Fred Jensen
About Fred Jensen
Fred Jensen (born 1963) serves as Chief Compliance Officer (CCO) of Western Asset High Income Opportunity Fund Inc. (HIO) and has held the position since April 17, 2020; he is Director - Global Compliance at Franklin Templeton, and previously held multiple Chief Compliance Officer and senior compliance roles across Legg Mason entities, The Reserve Funds, and Ambac Financial Group . HIO’s proxies consistently state that fund officers, including Jensen, receive no compensation from the Fund and may only be reimbursed for reasonable out-of-pocket travel expenses to attend Board meetings . On his initial Section 16 filing for HIO, Jensen reported no beneficial ownership of HIO securities (Form 3 filed April 24, 2020) . Performance metrics like TSR or operating growth are not disclosed as tied to Jensen’s compensation or role; HIO’s investment management is handled by Franklin Templeton Fund Adviser, LLC (formerly LMPFA) with Western Asset as subadvisers .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ambac Financial Group (investment adviser, funds and broker-dealer) | Chief Compliance Officer | 2000–2003 | Senior compliance leadership at financial services entities |
| The Reserve Funds (investment adviser, funds and broker-dealer) | Chief Compliance Officer | 2004 | Chief compliance oversight within fund/adviser/broker contexts |
| Legg Mason Private Portfolio Group | Chief Compliance Officer | Prior to 2013 | Compliance leadership for Legg Mason’s portfolio group |
| Legg Mason Global Asset Allocation | Chief Compliance Officer | Prior to 2014 | Compliance oversight for global asset allocation business |
| Legg Mason Office of the Chief Compliance Officer | Director of Compliance | 2006–2020 | Central compliance function leadership across Legg Mason |
| Legg Mason & Co. | Managing Director | 2006–2020 | Senior management with compliance responsibilities |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Franklin Templeton | Director - Global Compliance | 2020–present | Global compliance oversight across Franklin Templeton fund complex |
Fixed Compensation
| Component | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Base Salary (Fund-level) | Officers receive no compensation from the Fund | Officers receive no compensation from the Fund | Officers receive no compensation from the Fund | Officers receive no compensation from the Fund | Officers receive no compensation from the Fund |
| Travel Expense Reimbursement | Reasonable out-of-pocket travel expenses reimbursed | Reasonable out-of-pocket travel expenses reimbursed | Reasonable out-of-pocket travel expenses reimbursed | Reasonable out-of-pocket travel expenses reimbursed | Reasonable out-of-pocket travel expenses reimbursed |
Note: Any compensation from Franklin Templeton (employer) is not disclosed in HIO filings .
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not applicable at Fund-level for officers | — | — | — | — | — |
HIO proxies disclose no bonus, equity, or option-based compensation for officers; only expense reimbursement is noted .
Equity Ownership & Alignment
| Date | Security | Beneficial Ownership | Derivatives/Options | Ownership Form | Pledged Shares |
|---|---|---|---|---|---|
| 04/24/2020 (Form 3) | Common Stock | 0; “No securities are beneficially owned.” | None reported | — | Not disclosed in filings |
| April 2020 (POA) | Section 13/16 filings authorization | Power of Attorney executed to designated attorneys for SEC filings | — | — | — |
Employment Terms
| Item | Disclosure |
|---|---|
| Position | Chief Compliance Officer of HIO since April 17, 2020 |
| Selection/Term | Executive officers are chosen annually by the Board and hold office until successors are elected and qualified |
| Removal | Officers subject to removal by the Board (as disclosed in registration materials) |
| Fund-level Pay | Officers receive no compensation from the Fund; only reasonable out-of-pocket travel expenses for Board meetings are reimbursed |
| Investment Manager/Subadvisers | Franklin Templeton Fund Adviser, LLC (formerly LMPFA); subadvisers Western Asset Management Company, LLC and Western Asset Management Company Limited |
Investment Implications
- Compensation alignment: HIO officers (including Jensen) receive no cash/equity compensation from the Fund; therefore, typical pay-for-performance levers (bonuses, RSUs/PSUs, options, performance metrics, vesting) do not apply at the Fund level .
- Insider selling pressure: Jensen’s initial Form 3 reported zero beneficial ownership of HIO, implying limited insider trading signal/pressure and no in-the-money option dynamics at the Fund level .
- Governance/role scope: Jensen’s function is compliance rather than portfolio management; investment outcomes are driven by the manager (Franklin Templeton Fund Adviser, LLC) and Western Asset subadvisers, not by officer compensation decisions .
- Retention/contract economics: Officers are appointed annually and serve until successors are elected; no employment contracts, severance, or change-of-control economics are disclosed for officers at the Fund level, indicating minimal Fund-level retention incentives or golden parachute risks tied to Jensen .
For trading and compensation-alignment signals, focus on portfolio manager disclosures and subadviser performance practices; Jensen’s filings and Fund-level pay structure provide limited direct signals for HIO’s market performance .