Brendan Hamill
About Brendan Hamill
Brendan Hamill (born 1986) serves as Secretary of Principal Real Estate Income Fund (PGZ) and has held the role since June 2024; he rejoined ALPS in April 2024 as Vice President and Principal Legal Counsel after serving as an Attorney‑Adviser at the U.S. Securities and Exchange Commission (Oct 2022–Mar 2024) and prior legal roles at ALPS and Lewis Brisbois Bisgaard & Smith LLP . Officers employed by ALPS or ALPS Advisors receive no compensation from the Fund, and PGZ does not disclose officer pay-for-performance metrics or tie officer compensation to Fund TSR or financial targets; the Fund also does not have a compensation committee .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| U.S. Securities and Exchange Commission | Attorney‑Adviser | Oct 2022–Mar 2024 | Federal securities regulation and enforcement advisory experience; enhances compliance rigor at Fund |
| ALPS (prior stint) | Vice President and Principal Legal Counsel | Aug 2021–Oct 2022 | Legal oversight for fund administration and distribution entities; supports governance and disclosure quality |
| Lewis Brisbois Bisgaard & Smith, LLP | Attorney | Dec 2018–Aug 2021 | Litigation/transactional legal practice; strengthens risk management and legal process capabilities |
External Roles
| Organization | Role | Years |
|---|---|---|
| ALPS ETF Trust | Secretary | Since 2024 |
| Financial Investors Trust | Secretary | Since 2024 |
| ALPS Variable Investment Trust | Secretary | Since 2024 |
Fixed Compensation
Officers employed by ALPS or ALPS Advisors receive no compensation or expense reimbursement from PGZ or any other fund in the Fund Complex. The Fund does not disclose base salary, bonus targets, or cash compensation for officers.
| Component | FY Disclosure | Notes |
|---|---|---|
| Base Salary | Not disclosed by Fund | Officers employed by ALPS/ALPS Advisors receive no compensation from Fund |
| Target Bonus % | Not disclosed by Fund | Same as above |
| Actual Bonus Paid | Not disclosed by Fund | Same as above |
| Perquisites | Not disclosed by Fund | No officer perquisite disclosure in PGZ proxy |
Performance Compensation
No officer equity or cash incentive awards are disclosed by PGZ; the Fund does not have a compensation committee, and officers are paid by ALPS/ALPS Advisors rather than the Fund.
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed | — | — | — | — | — |
| Governance context | — | — | — | — | Fund has no compensation committee |
| Payment source | — | — | — | — | Officers receive no compensation from Fund |
Equity Ownership & Alignment
PGZ discloses beneficial ownership for Trustees and two Executive Officers (PEO and PFO), but does not provide individual ownership disclosure for the Secretary. As of Dec 31, 2024, all Trustees and Executive Officers as a group owned 2,000 shares (<1%); PEO (Robert McClure) and PFO (Erich Rettinger) owned none individually .
| Item | Disclosure | Detail |
|---|---|---|
| Total beneficial ownership (Hamill) | Not individually disclosed | Group holdings: 2,000 shares (<1%) |
| Ownership as % of shares outstanding | Not individually disclosed | Group <1%; PGZ had 6,694,109 shares outstanding as of Feb 7, 2025 |
| Vested vs unvested shares | Not disclosed | No officer equity awards disclosed |
| Pledged shares | Not disclosed | No pledging disclosure for officers |
| Stock ownership guidelines | Not disclosed | No officer ownership guidelines disclosed |
| Section 16 compliance | In compliance | All required filings complied with in FY ended Oct 31, 2024 |
Employment Terms
| Term | Disclosure | Detail |
|---|---|---|
| Employment start date (Fund role) | June 2024 | Secretary of PGZ since June 2024 |
| Employer | ALPS | Vice President and Principal Legal Counsel; rejoined ALPS in Apr 2024 |
| Officer election / term | Annual election; serves until successor elected | Officers are elected annually by Board of Trustees |
| Employment agreement | Not disclosed | No officer employment contract disclosed by Fund |
| Severance provisions | Not disclosed | No severance terms disclosed by Fund |
| Change‑of‑control treatment | Not disclosed | No change‑of‑control officer provisions disclosed |
| Clawback provisions | Not disclosed | No clawback policy disclosed for officers |
| Non‑compete / non‑solicit | Not disclosed | Not addressed in proxy |
| Governance committees relevant to compliance | Audit, Nominating & Corporate Governance, QLCC | Committees are independent; oversight and compliance frameworks described |
Investment Implications
- Pay-for-performance alignment is limited at the Fund level for officers like Hamill: PGZ does not pay officers, and there is no compensation committee; incentives are set by ALPS/ALPS Advisors and are not disclosed in PGZ documents, reducing transparency into performance-linked pay and vesting schedules .
- Equity alignment appears modest across PGZ leadership: group beneficial ownership is 2,000 shares (<1%), with no individual holdings disclosed for the Secretary; lack of pledging/hedging disclosure limits assessment of alignment or potential red flags .
- Retention risk for Hamill is more a function of ALPS employment terms than Fund governance; officers are elected annually and serve until successors are elected, but no severance, change‑of‑control, or clawback terms are disclosed by PGZ, leaving transition economics opaque .
- Governance and compliance oversight is robust at the Board level (independent Audit, Nominating & Corporate Governance, and QLCC committees), and Section 16 compliance was met, suggesting lower regulatory/process risk related to officer reporting and oversight .