Christopher Berarducci
About Christopher Berarducci
Christopher Berarducci (birth year: 1974) serves as Treasurer and Principal Financial Officer of Western Asset Managed Municipals Fund Inc. (MMU), holding these offices since 2019 . He is Vice President, Fund Administration and Reporting at Franklin Templeton (since 2020), and previously held roles at Legg Mason & Co. as Managing Director (2020), Director (2015–2020), and Vice President (2011–2015) . MMU’s executive officers are elected annually by the Board, hold office until successors are elected and qualified, and receive no compensation from the Fund (expenses reimbursed as applicable), underscoring that compensation and employment terms reside with Franklin Templeton rather than MMU . MMU is externally managed by Franklin Templeton Fund Adviser, LLC (FTFA) and subadvised by Western Asset, both indirect wholly-owned subsidiaries of Franklin Resources, Inc. .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Franklin Templeton | Vice President, Fund Administration & Reporting | 2020–present | Oversees fund administration/reporting for FT fund complex; supports MMU financial reporting integrity |
| Legg Mason & Co. | Managing Director | 2020 | Senior leadership in fund administration; transition leadership during Franklin Templeton integration |
| Legg Mason & Co. | Director | 2015–2020 | Led fund administration teams across LM fund complex; continuity into FTFA model |
| Legg Mason & Co. | Vice President | 2011–2015 | Operational leadership in fund administration prior to promotion to Director |
External Roles
No external directorships or board positions are disclosed for Berarducci in MMU’s proxy; the principal occupations listed pertain to Franklin Templeton and Legg Mason roles .
Fixed Compensation
MMU does not pay officer compensation; officers may be reimbursed for reasonable out-of-pocket travel expenses for attending Board meetings .
| Component | Amount/Terms | Source |
|---|---|---|
| Fund-paid compensation to officers | $0 (officers receive no compensation from the Fund) | |
| Expense reimbursement | Reasonable travel expenses for Board meetings |
Note: Any base salary, bonus, or equity awarded to Berarducci would be set and paid by Franklin Templeton (FTFA or affiliates), not MMU; such details are not disclosed in MMU filings .
Performance Compensation
Not disclosed in MMU filings for officers. As MMU is externally managed and officers are Franklin Templeton employees, any RSUs/PSUs/options, performance metrics, vesting schedules, and payouts are not reported in MMU’s proxy .
Equity Ownership & Alignment
| Item | Detail | Source |
|---|---|---|
| Individual holdings | Not provided for officers in MMU proxy (director holdings are disclosed) | |
| Directors and officers as a group | Beneficially owned <1% of MMU outstanding Common and Preferred Shares (as of Aug 29, 2025) | |
| Section 16 reporting | Fund believes all required ownership/change filings were met for FY ended May 31, 2025 | |
| Shares pledged/hedged by officer | Not disclosed | — |
Interpretation:
- Low group-level ownership (<1%) suggests limited officer-aligned equity exposure at the Fund level .
- Section 16 compliance indicates reporting discipline but does not reveal Berarducci’s specific positions or transactions .
Employment Terms
| Term | Detail | Source |
|---|---|---|
| Offices | Treasurer; Principal Financial Officer | |
| Effective appointment | Effective September 27, 2019 (replacing prior Treasurer/PFO) | |
| Election/tenure | Officers elected annually; serve until successors elected and qualified | |
| Employer | Franklin Templeton (FTFA and affiliates) for principal occupation | |
| Compensation source | Not paid by MMU; compensation resides with Franklin Templeton | |
| Severance, change-of-control, clawbacks | Not disclosed in MMU filings for officers | — |
| Non-compete/non-solicit/garden leave | Not disclosed in MMU filings for officers | — |
Performance & Track Record
- Financial reporting oversight: As Treasurer/PFO, Berarducci’s remit aligns with MMU’s governance framework, including Audit Committee oversight of reporting and controls; officers support Board risk oversight via management reporting .
- Notable appointment: Transition to Treasurer and PFO effective Sept 27, 2019, ensuring continuity in fund financial leadership .
Board Governance
Berarducci is not a Director; committee memberships and director governance details pertain to the Board’s Independent Directors and are not applicable to his officer role .
Investment Implications
- Compensation alignment: MMU pays no officer compensation; incentives and retention levers for Berarducci are at Franklin Templeton (not disclosed in MMU filings), limiting direct Fund-level pay-for-performance insights and equity alignment at MMU .
- Insider selling pressure and vesting: Absent in MMU disclosures; Section 16 compliance noted but no officer-level holdings or pledging reported, reducing visibility into potential selling/vesting-driven pressure .
- Retention risk: Tenure since 2019 and senior admin role at Franklin Templeton indicate organizational stability; lack of disclosed employment contracts/severance at the Fund suggests no Fund-level retention economics—risk is tied to Franklin Templeton’s HR policies .
- Trading signals: As a non-portfolio executive, Berarducci’s activity is unlikely to signal MMU portfolio positioning; monitoring Section 16 filings could provide incremental visibility if any insider transactions occur, though MMU filings do not detail officer-specific ownership .