting was timely for Reporting Persons in FY2024, indicating baseline compliance culture .
Board Governance (Committee Snapshot for Context)
| Committee | Chair | Composition | FY2024 Meetings | McNally Role |
|---|---|---|---|---|
| Audit | Karen DiGravio | Independent Trustees only | 2 | Not a member (Interested Trustee) |
| Governance & Nominating | Adam D. Crescenzi | Independent Trustees only | 2 | Not a member (Interested Trustee) |
| Executive | Not disclosed | One Interested + two Independent Trustees | Not disclosed | Membership not disclosed |
| Qualified Legal Compliance (QLCC) | Judge Vincent W. Versaci | Not specified | Not disclosed | Chair is Versaci; McNally not identified as member |
Director Compensation (Structure for Independent Trustees)
| Role | Annual Retainer per Fund | Per Board Meeting (in-person) | Telephonic Meeting Fee |
|---|---|---|---|
| Independent Trustee | $14,000 | $1,500 | $500 |
| Chairman (Independent) | $16,800 | $1,800 | $600 |
| Audit Committee Chair | $15,400 | $1,650 | $550 |
Note: Compensated Trustees do not receive separate committee meeting fees; out-of-pocket expenses are reimbursed . McNally, as an Interested Trustee, receives no compensation from the Funds .
Additional Context
- 5%+ shareholders in GLO include Saba Capital, RiverNorth, Morgan Stanley entities, and Sit Investment Associates (potential activism/discount dynamics relevant for closed-end fund governance) .
- Board Chair is independent (Clifford J. Weber), supporting independent board leadership .