Theodore J. Brombach
About Theodore J. Brombach
Theodore J. Brombach is President and Chief Executive Officer of the XAI Madison Equity Premium Income Fund (MCN) since 2024; Year of Birth: 1963. He is Co‑Chief Executive Officer of XA Investments LLC (XAI), which serves as MCN’s investment adviser, and a co‑founding partner of XMS Capital Partners, LLC; XAI is controlled by Brombach and John “Yogi” Spence and managed approximately $950 million in assets as of March 31, 2025 . Fund proxies do not disclose officer compensation metrics or fund performance attribution for his tenure; officers receive no compensation from the Fund, with any compensation, if applicable, paid by the Adviser .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| XA Investments LLC (XAI) | Co‑Chief Executive Officer | 2016–present | Controls MCN’s investment adviser alongside John “Yogi” Spence . |
| XMS Capital Partners, LLC | Co‑founding Partner | 2006–present | Co‑founded independent advisory firm focused on investment banking . |
| Morgan Stanley | Co‑Head of Midwest Investment Banking; Managing Director; Founding Member, Financial Sponsors Group | 1990–2006 | Founded MS Financial Sponsors Group; senior leadership in midwest banking . |
| Kidder, Peabody & Co. | Analyst | 1985–1988 | Early investment banking experience . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| XA Investments LLC (XAI) | Co‑Chief Executive Officer | 2016–present | XAI is MCN’s investment adviser; controlled by Brombach and Spence; ~$950mm AUM as of 3/31/2025 . |
| XMS Capital Partners, LLC | Co‑founding Partner | 2006–present | Founding partner; supports alternative investment sponsorship strategy at XAI . |
Fixed Compensation
Officers of the Fund receive no compensation from MCN (closed‑end fund structure); any compensation for service is in capacities at the Adviser and not disclosed in the Fund’s proxy.
| Component | 2024 | 2025 YTD | Notes |
|---|---|---|---|
| Base Salary (Fund‑paid) | None | None | “The Fund’s officers receive no compensation from the Fund” . |
| Target Bonus % (Fund‑paid) | None | None | Not applicable given no Fund‑paid compensation . |
| Cash Paid (Fund‑paid) | None | None | Not applicable . |
Performance Compensation
No performance‑linked compensation from the Fund is disclosed for executive officers; any incentive structures, if applicable, would be at the Adviser and are not reported in MCN’s proxy.
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed (Adviser‑level, if any) | — | — | — | — | — |
Equity Ownership & Alignment
| Metric | 2024‑12‑02 (Form 3) | 2024‑12‑31 (Proxy) |
|---|---|---|
| Common shares beneficially owned | 0 (“No securities are beneficially owned.”) | None |
| Ownership as % of shares outstanding | Not disclosed | Not disclosed |
| Pledged as collateral | None disclosed | None disclosed |
| Group ownership context | — | Trustees and officers as a group owned <1% of outstanding Common Shares |
Additional context:
- Executive officers of the Fund, including Brombach, held no MCN shares as of 12/31/2024 .
- Brombach filed Form 3 upon becoming President & CEO, indicating zero beneficial ownership at that time .
Employment Terms
| Item | Disclosure |
|---|---|
| Title | President and Chief Executive Officer . |
| Term of Office | Officers serve at the pleasure of the Board until successors are appointed and qualified or earlier resignation/removal . |
| Service since | 2024 . |
| Business address | 321 North Clark Street, Suite 2430, Chicago, IL 60654 . |
| Agreement structure | CFO/CCO/Assistant Treasurer roles are via a services agreement with PINE Advisors; designation approvals by Board; Brombach’s CEO role is a Fund officer appointment, not via PINE . |
| Severance/Change‑of‑control | Not disclosed in Fund proxy. |
| Non‑compete/Non‑solicit/Garden leave | Not disclosed in Fund proxy. |
| Clawbacks/Anti‑hedging/Anti‑pledging | Not disclosed in Fund proxy. |
| Stock ownership guidelines | Not disclosed; beneficial ownership reported instead . |
Investment Implications
- Alignment: Zero MCN share ownership by Brombach as of his Form 3 and year‑end reduces direct equity alignment; monitor for any future insider purchases or DRIP participation that could signal increased alignment .
- Compensation transparency: Fund structure shifts compensation to Adviser (XAI); with no Fund‑paid remuneration disclosed, pay‑for‑performance analysis for Brombach at the Fund level is limited—focus diligence on Adviser‑level incentives and fee structures impacting MCN’s net returns .
- Retention risk: Officers serve at the pleasure of the Board; CEO role is tied to adviser relationship and governance stability—track Board composition and advisory agreements for potential transitions .
- Execution capability: Brombach’s investment banking pedigree and control of the Adviser indicate strong capital markets and closed‑end fund expertise; operational delivery for MCN depends on Adviser/Sub‑Adviser execution and fee discipline rather than executive equity incentives .