Brian Hartigan
About Brian Hartigan
Brian Hartigan (born 1978) is Global Head of ETFs and Index Investments at Invesco and serves as Managing Director, Chief Executive Officer and Principal Executive Officer of Invesco Capital Management LLC, the sponsor and proposed investment adviser to the Invesco QQQ Trust. He has been President and Principal Executive Officer of the Invesco ETF Trusts since 2023 and an Interested Trustee of those Trusts since 2024 . Education and credentials: BA (University of St. Thomas), MBA in finance (DePaul University), CFA charterholder, and member of CFA Society Chicago . During 2025, he led shareholder communications for QQQ’s UIT-to-Open-End conversion, highlighting a proposed expense ratio cut from 0.20% to 0.18% with estimated ~$70M annual savings at July 1, 2025 asset levels .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Invesco Capital Management LLC | Managing Director; CEO & Principal Executive Officer | 2023–present | Leads ETFs, indexed strategies, SMAs, model portfolios; proposed adviser to QQQ; signs advisory/indenture documents . |
| Invesco ETF Trusts (multiple) | President & Principal Executive Officer; Trustee (Interested) | 2023–present (PEO); 2024–present (Trustee) | Oversees ETF board governance; Interested Trustee due to adviser affiliation . |
| Invesco (prior roles) | Global Head of ETF Investments / Indexed Strategy; Head of Investments – PowerShares | 2015–2023 | Led platform integrations and growth; portfolio management oversight . |
| Invesco Capital Markets, Inc. | Director; Co-CEO; Co-President | 2020–present | Trading and distribution leadership; affiliate interactions . |
| Invesco Investment Advisers LLC / Invesco Indexing LLC | Manager/President roles | 2020–present / 2023–present | Advisory and indexing operations governance . |
| Van Kampen (acquired) | Various roles incl. fund analysis, product development | 2000–2010 | Pre-Invesco ETF/UIT platform experience . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Invesco Capital Markets, Inc. | Co-CEO; Co-President; Director | 2020–present | Affiliate broker-dealer leadership . |
| CFA Society Chicago | Member | N/A | Professional affiliation . |
Fixed Compensation
| Component | Amount/Status | Notes |
|---|---|---|
| Trustee fees (QQQ Board) | $0 | As an Interested Trustee, Hartigan does not receive trustee compensation from Invesco ETF Trusts; QQQ currently a UIT, so no trustee fees paid; post-conversion independent trustees are compensated from adviser’s unitary fee . |
Notes: Base salary, bonus, and perquisites for Hartigan (as CEO of the adviser) are not disclosed in QQQ’s proxy filings; the Trust pays a unitary advisory fee (0.18% of average net assets) to Invesco Capital Management LLC, not to individuals .
Performance Compensation
| Incentive Type | Metric Linkage | Target/Payout | Vesting/Timing |
|---|---|---|---|
| Not disclosed at individual level | N/A | N/A | N/A |
Notes: The Trust’s compensation framework is fund-level (unitary management fee). Individual executive incentive metrics (e.g., revenue, EBITDA, TSR) for Hartigan are not disclosed in QQQ materials .
Equity Ownership & Alignment
| Category | QQQ Trust Ownership | Fund Complex Ownership |
|---|---|---|
| Beneficial ownership | None | Over $100,000 aggregate across Invesco ETF complex funds . |
| % of shares outstanding | <1% (group of nominees) | N/A . |
| Vested vs unvested; options; pledging | Not disclosed | Not disclosed . |
| Ownership guidelines & compliance | Not disclosed | Not disclosed . |
Employment Terms
| Topic | Provision | Implications |
|---|---|---|
| Advisory Agreement term | Initial two-year term; renew annually via Section 15 review (independent trustees) . | Stability subject to annual board approval; governance oversight on fees/services. |
| Termination | 60 days’ notice by Board, shareholders (majority), or adviser; auto-terminates upon assignment (change-of-control) . | A change in control of the adviser would terminate the agreement; re-approval required—potential revenue impact to adviser and its executives. |
| Unitary fee | 0.18% of average net assets; adviser pays substantially all ordinary Trust expenses from fee (exclusions apply) . | Aligns adviser economics with scale; marketing costs borne by adviser, likely reduced vs prior structure . |
| Securities lending & affiliated brokers | Post-conversion, Trust may engage in securities lending; adviser and BNY may receive lending agent fees; affiliated broker use permitted subject to best execution/17e-1 . | Creates potential conflicts; mitigated by policies, board oversight, and regulatory constraints. |
Board Governance
- Independence and composition: Proposed QQQ Board of nine trustees, with eight Independent Trustees and Hartigan as Interested Trustee due to adviser affiliation .
- Leadership: Independent Chair (Donald H. Wilson) and Vice Chair (Ronn R. Bagge); committees—Audit, Investment Oversight, Nominating & Governance—composed entirely of Independent Trustees .
- Attendance: In the ETF Boards’ most recent fiscal years, each trustee attended at least 75% of meetings; ETF Boards met ~5–6 times annually, with committees meeting 4–6 times, and QQQ is expected to adopt a similar structure post-conversion .
- Share ownership by trustees: As of June 30, 2025, each nominee (including Hartigan) individually owned <1% of QQQ; several large intermediaries hold >5% of shares in street name .
Director Compensation
| Trustee | QQQ (current UIT) | ETF Complex Compensation | Notes |
|---|---|---|---|
| Independent trustees | $0 (no QQQ board yet) | Examples: Wilson $500,000; Kole $413,333; Bagge $411,667; others in $366–$406k ranges across Trusts I/II/Active/India/Commodity/Self-Index | QQQ post-conversion board compensation paid by adviser out of unitary fee . |
| Brian Hartigan (Interested) | $0 | $0 from ETF Trusts | Interested Trustees do not receive trustee compensation . |
Other Directorships & Interlocks
- Adviser affiliation: Hartigan’s dual role as Interested Trustee and CEO/PEO of the adviser introduces inherent conflicts; mitigations include Independent Chair, fully independent board committees, and Section 15 annual contract reviews .
- Service providers: Post-conversion, BNY to serve as custodian/admin/transfer agent under seven-year, 0.035% fee arrangement paid by the adviser; Hartigan oversees adviser contracts and operations .
Compensation Structure Analysis
- Shift to unitary fee: Conversion moves QQQ from capped, itemized expenses (incl. Trust-paid marketing) to a unitary advisory fee, lowering the expense ratio by 2 bps and transferring marketing costs to the adviser (anticipated $60–$100M budget vs ~$175M previously reimbursed), signaling confidence in scale and cost discipline .
- Potential conflict areas: Securities lending cash flows to adviser/BNY and use of affiliated brokers (subject to best execution and Rule 17e-1) require robust oversight to safeguard shareholder interests .
- Disclosures: No individual executive pay, bonus metrics, vesting schedules, or clawback terms are disclosed for Hartigan in QQQ filings .
Related Party Transactions and Risks
- Adviser economics: Invesco benefits from advisory revenues and potential profits under the unitary fee; marketing expense reduction could lower adviser costs but is represented as offset by lower Trust fees .
- Securities lending: Advisers and BNY may receive lending agent fees; lending introduces borrower default, collateral, operational and “gap” risks, albeit with stated controls .
- Governance model change: From bank trustee (BNY) to board/adviser structure increases discretion and potential oversight risks, though aligned with broader open-end ETF industry norms .
Performance & Track Record
- Fund-level: Proposed structural change expected to reduce expense ratio (0.20% → 0.18%), add semi-annual reports and tailored shareholder reports, and permit dividend reinvestment and securities lending—aimed at improving investor experience and potential tracking/performance .
- Communications leadership: Hartigan authored proxy communications and video briefings guiding shareholders through the conversion process .
Investment Implications
- Alignment: Hartigan receives no trustee pay from the fund; his economics link to adviser performance under the unitary fee. The 2 bp fee cut and migration to open-end governance improve investor costs and disclosure, while shifting marketing costs to the adviser (reducing Trust-paid marketing by ~0.05–0.06% of assets) .
- Conflicts & oversight: Potential conflicts from securities lending and affiliated brokerage are acknowledged with mitigation via policies, independent committees, and annual Section 15 reviews—monitor implementation quality post-conversion .
- Retention/role risk: Advisory agreement auto-terminates on assignment (change-of-control), implying governance sensitivity to adviser corporate actions; this could affect adviser revenue streams and executive incentives .
- Trading signals: Fee reduction (0.18%) and structural modernization favor long-term holders via lower costs; near-term governance transition warrants monitoring of tracking error, lending revenue split, and affiliated brokerage execution quality .
Sources: DEF 14A and DEFA14A filings for QQQ ; Invesco bio/profile pages .