Lisa Belle
About Lisa Belle
Lisa Belle is the Anti-Money Laundering (AML) Compliance Officer of BlackRock MuniHoldings California Quality Fund, Inc. (MHD), serving since 2019; she is a Managing Director at BlackRock (since 2019) and previously served as Global Financial Crime Head for Asset & Wealth Management at J.P. Morgan (2013–2019). Year of birth: 1968. Officers of the Funds serve at the pleasure of the Board; with the exception of the Chief Compliance Officer, executive officers receive no compensation from the Funds (i.e., they are compensated by BlackRock, not the Fund) . For performance context during her tenure, MHD’s recent total returns are shown below (NAV and market price), reflecting fund outcomes rather than officer-specific KPIs .
| Metric | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | 6M Ended 01/31/25 |
|---|---|---|---|---|---|---|
| Total Return Based on NAV (%) | -4.02 | 19.31 | -13.64 | 1.93 | 4.86 | 0.01 |
| Total Return Based on Market Price (%) | -8.52 | 22.90 | -17.48 | 4.91 | 6.71 | 3.41 |
| NAV, end of period ($) | 15.18 | 17.30 | 14.27 | 14.35 | 13.61 | 13.24 |
| Market price, end of period ($) | 13.91 | 16.33 | 12.87 | 13.32 | 12.04 | 12.11 |
Notes: Officers serve at the pleasure of the Board; executive officers (other than the CCO) receive no compensation from the Funds .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| BlackRock, Inc. | Managing Director; AML Compliance Officer to the Funds | 2019–present | Provides AML oversight and compliance leadership for the Funds within BlackRock’s advisory framework . |
| J.P. Morgan (Asset & Wealth Management) | Global Financial Crime Head | 2013–2019 | Led global financial crime program for AWM, strengthening controls and AML frameworks prior to joining BlackRock . |
Fixed Compensation
- Executive officers (other than the CCO) receive no compensation from MHD. The CCO is compensated by the Acquiring Fund, but Lisa Belle (AML Compliance Officer) is not compensated by the Fund; compensation, if any, is through BlackRock and not disclosed in MHD’s proxy .
Performance Compensation
- No Fund-level incentive compensation for Lisa Belle is disclosed; the proxy states officers (other than the CCO) receive no compensation from the Funds, so there are no Fund-linked bonus/RSU/option metrics, targets, payouts, or vesting schedules reported for her .
Equity Ownership & Alignment
- Individual officer ownership is not itemized; as a group, the officers and Board Members of each Fund beneficially owned less than 1% of outstanding common shares as of July 31, 2025 (no VMTP shares held), implying limited direct Fund equity alignment at the officer level in aggregate .
- 5% beneficial owners of MHD (context for trading/liquidity and governance influence): Karpus Investment Management 14.01%; RiverNorth Capital Management, LLC 7.66% (as of August 18, 2025, per Schedule 13D/13G filings cited by the proxy) .
| Holder | Common Shares % Held | As-Of |
|---|---|---|
| Karpus Investment Management | 14.01% | Aug 18, 2025 |
| RiverNorth Capital Management, LLC | 7.66% | Aug 18, 2025 |
| Officers & Board (group) | <1% | Jul 31, 2025 |
No pledging/hedging disclosures specific to Lisa Belle are provided in the proxy; individual officer beneficial ownership details are not presented .
Employment Terms
| Term/Provision | Disclosure | Source |
|---|---|---|
| Title | Anti-Money Laundering Compliance Officer | |
| Start | Since 2019 | |
| Employer/Staffing | BlackRock Advisors, LLC provides personnel and services necessary to the operations of each Fund | |
| Compensation by Fund | Executive officers (except CCO) receive no compensation from the Funds | |
| Tenure/At-will | Officers serve at the pleasure of the Board | |
| Severance / Change-in-Control | Not disclosed for officers in the proxy; no individual officer severance/CoC economics presented |
Investment Implications
- Pay-for-performance alignment at the Fund level is minimal for Lisa Belle: as an officer not compensated by the Fund, there are no disclosed Fund-linked cash or equity incentives, vesting schedules, or performance metrics; this limits direct trading signals from compensation structure (e.g., no impending vesting-related selling pressure tied to MHD) .
- Retention and incentive levers sit with BlackRock (her employer), not MHD; any equity awards, clawbacks, or ownership guidelines would be under BlackRock’s corporate programs, which are not disclosed in the Fund’s proxy. Hence, retention risk assessment and insider-selling indicators cannot be inferred from MHD filings for Lisa Belle .
- Ownership alignment appears limited at the officer level in aggregate (<1% group ownership), reducing direct economic exposure to MHD’s share price among insiders; large external holders (Karpus, RiverNorth) may exert more influence on trading dynamics and governance outcomes than Fund officers .
- Operationally, her role is risk management/compliance rather than portfolio construction; Fund TSR (shown above) is a useful performance backdrop for investors but should not be attributed to the AML function. Still, consistent compliance leadership supports fund credibility and lowers regulatory/operational risk premia in the long run .