Cesar Trelles
About Cesar Trelles
Cesar A. Trelles (year of birth: 1975) serves as Assistant Treasurer of Lazard Global Total Return and Income Fund, Inc. (LGI) and is a Senior Vice President at Lazard Asset Management LLC (LAM). He has held the Assistant Treasurer role at LGI since December 2004 and was elevated at LAM from Vice President (2004–February 2024) to Senior Vice President in February 2024 . Officers’ proxy biographies list LAM as their principal occupation and address (30 Rockefeller Plaza, New York), with officers serving until a successor is elected or upon resignation/removal . Fund-level total ownership by directors and officers as a group was less than 1% of LGI’s outstanding common stock as of December 31, 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Lazard Global Total Return and Income Fund, Inc. (LGI) | Assistant Treasurer | December 2004 – Present | Not disclosed |
| Lazard Asset Management LLC (LAM) | Senior Vice President | February 2024 – Present | Not disclosed |
| Lazard Asset Management LLC (LAM) | Vice President | 2004 – February 2024 | Not disclosed |
| Lazard Asset Management LLC (LAM) | Fund Administration Manager (prior to VP promotion) | Pre–February 2011 | Not disclosed |
Fixed Compensation
- LGI’s proxy reports director compensation; officer compensation (including base salary, bonus, equity grants) is not disclosed at the fund level. Officers are employees of LAM, and the LGI proxy provides no officer pay detail .
Performance Compensation
- No disclosure of officer performance-based compensation frameworks (e.g., metrics, weights, targets, payouts, vesting) for LGI officers in the proxy .
Equity Ownership & Alignment
| Metric | As of Dec 31, 2024 |
|---|---|
| Directors and officers, as a group: % of LGI outstanding common stock | <1% |
| Individual officer ownership breakdown | Not disclosed |
| Stock pledging/hedging by officers | Not disclosed |
| Stock ownership guidelines (officers) | Not disclosed |
Employment Terms
| Item | Disclosure |
|---|---|
| LGI officer title | Assistant Treasurer |
| LGI service start date | December 2004 |
| LAM role progression | Vice President (2004–Feb 2024); Senior Vice President (since Feb 2024) |
| Term | Officers serve until a successor is elected or earlier resignation/removal |
| Employment contract, severance, change-of-control | Not disclosed in LGI proxy |
| Non-compete/non-solicit, garden leave, post-termination | Not disclosed in LGI proxy |
Governance Context (Board/Compensation Committee)
- The Fund has two standing committees (Audit and Nominating) and does not have a standing Compensation Committee for the Board; committee composition is entirely Independent Directors for Audit and Nominating .
- Board met seven times in FY2024; each Director attended at least 75% of aggregate Board/committee meetings .
Investment Implications
- Alignment and insider pressure: The proxy indicates directors and officers collectively own less than 1% of LGI shares, suggesting limited direct fund-level insider alignment; individual officer ownership and any pledging/hedging are not disclosed, constraining analysis of potential selling pressure .
- Compensation transparency: Officer compensation (cash/equity, performance metrics, vesting, severance/change-of-control) is not reported at the fund level, as officers are LAM employees; pay-for-performance assessment at LGI cannot be conducted from the proxy alone .
- Retention/continuity: Trelles’ long tenure as Assistant Treasurer since 2004 and recent promotion at LAM to Senior Vice President suggest operational continuity in fund administration and treasury functions; however, absence of contract terms or retention incentives limits visibility into retention risk triggers .
- Next steps for trading signals: The LGI proxy does not provide officer trading activity; monitoring SEC Form 4 filings and any 8-K 5.02 events would be required to assess near-term insider selling pressure and role changes, which are outside the scope of the proxy materials listed here .