Christopher Berarducci
About Christopher Berarducci
Christopher Berarducci (birth year: 1974) serves as Treasurer and Principal Financial Officer of Western Asset High Income Opportunity Fund Inc. and has held the Principal Financial Officer role since 2019; he is Vice President, Fund Administration and Reporting at Franklin Templeton since 2020, following prior roles at Legg Mason & Co. (Managing Director in 2020; Director 2015–2020; Vice President 2011–2015) . As an officer of the Fund, he signs the Fund’s periodic certifications (N‑CSR and N‑CEN) in his capacity as Principal Financial Officer and Treasurer, evidencing responsibility for financial reporting and controls . Fund proxies explicitly state officers receive no compensation from the Fund (only reimbursement of reasonable out‑of‑pocket travel expenses), and filings do not disclose personal TSR, revenue, or EBITDA metrics for officers .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Franklin Templeton | Vice President, Fund Administration and Reporting | Since 2020 | Oversees fund administration and reporting across the complex, aligning financial controls and disclosure with 1940 Act requirements . |
| Western Asset High Income Opportunity Fund Inc. (HIO) | Principal Financial Officer | Since 2019 | Principal certifying officer for HIO financial reporting (N‑CSR/N‑CEN), responsible for disclosure controls and internal control over financial reporting . |
| Western Asset High Income Opportunity Fund Inc. (HIO) | Treasurer | Since 2010 (for certain FT/Legg Mason funds) | Treasury oversight and financial stewardship across registered funds in the family, supporting accurate NAV/reporting processes . |
| Legg Mason & Co. | Managing Director; Director; Vice President | MD (2020); Director (2015–2020); VP (2011–2015) | Senior leadership roles in fund operations/compliance within the legacy complex prior to Franklin Templeton integration . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Franklin Templeton | Vice President, Fund Administration and Reporting | Since 2020 | Provides infrastructure and oversight for multiple registered funds, ensuring reliable financial reporting for shareholders . |
| Legg Mason & Co. | Managing Director; Director; Vice President | 2011–2020 | Leadership in fund administration and compliance across Legg Mason complex before merger with Franklin Templeton . |
Fixed Compensation
| Component | Amount/Terms | Source |
|---|---|---|
| Fund cash compensation (salary, bonus) | Officers receive no compensation from the Fund | |
| Expense reimbursement | Reasonable out‑of‑pocket travel expenses for Board meetings reimbursed | |
| Sponsor (Franklin Templeton) employment pay | Not disclosed in Fund filings |
Performance Compensation
| Incentive Type | Metric | Weighting/Target | Actual/Payout | Vesting |
|---|---|---|---|---|
| Fund‑linked incentives | Not applicable — officers receive no Fund compensation; no Fund‑tied incentive metrics disclosed | — | — | — |
| Sponsor‑linked incentives (Franklin Templeton employment) | Not disclosed in Fund filings | — | — | — |
Officers receive no compensation from the Fund; therefore, no pay‑for‑performance linkage to HIO’s returns is disclosed at the Fund level .
Equity Ownership & Alignment
| Item | Detail | Source |
|---|---|---|
| Initial beneficial ownership (Form 3) | 0 shares of HIO common stock as of event date 09/27/2019; “The Reporting Person does not beneficially own any securities of the issuer” | |
| Section 16 filings authorization | Power of Attorney naming Franklin Templeton/Legg Mason legal officers to file Forms 3/4/5 for multiple funds (including HIO), executed 09/23/2019 | |
| Group ownership (directors/officers as a group) | Less than 1% of outstanding shares as of 12/31/2020 and as of 02/08/2022 | |
| Pledging/Hedging | No pledging/hedging disclosures for officers in Fund proxy statements | |
| Ownership guidelines | Not disclosed for officers in Fund filings |
Employment Terms
| Term | Details | Source |
|---|---|---|
| Appointment/tenure | Executive officers are chosen each year at a regular Board meeting and hold office until successors are elected/qualified | |
| Compensation from Fund | Officers receive no compensation from the Fund; reimbursement limited to reasonable travel for Board meetings | |
| Contracts/severance/CIC | No employment contracts, severance, or change‑of‑control economics disclosed for officers | |
| Clawbacks/tax gross‑ups | Not disclosed for officers | |
| Controls/certifications | PFO certifications to N‑CSR affirm disclosure controls, ICFR design/evaluation, and reporting integrity | |
| N‑CEN signature | Principal Financial Officer and Treasurer signs Form N‑CEN on behalf of the Fund |
Investment Implications
- Pay‑for‑performance linkage to HIO’s returns is weak at the Fund level for officers: proxies state officers receive no compensation from the Fund, implying their pay and incentives are set by the sponsor (Franklin Templeton) and not disclosed in Fund filings .
- Insider selling pressure appears minimal: initial Form 3 disclosed zero beneficial ownership in HIO; subsequent proxies indicate directors/officers as a group own <1%, limiting signaling from insider transactions for this officer .
- Retention risk tied to sponsor employment: annual officer appointments by the Board and absence of Fund‑level severance/CIC terms mean continuity rests on Franklin Templeton’s employment arrangements; recurring PFO certifications across multiple years signal operational continuity and established controls .
- Alignment comes via professional accountability rather than equity stakes: repeated certifications (N‑CSR, N‑CEN) reinforce fiduciary obligations, but lack of Fund‑tied compensation/equity reduces direct economic alignment to HIO’s share performance .