Kevin McNally
About Kevin McNally
Kevin McNally (born 1969) is a long-tenured trustee of Clough Global Dividend and Income Fund (GLV), serving since 2017. He is currently a Portfolio Manager at Absolute Investment Advisers (since 2024) and is considered an “Interested Trustee” under the Investment Company Act of 1940 due to his prior affiliation with Clough Capital Partners (2014–2023). He holds a BA from the University of Massachusetts at Amherst (1991) and an MBA in Finance from NYU Stern (1998), with more than three decades of experience focused on closed-end funds .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Clough Capital Partners, LP | Managing Director; portfolio manager of an investment fund and SMAs investing primarily in CEFs | 2014–2023 | Senior investment leadership; CEF specialization |
| ALPS Fund Services, Inc. | Director of Closed-End Funds | 2003–2014 | Instrumental in launching ~$13B total CEF assets, including the three Clough CEFs |
| Smith Barney (Citigroup Global Markets, Inc.) | Director of Closed-End Fund & ETF Research | 1998–2003 | Sell-side research leadership in CEFs/ETFs |
| Morgan Stanley Dean Witter Discover & Co. | Director of Closed-End Fund & ETF Marketing | 1997–1998 | ETF/CEF marketing leadership |
| Merrill Lynch, Pierce, Fenner & Smith, Inc. | Analyst, Mutual Fund Research (closed-end funds coverage) | 1994–1997 | Analyst covering CEFs |
| Prudential Securities | Manager, Closed-End Fund Marketing | 1992–1994 | CEF marketing management |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Absolute Investment Advisers | Portfolio Manager (mutual fund, hedge fund, SMAs investing primarily in closed-end funds) | 2024–present | Current employment; CEF focus |
| Public company directorships (past 5 years) | None | N/A | “Other Directorships Held by Trustee During the Past Five Years: None” |
Board Governance
- Independence status: McNally is an Interested Trustee under Section 2(a)(19) due to prior affiliation with Clough; as an Interested Trustee he does not serve on the Audit Committee or the Governance & Nominating Committee .
- Tenure and term: Trustee since 2017; listed as Trustee across GLV/GLQ/GLO. Prior proxy table shows term expirations then in effect (GLV 2027; GLQ 2025; GLO 2026), and the 2025 proxy nominates him for GLQ Class II through 2028, confirming continued service trajectory across the complex .
- Committee structure: Audit Committee (five Independent Trustees; Chair and Financial Expert: Karen DiGravio); met 2 times in FY2024. Governance & Nominating Committee (five Independent Trustees; Chair: Adam D. Crescenzi); met 2 times in FY2024 .
- Attendance: During FY ended Oct 31, 2024, GLV’s Board met 4 times; each Trustee then serving attended at least 75% of meetings of Trustees and of any committee of which he/she is a member .
- Shareholder meeting engagement: The Funds do not require Trustees to attend the Annual Meeting; no Trustees attended the 2024 Annual Meeting of Shareholders (engagement signal) .
- Independent sessions: Chairman and Independent Trustees meet quarterly in executive session without Interested Trustees or adviser/administrator affiliates (supports independent oversight) .
- Board chair: Clifford J. Weber (Independent) serves as Board Chairman since 2024 .
Fixed Compensation
Director compensation at the funds is structured as cash retainers and meeting fees for Independent Trustees; Trustees employed by the adviser/administrator receive no compensation.
| Trustee | GLV Annual Retainer (Independent) | Per In-Person Board Meeting Fee | Telephonic Board Meeting Fee | Audit Chair Retainer | Audit Chair Per Meeting | Chairman Retainer | Chairman Per Meeting | Notes |
|---|---|---|---|---|---|---|---|---|
| Independent Trustees | $14,000 per fund | $1,500 per meeting | $500 per telephonic meeting | $15,400 per fund | $1,650 per meeting | $16,800 per fund | $1,800 per meeting | Out-of-pocket expenses reimbursed; no committee meeting fees |
| Kevin McNally (Interested Trustee) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | Receives no compensation from the Funds; total compensation $0 in FY2024 |
Compensation actually paid in FY2024 (fund complex totals):
| Name | GLV | GLQ | GLO | Fund Complex Total |
|---|---|---|---|---|
| Kevin McNally | $0 | $0 | $0 | $0 |
Performance Compensation
| Metric | FY 2024 |
|---|---|
| Performance-based cash bonus (director) | None disclosed; trustees employed by Paralel or Clough receive no compensation |
| Equity grants (RSUs/PSUs/Options) | None disclosed for Trustees; Independent Trustee compensation is cash-only (retainer/meeting fees) |
| Performance metrics (TSR/EBITDA/ESG) tied to director pay | None disclosed |
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | None disclosed for McNally in past five years |
| Committee roles at other issuers | None disclosed |
| Interlocks with suppliers/customers/competitors | Not disclosed; note: current role at Absolute focuses on CEFs (potential perceived conflicts requires monitoring) |
Expertise & Qualifications
- 33+ years focused on closed-end funds; quoted in major media and appeared on TV as a CEF/ETF expert .
- Led launches of ~$13B in CEF assets while at ALPS; deep ETF/CEF research and marketing experience across multiple bulge-bracket firms .
- Education: BA (UMass Amherst, 1991); MBA Finance (NYU Stern, 1998) .
Equity Ownership
| Fund | Shares Owned | % of Shares Outstanding | Dollar Range (Proxy Categories) |
|---|---|---|---|
| GLV | 1,000 | <1% | $1–$10,000 |
| GLQ | 1,000 | <1% | $1–$10,000 |
| GLO | 2,000 | <1% | $1–$10,000 |
| Aggregate (Family of Investment Companies) | — | — | $10,001–$50,000 |
Notes:
- Voting and investment power: except as otherwise indicated, trustees have sole voting and investment power over shares shown .
- No disclosure of pledging or hedging by Trustees in the proxy; independent trustees and their families disclosed no >$120,000 interests or transactions with the Adviser/affiliates over the past five years (this disclosure does not apply to interested trustees) .
Governance Assessment
- Independence and committee participation: McNally is not independent and does not serve on the Audit or Governance & Nominating Committees. Independent trustees meet in executive session without Interested Trustees, supporting robust oversight; however, McNally’s lack of committee roles reduces his direct influence on audit/nominating processes .
- Alignment: McNally’s fund complex equity holdings are modest ($10,001–$50,000 category; GLV 1,000 shares <1%), and he receives $0 in director compensation as an Interested Trustee employed by adviser/administrator ecosystem—mixed alignment signals versus typical independent director equity/cash pay structures .
- Engagement: Board attendance met minimum (≥75%) across trustees, but no trustees attended the 2024 Annual Meeting of Shareholders—a potential investor engagement concern .
- Potential conflicts and monitoring:
- Current external role: Portfolio Manager at Absolute Investment Advisers focusing on closed-end funds may create perceived parallel-investment or information-flow sensitivities; monitor related-party transactions and trading policies (none disclosed in the proxy for interested trustees) .
- Prior adviser affiliation: Status as Interested Trustee stems from prior Clough affiliation; continued vigilance on independence safeguards and executive-session practices remains warranted .
- Board structure: The independent-led Audit Committee (financial expert/Chair: DiGravio) and Governance & Nominating Committee (Chair: Crescenzi) provide structured oversight; Chairman Weber is independent and the board holds independent executive sessions—positive governance design features .
RED FLAGS
- Interested Trustee status; no membership on oversight committees .
- No trustee attendance at 2024 Annual Meeting .
- Limited personal share ownership relative to outstanding; alignment context depends on broader policy (no ownership guidelines disclosed) .
- Disclosure gap: Related-party transaction attestations cover Independent Trustees; not explicitly addressing Interested Trustees like McNally .