Anthony Grillo
About Anthony Grillo
Anthony Grillo (birth year: 1955) is a non-interested, independent Director of Western Asset Municipal High Income Fund Inc. (MHF), effective November 15, 2024, and serves on the Nominating, Audit, Compensation, and Pricing & Valuation Committees; he oversees 17 portfolios in the Franklin Templeton fund complex . His background spans founding and leading American Securities Opportunity Funds (2006–2018), senior roles at Evercore Partners (2001–2004), Joseph Littlejohn & Levy (1999–2001), and The Blackstone Group (1991–1999), reflecting deep private equity and investment banking experience . The Board currently consists of eight directors, seven of whom are independent; committees are composed entirely of independent directors, and independent directors regularly meet in executive sessions outside management .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| American Securities Opportunity Funds | Founder, Managing Director & Partner | 2006–2018 | Private equity & credit leadership; investment oversight |
| Evercore Partners Inc. | Senior Managing Director | 2001–2004 | Investment banking leadership |
| Joseph Littlejohn & Levy, Inc. | Senior Managing Director | 1999–2001 | Private equity leadership |
| The Blackstone Group L.P. | Senior Managing Director | 1991–1999 | Private equity & credit leadership |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Littelfuse, Inc. | Director | Since 1991 | Electronics manufacturing board experience |
| Oaktree Acquisition Corp. II | Director | 2020–2022 | SPAC board experience |
| Oaktree Acquisition Corp. | Director | 2019–2021 | SPAC board experience |
Board Governance
- Independence and structure: Seven of eight directors are independent; independent directors meet in executive sessions led by the independent Chair, Eileen A. Kamerick .
- Committee memberships: Grillo is a member of the Audit, Nominating, Compensation, and Pricing & Valuation Committees .
- Attendance: The Board held four regular meetings in FY ended Oct 31, 2024; each Director attended at least 75% of meetings for which they were eligible; no Director attended the 2024 Annual Meeting of stockholders (note: Grillo’s appointment was effective Nov 15, 2024, after FY-end) .
- Audit Committee report: On Dec 19, 2024, the Audit Committee recommended inclusion of audited financials in the annual report; PwC audit fees were $44,698 in FY 2024 (context on committee oversight) .
| Committee | Composition | Chair | FY 2024 Meetings |
|---|---|---|---|
| Audit | All independent directors (includes Grillo) | Nisha Kumar | 5 |
| Nominating | All independent directors (includes Grillo) | Hillary A. Sale | 7 |
| Compensation | All independent directors (includes Grillo) | Peter Mason | 1 |
| Pricing & Valuation | All independent directors (includes Grillo) | Carol L. Colman | 4 |
Fixed Compensation
| Item | Amount | Period |
|---|---|---|
| Aggregate compensation from MHF | – (joined after FY-end) | FY ended 10/31/2024 |
| Total compensation from the Fund & Fund Complex | $32,989 | Calendar year ended 12/31/2024 |
- Pension/retirement benefits: The Fund does not provide any pension or retirement benefits to Directors .
Performance Compensation
| Component | Disclosed Metrics | Notes |
|---|---|---|
| Director equity/bonus/performance pay | Not disclosed | Proxy presents director compensation totals without performance-based metrics |
Other Directorships & Interlocks
| Company | Relationship to MHF Adviser/affiliates | Notes |
|---|---|---|
| Littelfuse, Inc.; Oaktree SPACs | No interest in the Fund’s investment adviser or affiliates disclosed for independent directors (as of 12/31/2024) | No related-party interests with FTFA/affiliates; independence affirmed |
Expertise & Qualifications
- Grillo brings private equity, credit, and investment banking experience as a former managing director at American Securities, Evercore, JLL, and Blackstone, supporting valuation, financing, and transaction oversight .
- Oversees 17 portfolios in the Franklin Templeton fund complex, indicating broad fund board exposure .
Equity Ownership
| Dollar Range in MHF | Aggregate Dollar Range in Fund Family | As-of Date |
|---|---|---|
| A = None | A = None | 12/31/2024 |
Recent insider filings:
| Filing Date | Transaction Date | Form | Type | Shares Transacted | Price | Post-Transaction Ownership | Source |
|---|---|---|---|---|---|---|---|
| 2024-11-21 | 2024-11-15 | Form 3 | Initial Statement | 0 | – | 0 | https://www.sec.gov/Archives/edgar/data/830487/000091485124000327/0000914851-24-000327-index.htm |
| 2025-05-28 | 2025-05-27 | Form 4 | Open market purchase | 1,500 | $7.10 | 1,500 (direct) | https://www.sec.gov/Archives/edgar/data/830487/000091485125000099/0000914851-25-000099-index.htm |
Governance Assessment
- Independence and breadth: Classified as a non-interested director and sits only on independent director committees; independence reinforced by proxy’s disclosure of no interests in adviser or affiliates for independent directors .
- Committee load and expertise: Simultaneous membership on Audit, Nominating, Compensation, and Pricing & Valuation aligns with his transaction and valuation background; committee meeting cadence suggests active oversight across risk, valuation, and governance .
- Alignment signal: Open market purchase of 1,500 shares in May 2025 indicates incremental skin-in-the-game following a December 2024 disclosure of no holdings (ownership table) and Form 4 purchase .
- Engagement note: Proxy reports each Director attended ≥75% of eligible meetings in FY 2024, but no Director attended the 2024 annual stockholder meeting; Grillo’s appointment occurred after FY-end, so FY24 attendance does not apply to him .
- Conflicts: No related-party transactions or adviser/affiliate relationships disclosed for independent directors as of 12/31/2024, reducing conflict risk .
RED FLAGS: None disclosed in the proxy regarding related-party transactions, hedging/pledging, tax gross-ups, or option repricing for directors . The absence of annual meeting attendance across the Board in 2024 is a potential engagement optics issue, albeit common in closed-end funds .