Anthony Grillo
About Anthony Grillo
Anthony Grillo (birth year: 1955) is an independent, non‑interested Class I Director of Western Asset Managed Municipals Fund Inc. (MMU) since November 15, 2024. He is designated as one of MMU’s two Preferred Share Directors and serves on all standing board committees. His core credentials span private equity, credit investing, and investment banking leadership roles across American Securities Opportunity Funds, Evercore, JLL Partners, and Blackstone .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| American Securities Opportunity Funds | Founder, Managing Director and Partner | 2006–2018 | Private equity and credit investing leadership |
| Evercore Partners Inc. | Senior Managing Director | 2001–2004 | Investment banking leadership |
| Joseph Littlejohn & Levy (JLL Partners) | Senior Managing Director | 1999–2001 | Private equity leadership |
| The Blackstone Group L.P. | Senior Managing Director | 1991–1999 | Private equity and credit leadership |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Littelfuse, Inc. | Director | Since 1991 | Current public company directorship |
| Oaktree Acquisition Corp. II | Director | 2020–2022 | Prior SPAC board role |
| Oaktree Acquisition Corp. | Director | 2019–2021 | Prior SPAC board role |
Board Governance
- Status: Non‑interested, independent director; designated Preferred Share Director alongside Nisha Kumar—a class elected by Preferred shareholders (nuanced alignment with Preferred holders) .
- Committees: Audit (member), Nominating (member), Compensation (member), Pricing & Valuation (member). Chairs are: Audit—Nisha Kumar; Nominating—Hillary A. Sale; Compensation—Peter Mason; Pricing & Valuation—Carol L. Colman .
- Board leadership: Independent Chair Eileen A. Kamerick (effective Nov 15, 2024), a governance‑positive shift from prior period where the Chair was an interested person .
- Meetings FY ended May 31, 2025: Board held 4 regular and 3 special; each Director attended at least 75% of eligible Board/committee meetings; Independent Directors meet in executive session; advised by independent counsel .
| Committee | Membership (Grillo) | Chair | FY2025 Meetings |
|---|---|---|---|
| Audit | Member | Nisha Kumar | 6 |
| Nominating | Member | Hillary A. Sale | 5 |
| Compensation | Member | Peter Mason | 3 |
| Pricing & Valuation | Member | Carol L. Colman | 4 |
Fixed Compensation
| Metric | FY Ended 05/31/2025 | Notes |
|---|---|---|
| Aggregate compensation from MMU | $18,178 | Includes service on Board and MMU committees; no pension/retirement benefits |
| Total compensation from Fund Complex (CY 2024) | $32,989 | Reflects service across 21 fund complex directorships |
| Pension/retirement benefits | None | MMU does not provide pensions to Directors |
No equity grant disclosures for Directors in MMU’s proxy; compensation framework appears cash‑based (retainers/committee service) .
Performance Compensation
| Performance Element | Terms | Metrics | Status |
|---|---|---|---|
| Performance‑based cash bonus | Not disclosed | N/A | No Director bonus metrics disclosed |
| Equity awards (RSUs/PSUs/options) | Not disclosed | N/A | No Director equity award metrics disclosed |
Other Directorships & Interlocks
| Company | Sector | Role | Potential Interlock/Conflict |
|---|---|---|---|
| Littelfuse, Inc. | Electronics manufacturing | Director | No MMU‑specific related‑party exposure disclosed; MMU is a municipal bond fund |
| Oaktree Acquisition Corp., Oaktree Acquisition Corp. II | SPACs | Director (prior) | No MMU related‑party transactions disclosed |
Expertise & Qualifications
- Private equity and credit investing expertise; investment banking senior leadership background—supports valuation, pricing, and risk oversight functions for a fixed‑income fund .
- Not designated as audit committee financial expert (designation held by Nisha Kumar and Eileen A. Kamerick) .
- Independent and meets MMU’s director qualification framework; Nominating Committee evaluates independence, conflicts, service limits, character/fitness .
Equity Ownership
| Holding Measure | As of | MMU Fund Holding | Aggregate Fund Complex Holding | Notes |
|---|---|---|---|---|
| Dollar range code | 12/31/2024 | “A” = None | “A” = None | Fund defines dollar range codes: A=None; B=$1–$10k; C=$10,001–$50k; D=$50,001–$100k; E=Over $100k |
| Group beneficial ownership (Directors/officers) | 08/29/2025 | <1% of MMU outstanding shares as a group | N/A | Individual %s not disclosed |
| Shares pledged/hedged | N/A | Not disclosed | N/A | No pledging/hedging disclosures; none indicated for Grillo |
Governance Assessment
- Alignment: RED FLAG — Grillo reported no MMU equity ownership (“A” = None) as of 12/31/2024; combined with cash‑only director pay, this weakens direct stockholder alignment for MMU specifically .
- Independence and coverage: Grillo is non‑interested and serves on all standing committees, bolstering board capacity; however, he is not an audit financial expert (mitigated by committee having two designated experts) .
- Attendance and engagement: Meets minimum engagement threshold (≥75% attendance), and committee meeting cadence (Audit 6; Nominating 5; Pricing & Valuation 4; Compensation 3) suggests active oversight .
- Preferred Share Director designation: Governance nuance—Grillo is one of two directors elected by Preferred shareholders, which may at times create differing priorities versus Common shareholders; awareness is warranted during contested votes or control‑share matters .
- Conflicts/related parties: No interests with MMU’s adviser or affiliates disclosed for independent directors; no related‑party transactions, loans, or tax gross‑ups disclosed for Directors .
Shareholder votes: MMU’s proxies focus on director elections and auditor ratification; no say‑on‑pay proposals disclosed (typical for registered investment companies) .