Aaron Wasserman
About Aaron Wasserman
Aaron Wasserman is the Chief Compliance Officer (CCO) of BlackRock MuniHoldings California Quality Fund, Inc. (MUC) since 2023 and a Managing Director at BlackRock, Inc. since 2018; he previously served as Deputy Chief Compliance Officer for BlackRock-advised funds from 2014 to 2023 . He was born in 1974 and his officer address is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001 . The proxy notes that, with the exception of the CCO, executive officers receive no compensation from the Funds; the Acquiring Fund (MUC) compensates the CCO for his services as its CCO .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| BlackRock-advised funds (Multi-Asset, Fixed-Income, iShares Complexes) | Deputy Chief Compliance Officer | 2014–2023 | Supported compliance oversight across three fund complexes, predecessor to CCO role |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| BlackRock, Inc. | Managing Director | 2018–present | Senior compliance leadership for BlackRock-advised funds |
| BlackRock-advised funds (Multi-Asset, Fixed-Income, iShares Complexes) | Chief Compliance Officer | 2023–present | Principal compliance accountability across fund complexes including MUC |
Fixed Compensation
| Compensation Element | Disclosure | Notes |
|---|---|---|
| CCO compensation from MUC | Disclosed | The Acquiring Fund compensates the CCO; specific amounts not disclosed |
| Other executive officer pay from MUC | Not paid | With the exception of the CCO, executive officers receive no compensation from the Funds |
| Base salary / target bonus / actual bonus | Not disclosed | No dollar amounts reported for the CCO in the proxy |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Pay-for-performance metrics (e.g., revenue, EBITDA, TSR) | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
The proxy does not disclose any performance-based compensation metrics or equity incentive structures tied to MUC’s CCO role .
Equity Ownership & Alignment
| Item | Value | Notes |
|---|---|---|
| Exec officers + Board members group ownership of MUC | <1% of outstanding shares | As of July 31, 2025; implies minimal insider ownership at the fund level |
| CFO ownership | 0 shares | CFO of each Fund did not own shares as of July 31, 2025 |
| Pledged shares | Not disclosed | No pledging disclosure identified for officers in the proxy |
Employment Terms
| Term | Provision | Source |
|---|---|---|
| Tenure / Service | Officers serve at the pleasure of the Board; Board may fill vacancies/add officers at any time | |
| Removal / Resignation | Officers may be removed at any time, with or without cause, by majority of Directors; officers may resign by written notice | |
| Indemnification | Mandatory indemnification; limitations of liability; insurance and advancement provisions described in bylaws | |
| Officer roles | CCO is compensated by the Acquiring Fund for services; other officers receive no compensation from the Funds | |
| Shareholder communications to CCO | Shareholders with accounting complaints may address letters to the CCO of their respective Fund |
Investment Implications
- Compensation alignment: The CCO role is compensated by the Fund without disclosed performance metrics or equity incentives, indicating limited pay-for-performance linkage and minimal equity alignment at the fund level .
- Retention risk: Officers serve at the pleasure of the Board and can be removed with or without cause, suggesting employment flexibility; indemnification and insurance mitigate personal liability risks for the officer .
- Trading signals: Activism risk appears contained near term by standstill agreements with Karpus (effective until May 3, 2027 or 10 days before the 2027 record date) and Saba (effective until the day after the 2027 annual meeting or August 31, 2027), reducing governance volatility that could pressure compliance resources or board-related outcomes .
- Data gaps: No disclosure of CCO pay amounts, incentive metrics, vesting schedules, severance, or change-of-control economics; insider ownership is de minimis as a group (<1%), and no pledging disclosures are noted, limiting direct alignment signals for the CCO at MUC .