Christopher Berarducci
About Christopher Berarducci
Christopher Berarducci (born 1974) serves as Treasurer and Principal Financial Officer of Western Asset Investment Grade Income Fund Inc. (NYSE: PAI) and signs the Fund’s SOX 302 and 906 certifications; he has held the officer role since 2019 and is Vice President, Fund Administration and Reporting at Franklin Templeton since 2020 . During his tenure, the Fund’s NAV total returns were 0.14% (2021), -16.51% (2022), 9.14% (2023), 0.29% (2024), and 4.36% for the six months ended June 30, 2025; market price total returns were 1.88%, -22.56%, 9.05%, 2.82%, and 6.34%, respectively, with net assets ending between $149 million (2021) and $125 million (H1 2025) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Franklin Templeton | Vice President, Fund Administration and Reporting | Since 2020 | Senior leadership over fund administration and reporting across Franklin Templeton’s fund complex . |
| Legg Mason & Co. (and affiliates) | Principal Financial Officer (various funds) | Since 2019 | Principal financial oversight for certain funds in the Legg Mason-affiliated complex . |
| Legg Mason & Co. (and affiliates) | Treasurer (various funds) | Since 2010 | Treasury leadership for certain funds in the Legg Mason-affiliated complex . |
| Legg Mason & Co. | Managing Director | 2020 | Senior management role within Legg Mason & Co. . |
| Legg Mason & Co. | Director | 2015–2020 | Mid-senior management responsibilities within Legg Mason & Co. . |
| Legg Mason & Co. | Vice President | 2011–2015 | Management responsibilities within Legg Mason & Co. . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Franklin Templeton | Vice President, Fund Administration and Reporting | Since 2020 | Concurrent with PAI officer duties . |
| Legg Mason & Co./Affiliates | Treasurer and Principal Financial Officer of certain funds | Treasurer since 2010; PFO since 2019 | Officer across multiple funds in the Franklin Templeton/Legg Mason complex . |
Fixed Compensation
| Component | Paid by PAI Fund ($) | Notes |
|---|---|---|
| Base salary | $0 | The Fund paid no remuneration to its officers for FY 2024; officers may be reimbursed for reasonable out-of-pocket travel expenses to attend Board meetings . |
| Target bonus % | Not disclosed | Officer compensation is not paid by the Fund; adviser-level details not disclosed in Fund’s proxy . |
| Actual bonus paid | Not disclosed | Officer compensation is not paid by the Fund . |
| Perquisites (e.g., aircraft, security) | Not disclosed | No perquisite disclosure for officers; Fund states officers are not paid by the Fund . |
Performance Compensation
| Incentive Type | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Cash/Equity incentives | Not applicable at Fund level | — | — | — | — | — |
The Fund explicitly states it paid no remuneration to officers; no incentive, equity, or option awards are disclosed at the Fund level for officers .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership in PAI (individual) | None beneficially owned as of March 30, 2025 . |
| Officers and directors as a group | Less than 1% of outstanding shares as of the record date . |
| Shares pledged as collateral | Not disclosed . |
| Hedging policy / activity | Not disclosed . |
| Stock ownership guidelines (officers) | Not disclosed . |
| Compliance with guidelines | Not disclosed . |
Employment Terms
| Term | Detail |
|---|---|
| Role and tenure | Treasurer and Principal Financial Officer; in office since 2019 . |
| Officer term | Officers hold office until a successor is chosen and qualified, or until earlier death, resignation, removal, or disqualification . |
| Severance provisions | Not disclosed by the Fund . |
| Change-of-control terms | Not disclosed; Fund’s Item 18 (Recovery of Erroneously Awarded Compensation) marked “Not applicable” . |
| Clawback provisions | Recovery of erroneously awarded compensation (Item 18) not applicable to the Fund . |
| Non-compete / non-solicit | Not disclosed by the Fund . |
| Garden leave / consulting post-termination | Not disclosed by the Fund . |
| Certifications | SOX 906 (Section 1350) and SOX 302 certifications signed by Principal Financial Officer for Form N-CSR dated August 25, 2025 . |
Performance & Track Record (Fund Context During Tenure)
| Metric | FY 2021 | FY 2022 | FY 2023 | FY 2024 | H1 2025 |
|---|---|---|---|---|---|
| Total return, based on NAV (%) | 0.14 | (16.51) | 9.14 | 0.29 | 4.36 |
| Total return, based on Market Price (%) | 1.88 | (22.56) | 9.05 | 2.82 | 6.34 |
| Net assets, end of period ($mm) | 149 | 119 | 125 | 122 | 125 |
| Market price, end of period ($) | 15.63 | 11.58 | 12.04 | 12.08 | 12.98 |
Compensation Structure Analysis
- Officer pay is not linked to Fund performance at the PAI level; the Fund paid no remuneration to its officers, implying no Fund-level cash or equity incentives and no vesting schedules or option structures disclosed for officers .
- No disclosures of severance, change-of-control, tax gross-ups, or deferred compensation for officers at the Fund level; Item 18 (clawback) is “Not applicable,” reducing visibility into enforcement mechanisms at the Fund .
Risk Indicators & Red Flags
- Alignment risk: zero disclosed individual beneficial ownership and no Fund-level compensation link to NAV/market performance for officers may indicate limited direct alignment with PAI shareholder returns at the Fund level .
- Pledging/hedging: no disclosures found regarding pledging or hedging by officers .
- Governance: Officers are employees of Franklin Templeton/Western Asset affiliates; oversight occurs via the Fund’s independent Board and committees; officer remuneration from the Fund is explicitly zero .
Investment Implications
- Pay-for-performance linkage at the Fund level appears minimal for officers: the Fund pays no remuneration to its officers, and there are no Fund-level equity awards, performance metrics, or vesting schedules disclosed—reducing direct incentive alignment with PAI’s NAV and market returns .
- Ownership alignment is weak at the individual level (none owned) and low at the group level (<1%), suggesting limited “skin in the game” among officers and directors in the Fund itself .
- Retention and change-of-control visibility is limited: no severance or CIC terms are disclosed at the Fund level, and clawback rules are noted “Not applicable,” which constrains assessments of downside protection or accountability mechanisms for officers in relation to Fund outcomes .