Hepsen Uzcan
About Hepsen Uzcan
Hepsen Uzcan (born 1974) serves as President and Chief Executive Officer of DWS Municipal Income Trust (KTF), a role he has held since 2017; he is a Managing Director at DWS and became DWS CEO of the Americas in 2024, reflecting expanded leadership responsibilities within the advisor organization . KTF filings do not disclose executive education, TSR, or operating performance metrics linked to his compensation; as a fund officer employed by DWS (the advisor), he “receives no direct compensation from the Fund,” and any compensation is paid by DWS or its affiliates . The Board has approved the termination of KTF with a liquidating distribution no later than November 30, 2026, which frames the remaining strategic and operational priorities during his tenure .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| DWS | CEO of the Americas | 2024–present | Regional leadership over DWS Americas, indicating broader managerial scope beyond fund administration . |
| DWS | Head of Product Americas | 2021–present | Oversight of product strategy for the Americas platform . |
| DWS | Head of Fund Administration and Head of U.S. Mutual Funds | 2017–present | Oversight of fund administration and U.S. mutual fund operations . |
| DWS Funds (KTF) | President & CEO | 2017–present | Principal executive of the Fund; officer role elected annually by the Board . |
| DWS funds complex | Vice President, DWS Service Company | 2018–present | Corporate governance/administration within DWS service operations . |
| DWS | Head of Americas CEO Office | 2023–2024 | Executive office leadership support for DWS Americas . |
| DWS funds complex | Vice President (various) | 2016–2017 | Progression into senior fund roles prior to CEO appointment . |
| DWS entities | Assistant/Secretary roles (multiple entities) | 2013–2023 | Legal/secretarial roles across DWS USA Corp., DWS Investment Management Americas, DWS Trust Company, DWS Distributors, etc., indicating broad governance experience . |
External Roles
| Organization | Role | Years |
|---|---|---|
| The European Equity Fund, Inc.; The New Germany Fund, Inc.; The Central and Eastern Europe Fund, Inc. | President & CEO; Interested Director (since 2020) | 2017–present (CEO); 2020–present (Interested Director) . |
| DWS Service Company | Director | 2018–present . |
| DB Investment Managers, Inc. | Director | 2018–present . |
| DWS USA Corporation | Director | 2023–present . |
| DWS Investment Management Americas, Inc. | Director | 2023–present . |
| DBX Advisors LLC | Manager | 2023–present . |
| ICI Mutual Insurance Company | Director | 2020–present . |
| Episcopalian Charities of New York | Director | 2018–present . |
Fixed Compensation
- Officers of KTF who are employees of DWS (the advisor) “receive no direct compensation from the Fund,” and are compensated by DWS or its affiliates; therefore, the Fund does not disclose base salary, target/actual bonus, or perquisites for Hepsen Uzcan .
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed by KTF (officer compensation is paid by DWS, not the Fund) | — | — | — | — | — |
- KTF’s proxy does not report RSUs/PSUs, option awards, performance goals, or payout mechanics for Fund officers; officers are compensated by DWS or affiliates and such terms are not included in the Fund’s filings .
Equity Ownership & Alignment
| Topic | Detail |
|---|---|
| Beneficial ownership | Board Members and officers of the Fund as a whole owned less than 1% of outstanding shares as of Aug 1, 2025 (and 2024) . |
| Individual officer disclosure | KTF’s ownership tables list Board Members; officer-by-officer holdings (including Hepsen Uzcan) are not itemized; no pledging disclosures for officers are provided . |
| Board ownership expectation | Board governance policy expects each Board Member to invest at least $315,000 in DWS funds within three years of becoming a Board Member; this applies to Board Members, not Fund officers . |
| Section 16 compliance | The Fund states all required Section 16(a) beneficial ownership filings were timely for FY2024 and FY2023; no individual Form 4 activity is enumerated in the proxy . |
Employment Terms
| Term | Disclosure |
|---|---|
| Employer | Hepsen Uzcan is a DWS employee (Managing Director) serving as KTF’s President & CEO; officers are considered “interested persons” due to their DWS affiliations . |
| Compensation source | No direct compensation from the Fund; compensation is paid by DWS or its affiliates . |
| Election/term | Officers are elected annually by the Board; length of time served indicates he has served as KTF President & CEO since 2017 . |
| Severance / Change-of-control | No officer employment agreements, severance multiples, change-of-control triggers, accelerated vesting, or clawback/tax gross-up provisions for officers are disclosed in KTF proxy filings . |
| Fund status | Board approved termination of KTF with liquidating distribution no later than Nov 30, 2026; filings do not specify any officer transition or severance economics tied to liquidation . |
Investment Implications
- Pay-for-performance visibility is low for Fund officers: Because KTF does not pay or disclose officer compensation (officers are paid by DWS), investors lack line-of-sight into Uzcan’s salary/bonus/equity mix, targets, and vesting—reducing the ability to assess incentive alignment or near-term selling pressure from vesting schedules .
- Ownership alignment at the Fund level appears limited: The Board and officers collectively own less than 1% of KTF shares, and officer-level holdings (including any pledging/hedging) are not disclosed—limiting “skin-in-the-game” analysis for Uzcan at the Fund level .
- Governance context: Uzcan’s 2024 elevation to DWS CEO of the Americas signals strong standing within the advisor’s hierarchy, which can be a positive for execution continuity; however, with KTF scheduled for liquidation by November 30, 2026, the remaining focus is orderly portfolio management and shareholder distribution rather than long-term growth objectives .
- Data gaps to monitor: If available, separate DWS Group disclosures (outside KTF) would be required to evaluate Uzcan’s compensation structure, performance metrics, and equity incentives; within KTF, officer compensation and any change-of-control or severance terms are not disclosed .