Jacques P. Perold
About Jacques P. Perold
Independent Trustee of NYLI MacKay DefinedTerm Muni Opportunities Fund since 2016 and Chair of the Board since January 2025; born 1958; long-serving investment executive with senior roles at Fidelity and Geode, and founder/executive at CapShift Advisors LLC . He also serves on the boards of Allstate Corporation (since 2015) and MSCI Inc. (since 2017) and oversees 86 portfolios across the NYLI fund complex .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Fidelity Management & Research Company | President | 2009–2014 | Executive leadership of advisor to Fidelity mutual funds |
| Geode Capital Management, LLC | President & Chief Investment Officer | 2001–2009 | Led investment management for index/quant strategies |
| CapShift Advisors LLC | Chief Executive Officer; Chairman of the Board | CEO: 2018–2022; Chairman since 2022 | Founder/leader of SEC-registered adviser; governance chair since 2022 |
| NYLI fund complex | Advisory Board Member | Jun 2015–Dec 2015 | Preceded full trustee appointment in 2016 |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Allstate Corporation | Director | Since 2015 | Public company board service |
| MSCI Inc. | Director | Since 2017 | Public company board service |
| Partners In Health | Trustee | Since 2019 | Non-profit board service |
| Boston University | Investment Committee Member; Trustee | Committee: 2008–2019; Trustee until 2019 | Institutional investment oversight |
Board Governance
- Role and independence: Independent Trustee; elected Independent Chair of the Board since Jan 2025. Board has seven trustees, six independent; the Chair sets agendas and presides over meetings .
- Committee assignments (FY ended May 31, 2025):
- Contracts Committee (member; Perold chaired this committee 2018–2024) – 6 meetings .
- Investment Committee (member) – 8 meetings .
- Nominating & Governance Committee (member) – 6 meetings .
- Operations Oversight Committee (member) – 5 meetings .
- Board activity & attendance: Board held 9 regular meetings in FY 2025; each trustee attended ≥75% of board and committee meetings of which they were a member .
- Governance framework: Independent trustees supported by standing committees (Audit, Contracts, Investment, Nominating & Governance, Operations Oversight); robust risk oversight including CCO reporting and valuation governance .
| Committee (FY2025) | Role | Meetings Held |
|---|---|---|
| Contracts Committee | Member (prior Chair 2018–2024) | 6 |
| Investment Committee | Member | 8 |
| Nominating & Governance Committee | Member | 6 |
| Operations Oversight Committee | Member | 5 |
| Board of Trustees | Chair | 9 board meetings; ≥75% attendance threshold met |
Fixed Compensation
| Year | Aggregate Compensation from Fund ($) | Total Compensation from Fund Complex ($) | Pension/Retirement Benefits | Annual Benefits Upon Retirement |
|---|---|---|---|---|
| FY 2025 | 1,581 | 420,000 | None | None |
| FY 2024 | 1,865 | 370,000 | None | None |
- Structure: Independent trustees receive an annual retainer, fees per regularly scheduled board and committee meetings, and additional annual fee for the Chair; expenses reimbursed. Each fund pays a pro‑rata share based on net assets .
Performance Compensation
- No performance-based elements disclosed for independent trustees (no stock awards, options, PSUs/RSUs, or formulaic metrics). Compensation comprises retainers and meeting fees; Chair receives an additional annual fee .
| Performance-linked element | Details |
|---|---|
| Performance metrics tied to compensation | None disclosed |
| Stock/option awards to directors | None disclosed |
| Clawbacks/COC provisions for directors | Not disclosed (director compensation is cash retainer/meeting fees) |
Other Directorships & Interlocks
| Company | Role | Since | Potential Interlock Notes |
|---|---|---|---|
| Allstate Corporation | Director | 2015 | External insurance industry board; no related-party transactions disclosed in fund proxy |
| MSCI Inc. | Director | 2017 | External index/analytics board; no related-party transactions disclosed in fund proxy |
| CapShift Advisors LLC | Chairman | 2022 | Private adviser role; disclosure shows prior CEO and current chair |
Expertise & Qualifications
- 25+ years senior investment management experience across equities and alternatives; leadership roles at Fidelity and Geode; prior ICI Board of Governors/Executive Committee member; extensive governance within NYLI fund complex .
- Demonstrated contract evaluation leadership (Contracts Committee Chair 2018–2024) and current board leadership as Independent Chair .
Equity Ownership
| Holder | Dollar Range in MMD | Aggregate Dollar Range in All Registered Investment Companies Overseen |
|---|---|---|
| Jacques P. Perold | None | Over $100,000 |
- Group ownership: Trustees and officers as a group own <1% of the Fund’s beneficial interests .
Governance Assessment
- Board effectiveness: Perold’s elevation to Independent Chair in 2025, coupled with prior leadership of the Contracts Committee, signals strong influence over adviser/contract oversight and agenda-setting—supportive of investor confidence in fund governance .
- Independence & attendance: Independent status, active committee membership across investment, contracts, nominating/governance, and operations oversight, with ≥75% attendance, indicates engagement and coverage of key risk and performance areas .
- Ownership alignment: RED FLAG—no direct holdings in MMD (dollar range “None”) may be viewed as weaker fund-specific alignment, although aggregate holdings across the complex exceed $100,000 .
- Compensation mix & changes: Year-over-year increase in total fund complex compensation ($370k → $420k) aligns with stepping into Board Chair role; compensation remains fixed/meeting-fee based (no at-risk performance pay), which is typical for mutual fund trustees but offers limited pay-for-performance signaling .
- Auditor independence oversight: The Audit Committee maintains pre-approval procedures and independence reviews; PwC non-audit fees to NYLI and affiliates were ~$22.3M in FY2025 (vs. ~$21.7M FY2024), a general-sector risk mitigated by committee oversight and independence procedures .
- Tenure/refreshment: Board Service Policy requires Independent Trustees to tender resignation upon reaching age 75 or 15 years of service, supporting refreshment; Perold’s current tenure (since 2016) remains within policy thresholds .
- Related-party transactions & Section 16: Proxy indicates timely Section 16 compliance; no related-party transactions involving Perold are disclosed—reducing conflict risk from direct dealings .