Alun Williams
About Alun Williams
Alun Williams, age 53, is Chief Operating Officer (COO) of Horizon Kinetics Holding Corporation (HKHC). He joined Horizon Kinetics in 2009, served 12 years as Director of Trading & Operations, and became COO in 2021; he holds a BSc in Business Administration from Bath University and previously led GSAM Operations in Salt Lake City at Goldman Sachs, with roles across equity, private wealth, and asset management operations . Company performance in 2024 included total revenue growth of 18%, incentive fees of $51.7 million (economically reflected in net income despite elimination from consolidated revenues), and AUM growth of ~51% to $9.8 billion, aligning executive pay design for 2025 to a bonus pool based on a percentage of incentive fees .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Horizon Kinetics | Director of Trading & Operations | 2009–2021 | Led trading and operations, providing daily operational and administrative oversight |
| Goldman Sachs (GSAM Operations, Salt Lake City) | Head of GSAM Operations SLC; various operational/control roles | 1996–2009 | Operational leadership across equity, private wealth, and asset management divisions |
External Roles
| Organization | Role | Years |
|---|---|---|
| Consensus Mining & Seigniorage Corp. (CMSC) | President and Board Member | Not disclosed |
| Horizon Kinetics ICAV (UCITS fund) | Board Member | Not disclosed |
Fixed Compensation
| Metric | 2024 | 2025 Plan |
|---|---|---|
| Base Salary ($) | $550,000 | $1,000,000 |
| Target Bonus (%) | Not disclosed | Not disclosed; bonus pool based on % of incentive fees |
| Actual Bonus ($) | $600,000 | TBD |
| Total Cash ($) | $1,150,000 | $1,000,000 (salary only; bonus TBD) |
| Equity Grants (RSUs/Options) | None | None intended; reassess in future |
| Employment Agreement | None | None |
Performance Compensation
| Incentive Type | Metric | Weighting/Determination | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Discretionary Cash Bonus (2024) | Company/individual performance (discretionary) | Compensation Committee discretion; paid from general pool for execs other than certain founders | Not disclosed | Not disclosed | $600,000 cash | Cash-only; no vesting |
| Annual Bonus Pool (2025 design) | Percentage of Company incentive fees | Pool determined as % of incentive fees; may be adjusted by Committee | Not disclosed | TBD | TBD | Cash-only; no equity |
Notes:
- HKHC states it “does not currently intend to pay its executive officers in the form of stock awards, options, or any other form of equity-based compensation,” though it will reassess in future .
- No non-equity incentive plan compensation or deferred comp reported for 2024 .
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Total Beneficial Ownership (shares) | 50 shares |
| % of Shares Outstanding | Less than 1% (common outstanding: 18,635,321) |
| Vested vs. Unvested Shares | No outstanding equity awards as of 12/31/2024 |
| Options (Exercisable/Unexercisable) | None outstanding |
| Shares Pledged/Hedged | Not disclosed; Company maintains insider trading policy |
| Stock Ownership Guidelines | Not disclosed |
| Compliance Status | Not disclosed |
Related-party transactions policy requires unaffiliated director approval; terms must be arm’s-length vs third-party .
Employment Terms
| Term | Williams/HKHC Status |
|---|---|
| Employment Start Date at HK | 2009 |
| Years in Current Role | COO since 2021 |
| Employment Agreement | None (company has no employment agreements with executives) |
| Severance Provisions | Not disclosed |
| Change-of-Control | Not disclosed |
| Clawback Policy | Adopted March 3, 2025; applies to incentive-based compensation tied to financial reporting measures (e.g., revenues, net income, EBITDA, stock price, TSR); recovery via reimbursement, recovery of equity gains, offset, cancellation; no indemnification |
| Insider Trading Policy | Adopted and designed to promote compliance; governs purchase/sale/disposition by directors, officers, employees |
| Non-compete/Non-solicit/Garden Leave | Not disclosed |
Investment Implications
- Compensation alignment: Cash-heavy structure with no equity grants and minimal personal shareholding (50 shares, <1%) reduces direct equity alignment and removes typical equity-vesting retention levers; 2025 bonus pool linked to percentage of incentive fees improves linkage to financial performance (AUM/incentive fee generation), but details (weights/targets) are undisclosed .
- Retention risk vs fixed cost: Significant base salary step-up from $550k (2024) to $1.0m (2025) likely reduces near-term attrition risk but increases fixed cost and dilutes at-risk pay mix; bonuses remain fully discretionary within a pool framework .
- Insider selling pressure: No outstanding equity awards and negligible share ownership imply limited ongoing selling pressure from vesting or option exercises; monitor for any future shift to equity-based awards that could reintroduce overhang .
- Governance/risk controls: Absence of employment agreements reduces change-of-control/severance overhang; clawback policy aligned with SEC requirements adds recoupment protections over incentive-based pay tied to financial measures; insider trading policy in place .
- Performance context: 2024 saw 18% revenue growth, $51.7m incentive fees (economically reflected in net income), and AUM up ~51% to $9.8b, which should support the efficacy of the 2025 bonus pool design and resource allocation under the COO’s oversight of daily operations .
Say-on-pay: Board recommends “FOR” and annual frequency; historical approval percentages not yet disclosed .
Peer benchmarking: Committee referenced similarly situated publicly traded asset managers for market compensation context, but peer list/percentile targets not disclosed .