Peter Doyle
About Peter Doyle
Peter Doyle, age 62, is Vice President of Horizon Kinetics Holding Corporation (HKHC) and a member of the Board; he is a co‑founder of Horizon Kinetics and a senior member of the research team. He holds a BS from St. John’s University and an MBA from Fordham University; prior roles include Bankers Trust (1985–1994) as Senior Investment Officer . He was appointed an executive officer and director effective August 1, 2024, coincident with HKHC’s merger closing . During 2024, HKHC reported 18% revenue growth, AUM up 51% to $9.8B, net income of ~$92.5M, and post‑merger cumulative TSR of 169.86 on a $100 base through year‑end—key performance markers during the initial phase of Doyle’s public-company tenure .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Horizon Kinetics, LLC | Managing Director; Co‑founder; Board member; Investment Committee member | Pre‑2024 (prior to merger) | Senior research leadership; investment committee oversight; firm co‑founder shaping investment strategy . |
| Bankers Trust Company | Senior Investment Officer; member of Finance, Utility and REIT research sub‑groups | 1985–1994 | Sell‑side/portfolio research and investment responsibilities foundational to HKHC leadership . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Kinetics Mutual Funds, Inc. | President | Not disclosed | Oversight of mutual fund complex aligned with HKHC’s asset‑gathering and performance objectives . |
| RENN Fund, Inc. (NYSE: RCG) | Co‑Portfolio Manager | Since 2021 | Product/strategy leadership; visibility and investment performance tie‑ins to HKHC ecosystem . |
| FRMO Corp. (OTC Pink: FRMO) | Vice President | Not disclosed | Interlock with a related party that holds an economic interest in HKHC revenues and shares (potential governance consideration) . |
Board Governance
- Board service: Appointed director at merger close on August 1, 2024; nominated as a director for the 2025 slate .
- Committees: Standing committees (Audit, Compensation, Nominating & Corporate Governance) are composed of independent, non‑management directors; Doyle is not listed on any standing committee .
- Board attendance: The Board met 2 times in 2024; all director nominees who served in 2024 attended all meetings .
- Leadership/independence structure: CEO also serves as Chair; the Board designates a Lead Independent Director (Daniel J. Roller) to balance governance. Committee membership consists solely of independent directors, which mitigates dual‑role independence concerns for executive directors like Doyle .
Fixed Compensation
- HKHC discloses individual NEO compensation but did not list Doyle among 2024 Named Executive Officers; therefore, Doyle’s base salary/bonus for 2024 was not disclosed .
- Executive pay design (effective Nov 5, 2024): Cash‑only program with base salary and discretionary bonuses; for 2025, bonus pool tied to a percentage of incentive fees for executives other than Messrs. Stahl, Bregman, and Doyle (i.e., pool excludes Doyle) .
- No equity awards intended currently for executive officers (company‑wide policy at this time) .
- No employment agreements (company‑wide, including executive officers) .
Director Compensation (context for dual role)
| Item | Amount/Policy |
|---|---|
| Non‑management director annual cash retainer | $100,000 (inclusive of all committees), paid quarterly . |
| Officers who are also directors (e.g., Doyle) | No additional board compensation . |
Performance Compensation
- Annual bonus plan: Discretionary; for 2025 the bonus pool is formulaically tied to a percentage of incentive fees for executives other than Messrs. Stahl, Bregman, and Doyle; no formal metric weightings, targets, or vesting schedules are disclosed for Doyle .
- Clawback: Policy to recover incentives for financial restatements due to misconduct or fraud .
Equity Ownership & Alignment
| Metric | Value | Notes |
|---|---|---|
| Total beneficial ownership | 9,934,667 shares (53.3% of outstanding) | As of April 21, 2025; includes direct and indirect holdings . |
| Direct shares from merger | 880,457 shares | Received Aug 1, 2024 . |
| Indirect ownership interests | Deemed to beneficially own 8,216,437 shares via Horizon Common, Inc.; 823,863 shares via FRMO Corp.; ~13,910 in pooled accounts | Doyle disclaims beneficial ownership except to extent of pecuniary interest . |
| Merger issuance valuation (closing date) | ~4.7% direct stake; additional 5.3% pro‑rata economic interest; aggregate value ~$39,573,001 (based on $21.20/share, post reverse split) | As disclosed at merger close for Peter Doyle . |
- Stock ownership guidelines, pledging/hedging, 10b5‑1 plans: Not disclosed in the 2025 proxy; insider trading policy is in place governing transactions by insiders .
Employment Terms
| Term | Detail |
|---|---|
| Employment start in current HKHC executive role | August 1, 2024 (appointed Vice President at merger closing) . |
| Employment agreement | None; HKHC states it has no employment agreements with any executive officers . |
| Severance / Change‑of‑control | Not disclosed (no company‑wide employment agreements; no CIC terms disclosed in the proxy) . |
| Non‑compete / Non‑solicit / Garden leave | Not disclosed. |
| Clawback policy | In place for financial restatements due to misconduct or fraud . |
| Perquisites | The company stated no perquisites were provided to NEOs in 2024; policy context only (Doyle not an NEO) . |
Performance & Track Record (Company context during Doyle’s tenure)
| Indicator | 2024 Outcome |
|---|---|
| Revenue growth | +18% YoY driven by higher AUM and performance . |
| AUM growth | +$3.3B to $9.8B (+51%) . |
| Incentive fees (proprietary funds) | $51.7M (economics reflected in net income though eliminated from consolidated revenues) . |
| Net income | ~$92.5M (FY 2024) . |
| TSR (post‑merger through YE 2024) | 169.86 on a $100 base (Aug 1, 2024 to Dec 31, 2024) . |
| Strategic initiatives | Completed merger (Aug 1, 2024); launched several new funds/strategies . |
Related Party & Interlocks (Governance risk indicators)
- FRMO arrangements: FRMO has a right to 4.2% of HKHC gross revenue (pre commission sharing) and a 4.4% ownership interest; Doyle serves as Vice President of FRMO—representing a related‑party linkage requiring ongoing oversight .
- Related‑party oversight: Audit Committee approves/oversees related‑party transactions under a written conflict of interest policy .
Compensation Committee & Peer Group (program governance)
- Compensation Committee charter includes authority to retain independent consultants; it met 2 times in 2024; committee composed solely of independent directors .
- Market benchmarking: Committee considered market compensation data from similarly situated public asset managers; peer names not disclosed .
Investment Implications
- Alignment: Extremely large beneficial ownership (~53.3%) provides strong economic alignment and reduces agency risk; board cash fees are not paid to executives serving as directors (no incremental board pay to Doyle) .
- Pay design and selling pressure: With no current equity award program and no disclosed vesting schedules, near‑term insider selling pressure from vesting events appears low; however, Doyle’s sizable direct and indirect holdings create potential liquidity overhang were dispositions to occur (no Form 4 analysis provided here) .
- Retention/contract risk: Absence of employment agreements, severance, or CIC protections suggests limited contractual retention hooks; retention likely relies on ownership and firm economics rather than guaranteed packages .
- Governance/independence: Doyle’s dual role (executive + director) is mitigated by an independent committee structure and a Lead Independent Director, but related‑party ties (FRMO revenue share/ownership) heighten the need for robust conflict oversight by independents .
- Execution track: 2024 delivered strong AUM and revenue growth, high net income, and robust post‑merger TSR—supportive indicators of value creation during transition to a public holding structure; continuity in research/investment leadership is a lever, though integration and related‑party oversight remain watch points .