Jay M. Fife
About Jay M. Fife
Jay M. Fife (born 1970) serves as Treasurer of BlackRock MuniYield Pennsylvania Quality Fund (MPA) and has held this role since 2007; he is a Managing Director of BlackRock, Inc. since 2007, and is classified as an “interested person” of the Funds by virtue of his position with BlackRock . Executive officers receive no compensation from the Funds (the Chief Compliance Officer is the exception and is compensated by the Acquiring Fund), so pay-for-performance metrics, equity awards, and severance terms for officers like Fife are not disclosed at the Fund level . MPA’s recent performance for common shareholders: total return based on market price was 10.75% in FY 2024, -10.08% in FY 2023, -12.69% in FY 2022, 20.40% in FY 2021, and 3.47% in FY 2020; for the six months ended 1/31/25 it was -1.06% .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| BlackRock MuniYield Pennsylvania Quality Fund (MPA) | Treasurer | 2007–present | Executive officer; designated as proxy appointee for shareholder meetings, reflecting operational authority in Fund governance processes |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| BlackRock, Inc. | Managing Director | 2007–present | Senior role at the investment adviser; officer is an “interested person” of the Funds due to position with BlackRock |
| Multiple BlackRock closed-end funds (BKN, MYD, MQT, BHV, MQY, MPA) | Proxy Appointee for shareholder meetings | 2025 | Appointed as a proxy to represent and vote shares at annual and special meetings across the complex |
Fixed Compensation
- Executive officers (including the Treasurer) receive no compensation from the Funds; the Acquiring Fund compensates only the Chief Compliance Officer for his service as CCO .
- No disclosure of base salary, target/actual bonuses, stock awards, options, vesting schedules, severance, change-of-control economics, clawbacks, or perquisites for Fund executive officers (compensation determined outside the Fund by BlackRock, Inc.) .
Performance Compensation
- No Fund-level disclosure of incentive metrics (e.g., revenue, EBITDA, TSR) tied to executive compensation for officers; the Funds explicitly state officers receive no compensation from the Funds .
Equity Ownership & Alignment
| Item | As of | Detail |
|---|---|---|
| Officers and Board Members group beneficial ownership of MPA common shares | Aug 18, 2025 | Less than 1% of outstanding common shares |
| Officers and Board Members group ownership of VMTP/VRDP preferred shares | Aug 18, 2025 | None owned |
| 5% Beneficial Owners of MPA Common Shares | Address | Shares Held | % Held | As of |
|---|---|---|---|---|
| Wells Fargo & Company | 405 Lexington Ave, 58th Floor, New York, NY 10174 | 670,599 | 5.20% | Aug 18, 2025 |
Employment Terms
| Item | Details |
|---|---|
| Role | Treasurer, MPA |
| Start date in role | Since 2007 |
| Year of birth | 1970 |
| Employer/affiliation | Managing Director, BlackRock, Inc.; “interested person” of the Funds |
| Address of executive officers | c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001 |
Performance & Track Record (MPA Fund Metrics)
| Metric | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | 6M Ended 1/31/2025 |
|---|---|---|---|---|---|---|
| NAV End of Period ($) | 16.09 | 16.64 | 13.92 | 13.09 | 13.04 | 12.81 |
| Market Price End of Period ($) | 14.09 | 16.23 | 13.54 | 11.69 | 12.35 | 11.83 |
| Total Return Based on NAV (%) | 4.33 | 8.09 | -12.45 | -2.05 | 4.43 | 1.47 |
| Total Return Based on Market Price (%) | 3.47 | 20.40 | -12.69 | -10.08 | 10.75 | -1.06 |
| Net Assets to Common ($000) | 214,155 | 221,384 | 185,332 | 170,467 | 168,804 | 165,875 |
| Asset Coverage per VRDP ($100,000) | 359,268 | 368,019 | 248,524 | 276,357 | 287,227 | 270,403 |
Additional Governance/Process Notes
- Fife is frequently appointed as one of the proxies to represent and vote shares for annual and special meetings across the BlackRock closed-end fund complex, including MPA’s annual meeting (July 11, 2025) and joint special meetings (October 15, 2025), indicating operational responsibility in shareholder processes .
- All Funds in the proxy have a July 31 fiscal year-end; MPA is a Massachusetts business trust and remains listed on NYSE as “MPA” . The joint proxy outlines proposed reorganizations in Q4 2025 among related closed-end funds under the same adviser .
Investment Implications
- Compensation alignment signals at the Fund level are limited because officers like the Treasurer receive no compensation from the Funds; therefore, there are no disclosed Fund-level incentive metrics, equity awards, vesting schedules, or severance/COC terms to evaluate for trading signals .
- Ownership alignment at the Fund level appears low (officers and directors as a group own <1% of common shares and none of preferred), reducing insider alignment indicators; concentrated external holders (e.g., Wells Fargo at 5.20%) may influence trading dynamics via institutional flows rather than insider behavior .
- Tenure since 2007 suggests continuity and low near-term retention risk in the Treasurer role; however, with compensation determined at BlackRock rather than at the Fund, retention and incentive levers are not visible to Fund shareholders and are not disclosed in Fund proxies .
- For near-term catalysts, monitor Fund reorganization outcomes and any changes to leverage or preferred share structures (areas within treasury oversight) for impacts on NAV/discount behavior and asset coverage metrics that historically correlate with total returns in closed-end funds .