Kevin J. McNally
About Kevin J. McNally
Kevin J. McNally (born 1969) serves as a Trustee of Clough Global Equity Fund (GLQ) and is classified as an Interested Trustee due to his prior affiliation with Clough Capital Partners, the Funds’ investment adviser . He has served on the GLQ board since 2017, overseeing three portfolios in the fund complex; he is currently nominated for re‑election (Class II) to a term expiring at the 2028 Annual Meeting . McNally is a Portfolio Manager at Absolute Investment Advisers (since 2024) and previously held senior roles focused on closed‑end funds across asset management and sell‑side organizations; 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 CEF‑focused strategies | 2014–2023 | Managed CEF strategies; prior affiliation drives “Interested Trustee” status at GLQ |
| ALPS Fund Services, Inc. | Director of Closed‑End Funds | 2003–2014 | Instrumental in launching ~$13B of CEF assets, including the three Clough CEFs |
| Smith Barney (Citigroup Global Markets) | Director of Closed‑End Fund & ETF Research | 1998–2003 | Research leadership for CEFs/ETFs; quoted in major media |
| Morgan Stanley Dean Witter Discover & Co. | Director of Closed‑End Fund & ETF Marketing | 1997–1998 | Led CEF/ETF marketing initiatives |
| Merrill Lynch, Pierce, Fenner & Smith | Analyst covering closed‑end funds | 1994–1997 | Mutual Fund Research Department (CEF coverage) |
| Prudential Securities | Manager, Closed‑End Fund Marketing Dept. | 1992–1994 | Marketing leadership for CEFs |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Absolute Investment Advisers | Portfolio Manager | 2024–present | Manages mutual fund, hedge fund, and SMAs investing primarily in CEFs |
| Other public company directorships (past 5 years) | None disclosed | — | Proxy indicates “Other Directorships Held by Trustee During the Past Five Years: None” |
Board Governance
- Independence status: Interested Trustee (not independent) due to prior affiliation with Clough, the Funds’ investment adviser .
- Committee memberships: As an interested trustee, McNally does not serve on the Audit Committee or the Governance & Nominating Committee .
- Committee structure and chairs:
- Audit Committee: Comprised of five Independent Trustees (DiGravio, Crescenzi, Weber, Burke, Versaci); chair and “financial expert” is Karen DiGravio; met two times in FY ended Oct 31, 2024; Audit Charter reviewed Dec 19, 2024; charter available at CloughCEFs.com .
- Governance & Nominating Committee: Comprised of five Independent Trustees (DiGravio, Crescenzi, Weber, Burke, Versaci); chaired by Adam D. Crescenzi; met twice in FY ended Oct 31, 2024; charter reviewed Jan 25, 2024; charter available at CloughCEFs.com .
- Executive sessions: Independent Trustees meet quarterly in executive session without Interested Trustees, the adviser, administrator, or affiliates, with independent legal counsel and auditors engaged to assist oversight .
- Board attendance: GLQ Board met four times in FY ended Oct 31, 2024; each Trustee then serving attended at least 75% of Board and applicable committee meetings .
- Tenure and elections: Trustee since 2017; nominated in 2025 (Class II) to a term expiring at the 2028 Annual Meeting .
Fixed Compensation
| Fiscal Year | Fund | Role | Cash Retainer | Meeting Fees | Total |
|---|---|---|---|---|---|
| FY ended Oct 31, 2024 | GLQ | Trustee (Interested) | $0 | $0 | $0 |
- Director compensation framework (per Fund; applies to Independent Trustees): Annual retainer $14,000 plus $1,500 per Board meeting; Chairman retainer $16,800 plus $1,800 per meeting; Audit Committee Chair retainer $15,400 plus $1,650 per meeting; telephonic meeting fees: $500 (Compensated Trustee), $600 (Chairman), $550 (Audit Chair). Out‑of‑pocket meeting expenses reimbursed. Compensated Trustees receive no additional fees for committee meetings .
Performance Compensation
| Component | Metrics/Structure | Disclosure |
|---|---|---|
| Performance‑based incentives | None disclosed for Trustees; compensation described as fixed retainer and meeting fees | No performance metrics disclosed in proxy |
Other Directorships & Interlocks
| Company | Role | Status | Notes |
|---|---|---|---|
| Public company boards | — | None disclosed | Proxy table lists “Other Directorships… None” for McNally (past five years) |
Expertise & Qualifications
- 33+ years of industry experience focused on closed‑end funds, with leadership roles in portfolio management, research, marketing, and fund operations .
- Education: BA, University of Massachusetts (1991); MBA (Finance), NYU Stern (1998) .
- Recognized subject‑matter expert quoted in major publications and TV on CEFs/ETFs .
Equity Ownership
| Fund | Shares Owned | Percent of Shares Outstanding |
|---|---|---|
| GLQ | 1,000 | <1% |
| GLV | 1,000 | <1% |
| GLO | 2,000 | <1% |
- Dollar range of equity securities: GLQ $1–$10,000; GLV $1–$10,000; GLO $1–$10,000; aggregate across fund complex $10,001–$50,000 .
Governance Assessment
- Independence and committee participation: McNally’s Interested Trustee status (due to prior affiliation with the adviser) precludes service on key oversight committees (Audit; Governance & Nominating), limiting direct involvement in financial reporting and nominations oversight—mitigated by independent‑only quarterly executive sessions with external counsel and auditors .
- Attendance and engagement: The Board met four times in FY 2024 with each Trustee attending at least 75% of meetings; this indicates baseline engagement but lacks disclosure on individual attendance beyond the threshold .
- Compensation and alignment: McNally received $0 from the Fund complex as an Interested Trustee; Independent Trustees are compensated via cash retainers and meeting fees with no performance‑based components disclosed, suggesting a traditional CEF governance pay structure. McNally’s personal holdings in GLQ (1,000 shares; <1%) are modest in absolute terms, offering some alignment but not a significant ownership stake .
- Potential conflicts and red flags: The explicit classification as “Interested” due to prior affiliation with Clough (the adviser) is a governance sensitivity; however, independent‑only committee structures and executive sessions are designed to address potential conflicts. No related‑party transactions or share pledging are disclosed in the cited proxy sections for McNally. Current external role at Absolute Investment Advisers is disclosed; no other public company directorships/interlocks reported (past five years) .