Frank Waterhouse
About Frank Waterhouse
Frank Waterhouse (born April 14, 1971) serves as Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer, and Treasurer of Highland Global Allocation Fund (HGLB). He has been Treasurer since May 2015; Principal Accounting Officer since October 2017; and Principal Executive Officer and Principal Financial Officer since April 2021 . Outside the Fund, he is Chief Financial Officer of Skyview Group (since February 2021) and previously served as Chief Financial Officer and Partner of Highland Capital Management, L.P. (HCMLP) through February 2021, also holding Principal Executive Officer and Principal Financial Officer roles at HCMLP during 2018–2021 . The Fund’s proxy materials do not provide executive performance metrics (e.g., TSR, revenue, EBITDA) for officers; such metrics are not disclosed in the HGLB proxies reviewed .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Highland Global Allocation Fund (HGLB) | Treasurer | May 2015–present | Principal financial/accounting officer for the Fund’s treasury and reporting functions . |
| Highland Global Allocation Fund (HGLB) | Principal Accounting Officer | Oct 2017–present | Oversees accounting policies and financial reporting controls for the Fund . |
| Highland Global Allocation Fund (HGLB) | Principal Executive Officer; Principal Financial Officer | Apr 2021–present | Overall executive and financial leadership for the Fund . |
| Highland Capital Management, L.P. (HCMLP) | CFO; Partner | CFO Dec 2011–Feb 2021; Partner Mar 2015–Feb 2021 | Led firm-level finance; senior partnership responsibilities at the adviser to the Fund . |
| Highland Capital Management, L.P. (HCMLP) | Principal Executive Officer; Principal Financial Officer | PEO Feb 2018–Feb 2021; PFO Oct 2017–Feb 2021 | Executive and financial oversight at the adviser organization . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Skyview Group | Chief Financial Officer | Feb 2021–present | Current CFO role at service provider affiliated with the adviser . |
| Highland Capital Management, L.P. (HCMLP) | CFO; Partner; PEO; PFO | 2011–2021 (various) | Senior finance and executive roles prior to Skyview transition . |
Fixed Compensation
Executive officers of HGLB (including the Principal Executive/Financial/Accounting Officer and Treasurer) receive no direct remuneration from the Fund. Trustees are compensated; officers are not.
| Item | FY 2023 (proxy dated May 17, 2024) | FY 2024 (proxy dated May 7, 2025) |
|---|---|---|
| Compensation paid by HGLB to executive officers | None (no direct remuneration from the Fund) | None (no direct remuneration from the Fund) |
The proxies specify trustee retainers and fees, but explicitly state that executive officers (including Waterhouse) receive no direct pay from HGLB; compensation, if any, is paid by the adviser/affiliates, not the Fund .
Performance Compensation
| Incentive type | Metrics | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| Not applicable at HGLB | No executive officer bonus, equity, or option programs are disclosed at the Fund level; officers receive no direct remuneration from the Fund . | — | — | — | — |
Equity Ownership & Alignment
| Data point | Disclosure |
|---|---|
| Individual officer ownership (Frank Waterhouse) | Not separately disclosed in proxies; ownership is reported at the “Trustees and officers as a group” level . |
| Group ownership (Trustees and officers as a group) | Less than 0.01% of outstanding common shares as of Feb 28, 2022; Feb 28, 2024; and Feb 28, 2025, respectively . |
| Shares pledged as collateral | No executive pledging disclosure; bylaws permit issuance of a new certificate to a pledgee but do not set an anti-pledging policy . |
| Stock ownership guidelines | Not disclosed for officers in HGLB proxies . |
| Options/RSUs/PSUs at Fund level | None disclosed; no Fund-level executive equity awards . |
| Major beneficial holders (context) | Broker/custodian nominees held >5% as of Feb 28, 2025, including Charles Schwab (18.38%), Raymond James (15.65%), Morgan Stanley Smith Barney (11.36%), NFS (10.70%), Northern Trust (6.11%), LPL Financial (5.07%) . |
Employment Terms
| Topic | Terms/Provisions |
|---|---|
| Term and election | Officers (including Treasurer, President/PEO, Secretary) are elected by Trustees; hold office until successor is elected/qualified or earlier death/resignation/removal . |
| Automatic termination | Tenure of any officer who is an employee of the administrator, investment adviser, or their affiliates automatically terminates when such employment terminates (ties officer service to adviser/administrator employment) . |
| Removal/resignation | Trustees may remove any officer with or without cause; any officer may resign via written notice . |
| Severance | Except as expressly provided in a written agreement with the Trust, a resigning/removed officer has no right to compensation for any period following resignation/removal and no damages on account of removal (i.e., no Fund-level severance absent a written agreement) . |
| Indemnification | The Trust indemnifies Trustees and officers against liabilities/expenses in proceedings, except in cases of “Disabling Conduct” (not acting in good faith; not in best interests; criminal conduct; willful misfeasance, bad faith, gross negligence, reckless disregard). Advancement of expenses may be provided via an approved indemnification agreement . |
| Change-of-control; non-compete; non-solicit; clawbacks | Not disclosed in Fund proxies/bylaws for officers . |
Investment Implications
- Pay-for-performance and alignment: HGLB does not pay executive officers directly, and the proxies disclose no officer-level bonus or equity programs; thus, there is no Fund-level pay-for-performance linkage or vesting overhang to monitor at HGLB. Alignment through direct Fund share ownership appears limited, as Trustees and officers as a group held <0.01% of shares as of recent reporting dates .
- Retention risk: Officer service is explicitly tied to employment with the adviser/administrator (automatic termination upon separation) and officers can be removed without cause, with no severance absent a written agreement; retention and incentives are therefore driven primarily by Skyview/NexPoint arrangements, not by HGLB .
- Trading/overhang signals: With no Fund-level equity grants or options disclosed for officers, there are no vesting cliffs or option expiries at HGLB that could create selling pressure; pledging policies are not specified beyond a generic certificate provision in bylaws .
- Governance and protection: Robust indemnification for officers (subject to exceptions) is in place, supporting operational continuity, while Section 16 reporting compliance is affirmed in proxies (no officer-level exceptions mentioned), implying standard governance hygiene; monitor filings for any changes .
Sources: HGLB DEF 14A (2022, 2024, 2025) and Form 8-K with amended bylaws; all claims and data points are cited.
Executive biography/roles and group ownership: . Officer remuneration: . 5% holders: . Bylaws/terms/indemnification: . Section 16 compliance: .