Marc De Oliveira
About Marc De Oliveira
Marc A. De Oliveira is Secretary and Chief Legal Officer of Western Asset High Income Opportunity Fund Inc. (HIO), serving since 2023; birth year 1971 . He is Associate General Counsel at Franklin Templeton since 2020 and previously served as Managing Director and Associate General Counsel at Legg Mason & Co. from 2005 to 2020 . He is the authorized signatory on HIO’s SEC filings (e.g., the November 20, 2024 Form 8‑K) . As context for performance during his tenure, the Fund returned 0.56% on NAV and 3.63% on market price over the six months ended March 31, 2025 vs. 1.18% for its benchmark (Bloomberg U.S. Corporate High Yield — 2% Issuer Cap Index) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Franklin Templeton | Associate General Counsel | 2020–present | Not disclosed |
| Legg Mason & Co. | Managing Director; Associate General Counsel | 2005–2020 | Not disclosed |
| Legg Mason/Franklin Templeton fund complex (certain funds) | Assistant Secretary | Since 2006 | Not disclosed |
| Legg Mason/Franklin Templeton fund complex (certain funds) | Secretary and Chief Legal Officer | Since 2020 | Not disclosed |
| Western Asset High Income Opportunity Fund Inc. (HIO) | Secretary and Chief Legal Officer | Since 2023 | Not disclosed |
External Roles
Not disclosed in HIO’s proxy or shareholder reports .
Fixed Compensation
- Officers of the Fund receive no compensation from the Fund; they may be reimbursed for reasonable out-of-pocket travel expenses to attend Board meetings .
- No disclosure of base salary, bonus, equity awards, or perquisites for Fund officers (compensation is not paid by HIO itself) .
Performance Compensation
- No Fund-paid incentive compensation is disclosed for officers; therefore, no RSU/PSU/option awards, performance metrics, or vesting schedules are reported for Marc A. De Oliveira at HIO .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Officer/Director group beneficial ownership | Less than 1% of outstanding HIO common shares as of February 7, 2025 |
| Individual ownership (Marc A. De Oliveira) | Not individually disclosed in proxy; only group-level disclosure provided |
| Pledging/Hedging | Not disclosed |
| Stock ownership guidelines | Not disclosed |
| Section 16 compliance | Fund states all required ownership filings were met for FY ended Sept 30, 2024 |
Fund ownership concentration (context):
| Holder | Shares | Percent of Outstanding |
|---|---|---|
| First Trust Portfolios L.P. and affiliates | 6,017,369 | 6.33% |
| RiverNorth Capital Management, LLC | 4,991,706 | 5.25% |
| Morgan Stanley Smith Barney | 5,482,889 | 5.80% |
Employment Terms
| Term | Disclosure |
|---|---|
| Election/Term | Executive officers are chosen annually by the Board; serve until successors are duly elected and qualified |
| HIO Role Start | Since 2023 (Secretary and Chief Legal Officer) |
| Compensation Source | No compensation paid by HIO to officers; only reimbursement for reasonable out-of-pocket travel expenses to attend Board meetings |
| Employment Agreement | Not disclosed |
| Severance | Not disclosed |
| Change-of-Control | Not disclosed |
| Clawback | Not disclosed |
| Non-compete/Non-solicit | Not disclosed |
| Garden leave/Consulting | Not disclosed |
| Agent for Service Address | 100 First Stamford Place, Stamford, CT 06902 (listed for Marc A. De Oliveira in filings) |
Performance Context During Tenure
| Metric | Period | Value |
|---|---|---|
| Fund return (NAV) | Six months ended Mar 31, 2025 | 0.56% |
| Fund return (Market Price) | Six months ended Mar 31, 2025 | 3.63% |
| Benchmark (Bloomberg U.S. Corporate High Yield — 2% Issuer Cap) | Six months ended Mar 31, 2025 | 1.18% |
Note: As a legal/administrative officer, Marc’s compensation and performance incentives are not tied to HIO-specific revenue/EBITDA metrics (none disclosed), and the Fund does not report officer pay-for-performance linkages .
Investment Implications
- Alignment and trading signals: With officers paid by the adviser (not HIO) and group insider ownership under 1%, visible pay-for-performance alignment and insider trading signals are limited at the Fund level; individual ownership and any pledging/hedging for Marc are not disclosed, constraining analysis of selling pressure risk .
- Retention risk: Annual officer elections and lack of Fund-specific employment/severance/change-of-control disclosures suggest Marc’s employment terms reside with Franklin Templeton; Fund-level filings do not indicate retention bonuses or parachute terms—reducing clarity on retention economics but also indicating minimal Fund obligation risk .
- Governance/role stability: Marc has served as HIO’s Secretary and Chief Legal Officer since 2023 and is an active authorized signatory on SEC filings (e.g., 8-K), supporting continuity in governance and regulatory compliance functions .
- Performance backdrop: Recent semi-annual returns show modest NAV gains and stronger market price performance vs. the benchmark, but these outcomes are portfolio-management driven; no officer-level incentive metrics tied to Fund TSR, revenue, or EBITDA are disclosed .