Gregory McGreevey
About Gregory G. McGreevey
Gregory G. McGreevey (born 1962) is an Independent Trustee of Putnam Premier Income Trust (PPT), serving since 2024. He previously served as Senior Managing Director, Investments at Invesco Ltd. until 2023 and was a director of Invesco Mortgage Capital, Inc., a publicly traded REIT . He is a member of key oversight committees at PPT, including Audit, Compliance and Risk, Pricing, Exchange-Traded Fund, and Investment Oversight Committee B, reflecting deep investment and governance experience .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Invesco Ltd. | Senior Managing Director, Investments | Until 2023 | Senior investment leadership at global asset manager |
| Invesco Mortgage Capital, Inc. | Director | Previously (dates not disclosed) | Public-company board experience in mortgage REIT |
External Roles
| Organization | Role | Status | Notes |
|---|---|---|---|
| Invesco Mortgage Capital, Inc. | Director | Prior | Public REIT; enhances fixed-income/credit oversight perspective |
Board Governance
- Independence: Independent Trustee (not an “interested person” under the 1940 Act) .
- Tenure: Trustee since 2024; appointed May 17, 2024 (noted in compensation footnote) .
- Attendance and engagement: In calendar 2024, each Trustee attended at least 75% of Board and applicable committee meetings; average Trustee participated in ~35 Board and committee meetings .
- Meeting cadence (2024): Board of Trustees (12), Audit, Compliance and Risk (13), Board Policy and Nominating (8), Brokerage (3), Contract (8), Exchange-Traded Fund (4), Executive (1), Investment Oversight A (5), Investment Oversight B (5), Pricing (8) .
- Committee assignments (current Putnam Funds Board structure):
- Audit, Compliance and Risk Committee: Member (Chair: Manoj P. Singh); also co-signatory on Committee report .
- Pricing Committee: Member (Chair: Manoj P. Singh) .
- Exchange-Traded Fund Committee: Member (Chair: Liaquat Ahamed) .
- Investment Oversight Committee B: Member (Chair: Marie Pillai) .
- Transition signal: A proposed move to the Franklin CEF Board (8 nominees) would reconstitute committees composed entirely of Independent Trustees; expected efficiencies and standardized oversight across Franklin Templeton CEFs .
Fixed Compensation
- Putnam Funds Board compensation structure: Independent Trustees receive an annual retainer and per-meeting fees, plus reimbursement of expenses; no fund-level pensions for nominees; employees of Franklin Advisers/affiliates receive no Trustee remuneration .
| Component | Amount ($) | Period | Source |
|---|---|---|---|
| Aggregate compensation from PPT | 425 | Each fund’s fiscal year ended prior to Dec 31, 2024 | |
| Aggregate compensation from PMM | 193 | Each fund’s fiscal year ended prior to Dec 31, 2024 | |
| Aggregate compensation from PMO | 534 | Each fund’s fiscal year ended prior to Dec 31, 2024 | |
| Aggregate compensation from PIM | N/A (not listed for McGreevey) | Each fund’s fiscal year ended prior to Dec 31, 2024 | |
| Total compensation from Putnam funds complex | 189,590 | Year ended Dec 31, 2024 |
Performance Compensation
- No performance-based compensation, stock awards, options, or incentive metrics for Trustees disclosed; compensation is retainer/meeting-fee based with reimbursements .
Other Directorships & Interlocks
| Company | Relationship | Overlap/Interlock Risk |
|---|---|---|
| Invesco Mortgage Capital, Inc. | Prior Director | No current disclosed business dealings with PPT; low direct conflict signal |
Expertise & Qualifications
- Investment management leadership: Senior Managing Director, Investments (Invesco) until 2023, bringing institutional portfolio oversight experience .
- Public board experience: Former director of a mortgage REIT, relevant to fixed-income and credit risk governance .
- Active committee engagement: Member across risk, pricing, ETF, and investment oversight committees, indicating board effectiveness and utilization of his investment background .
Equity Ownership
- Fund-level holdings (as of Dec 31, 2024): PPT dollar range $0; shares 0 .
- Aggregate holdings in all Putnam funds overseen: $0 .
- Group ownership: As of Mar 1, 2025, each Trustee (and officers/Trustees as a group) owned <1% of each fund’s outstanding common shares .
| Fund | Dollar Range | Shares | Date | Source |
|---|---|---|---|---|
| Putnam Premier Income Trust (PPT) | $0 | 0.0000 | Dec 31, 2024 | |
| All Putnam funds overseen | $0 | — | Dec 31, 2024 |
Insider Trades (Form 3/4/5)
| Filing Date | Transaction Date | Form | Reporting Name | Type of Owner | Securities Owned (post) | Link |
|---|---|---|---|---|---|---|
| 2024-05-28 | 2024-05-17 | Form 3 | McGreevey Gregory | Director | 0 | https://www.sec.gov/Archives/edgar/data/827773/000166630324000012/0001666303-24-000012-index.htm |
Governance Assessment
- Positives:
- Independent status with broad committee membership (Audit, Pricing, ETF, Investment Oversight B) ensures robust oversight across risk, valuation, product, and performance domains .
- Documented engagement: Committee meetings were frequent in 2024; Trustees met or exceeded 75% attendance, supporting board effectiveness .
- Audit Committee report signatory indicates active participation in financial reporting and auditor independence oversight .
- Potential concerns/RED FLAGS:
- Ownership alignment: $0 holdings in PPT and across Putnam funds may signal limited “skin-in-the-game” alignment for pay-for-performance analysis, though mutual fund trustees commonly avoid fund holdings to preserve independence .
- Compensation structure lacks equity/performance linkage (entirely cash retainer/meeting fees); no disclosed performance metrics or clawbacks at the Trustee level .
- Neutral/Context:
- Board restructure toward Franklin CEF Board could change committee compositions and processes; intended benefits include efficiency and consistency across Franklin-advised CEFs .
- No related-party transactions or conflicts disclosed for McGreevey at PPT; Trustees did not attend the last shareholder meeting but are represented by independent staff/counsel; shareholder communications channel is available .
Overall, McGreevey brings senior investment oversight and public board experience to PPT with active committee engagement; alignment is primarily fiduciary rather than economic given zero fund holdings and cash-based trustee compensation .