Jeff C. Chang
About Jeff C. Chang
Jeff C. Chang (age 51; born 1973) serves as Secretary and Chief Compliance Officer of CBRE Global Real Estate Income Fund (IGR) and is also the Chief Compliance Officer of CBRE Investment Management Listed Real Assets LLC, the Fund’s Adviser; he was appointed effective January 1, 2023 after serving as Chief Compliance Officer of First Quadrant, LP from 2012–2022 . During his tenure, IGR’s FY2024 NAV total return was -6.50% and market total return 1.25% , while 1H2025 NAV and market total returns were 5.12% and 18.00% respectively; the Fund maintained a $0.06 monthly distribution and reported leverage of 32% at June 30, 2025 . IGR’s net assets were $721.0M at FY2024 year-end and $747.8M at June 30, 2025; NAV per share was $4.99 at June 30, 2025 .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| CBRE Investment Management Listed Real Assets LLC (Adviser) | Chief Compliance Officer | 2023–present | Leads compliance for the Adviser to IGR; CCO supports the Board’s risk oversight and reporting |
| CBRE Global Real Estate Income Fund (IGR) | Secretary and Chief Compliance Officer | 2023–present | Officer of the Trust; central to compliance program reporting to the Board |
| First Quadrant, LP | Chief Compliance Officer | 2012–2022 | Compliance leadership at a registered investment adviser |
Fixed Compensation
| Fiscal year | Compensation from Trust to Jeff C. Chang ($) | Notes |
|---|---|---|
| 2023 | $0 | Fees, salaries or other remuneration of officers who also serve as officers/employees of the Adviser are borne by the Adviser; principal executive officers received no Trust compensation |
| 2024 | $0 | Same arrangement; principal executive officers received no Trust compensation |
- Officers of the Trust who are employees of the Adviser (including the CCO) are compensated by the Adviser; the Trust does not disclose individual officer salary/bonus details .
Performance Compensation
- Not disclosed in Trust filings; compensation metrics (e.g., revenue/EBITDA/TSR targets), equity award structures (RSUs/PSUs/options), and vesting schedules for officers compensated by the Adviser are not provided in IGR’s proxy/semiannual reports .
Equity Ownership & Alignment
| Item | As of 6/30/2024 | As of 6/30/2025 |
|---|---|---|
| Trustees and officers (group) ownership of IGR | Less than 1% of outstanding shares | Less than 1% of outstanding shares |
| 5%+ beneficial owners | None known to the Trust as of record date | None known to the Trust as of record date |
- Individual officer holdings (including Jeff C. Chang), pledging/hedging policies, and ownership guideline compliance are not disclosed in Trust filings .
Employment Terms
| Term | Detail |
|---|---|
| Effective date | Appointed Secretary and Chief Compliance Officer effective January 1, 2023 |
| Employer/dual-hatted status | Officer of the Trust and officer of the Adviser (CBRE Investment Management Listed Real Assets LLC) |
| Business address | 555 East Lancaster Avenue, Suite 120, Radnor, PA 19087 |
| Role scope | Oversees the Trust’s compliance program; provides regular reports to the Board; annual assessment of adequacy/effectiveness of policies/procedures of the Trust and its service providers |
| Severance/change-of-control | Not disclosed in Trust filings |
| Non-compete/solicit/garden leave | Not disclosed in Trust filings |
| Clawback/tax gross-ups | Not disclosed in Trust filings |
Performance & Fund Context
| Metric | FY 2024 | 1H 2025 |
|---|---|---|
| NAV total investment return | -6.50% | 5.12% |
| Market total investment return | 1.25% | 18.00% |
| Monthly distribution | $0.06 per share | $0.06 per share; $0.36 paid in 1H2025 |
| Leverage | Borrowings outstanding $347.9M (context) | Leverage 32% (as of 6/30/2025) |
| Net assets | $721,034,460 (12/31/2024) | $747,842,459 (6/30/2025) |
| NAV per share | $5.10 → $5.10 during FY; ended $5.10 (see highlights) | $4.99 (6/30/2025) |
Board Governance (Officer-related)
- The Trust’s Board oversees risk, including compliance risk under the guidance of the Chief Compliance Officer, who reports regularly and provides an annual review of policies/procedures and material compliance matters .
Risk Indicators & Red Flags
- Section 16 beneficial ownership reporting: the Trust indicated required filings were completed for FY2024 and FY2023; no non-compliance noted .
- No disclosures of officer legal proceedings, pledging/hedging, or related-party transactions involving Jeff C. Chang in the Trust’s proxy/semiannual report .
Investment Implications
- Alignment: Officer compensation is paid by the Adviser and not the Trust, and trustees/officers as a group own <1% of IGR; lack of disclosed individual ownership, pledging, or performance-linked pay reduces direct alignment visibility, limiting insider-driven trading signals .
- Retention/execution risk: As a dual-hatted CCO at the Adviser and the Trust, Jeff Chang anchors compliance oversight; severance/CIC, non-compete, or vesting terms are not disclosed, so contractual retention levers cannot be assessed from Trust filings .
- Fund performance context: Improving 1H2025 returns (NAV +5.12%, market +18.00%), stable $0.06 monthly distributions, and 32% leverage indicate the operating backdrop during his tenure; however, these results are portfolio/market-driven rather than executive-compensation linked given adviser-funded pay and limited disclosure .