Rich Kircher
About Rich Kircher
Rich Kircher (born 1962) serves as Deputy Anti-Money Laundering (AML) Compliance Officer for DWS Municipal Income Trust (KTF) and affiliated DWS funds, a role he has held since 2024 . He is a Director at DWS and Senior Team Lead, Anti-Financial Crime and Compliance at DWS Investment Management Americas, Inc.; previously, he was BSA & Sanctions Compliance Officer at Putnam Investments . Officers serving the Fund are “interested persons” of DIMA/DWS and receive no compensation from KTF; the proxy does not disclose individual officer performance metrics (e.g., TSR, revenue, EBITDA) tied to compensation for Fund officers .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Putnam Investments | BSA & Sanctions Compliance Officer | Not disclosed | BSA and sanctions compliance function |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| DWS Investment Management Americas, Inc. | Senior Team Lead, Anti-Financial Crime & Compliance | Not disclosed | Anti-financial crime and compliance leadership |
| The European Equity Fund, Inc. | Deputy AML Compliance Officer | 2024–present | AML oversight for registered fund |
| The New Germany Fund, Inc. | Deputy AML Compliance Officer | 2024–present | AML oversight for registered fund |
| The Central and Eastern Europe Fund, Inc. | Deputy AML Compliance Officer | 2024–present | AML oversight for registered fund |
| DBX ETF Trust | Deputy AML Compliance Officer | 2024–present | AML oversight for ETF complex |
| DWS Distributors, Inc. | Deputy AML Compliance Officer | 2024–present | AML oversight for distribution entity |
| DWS Trust Company | Deputy AML Compliance Officer | 2024–present | AML oversight for trust entity |
Fixed Compensation
Officers, as “interested persons” due to their DIMA/DWS roles, receive no compensation from KTF; the proxy provides no disclosure of base salary, bonus, or other cash compensation for Fund officers (compensation resides with employer DIMA/DWS) .
Performance Compensation
No disclosure of Fund-level performance-based pay, equity awards (RSUs/PSUs/options), performance metrics, vesting schedules, severance, change-in-control, clawbacks, hedging/pledging, or tax gross-ups for Fund officers; officers are employees of DIMA/DWS and compensated outside the Fund .
Equity Ownership & Alignment
| Metric | As of Aug 1, 2023 | As of Aug 1, 2025 |
|---|---|---|
| Board Members + officers’ collective ownership of KTF | Less than 1% of outstanding shares | Less than 1% of outstanding shares |
- Individual officer beneficial ownership breakdowns (vested/unvested, options exercisable/unexercisable, pledged shares) are not disclosed in KTF proxy materials .
- Beneficial ownership tables in the proxy focus on Board Members; officers are not listed individually for KTF .
Employment Terms
| Item | Disclosure |
|---|---|
| Position at KTF | Deputy AML Compliance Officer |
| Start of current role | 2024 |
| Officer election cadence | Officers are elected annually by the Board |
| Employment agreement terms (non-compete, non-solicit, garden leave, severance, CoC) | Not disclosed in KTF filings for Fund officers |
| Clawbacks/hedging/pledging policies for officers | Not disclosed for Fund officers in KTF filings |
Investment Implications
- Compensation alignment and trading signals are limited at the Fund level: officers receive no compensation from KTF, and there is no disclosure of cash/equity pay, performance metrics, or vesting tied to Fund outcomes; compensation resides at DIMA/DWS, outside the Fund’s proxy scope .
- Equity alignment appears minimal at the Fund level: the collective holdings of Board Members and officers are less than 1% of KTF shares as of August 1, 2023 and August 1, 2025, with no individual officer ownership disclosure or pledging detail, reducing visibility into officer‑level skin‑in‑the‑game for KTF .
- Retention risk and incentives should be assessed via DIMA/DWS employment terms (not disclosed here): Kircher’s cross-entity AML responsibilities suggest role continuity and expertise anchored at DWS rather than Fund-specific drivers, making Fund-level governance events (e.g., trustee changes, committee assignments) more relevant than officer pay for near-term signals .