Anatoly Nakum
About Anatoly Nakum
Independent Trustee of Saba Capital Income & Opportunities Fund II since February 2023; date of birth: 1973. Senior finance executive with 25+ years in credit markets managing multibillion-dollar portfolios at Deutsche Bank, UBS, and Credit Agricole; currently Partner and Head of Portfolio Management and Trading at EPFC Capital Partners (since 2023). Education: B.S. in Finance & Economics from NYU; adjunct Professor of Finance at Fordham University; Life Chess Master. Classified as an Independent Trustee (not an “interested person” under the 1940 Act) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| EPFC Capital Partners | Partner; Head of Portfolio Management & Trading | Since 2023 | Oversees portfolio management and trading |
| Deutsche Bank; UBS; Credit Agricole | Senior leadership positions across Credit Trading, Private Credit (Americas) | Various (25+ years career) | Member of Credit and Fixed Income Committees; led teams across Corporate Credit, EM, Private Credit, Structured Finance; developed predictive credit score tech, risk systems, and legal frameworks |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Saba Capital Income & Opportunities Fund | Independent Trustee | Since April 2024 | Not disclosed |
Board Governance
- Board composition: 7 members; 6 Independent Trustees; Lead Independent Trustee: Frederic Gabriel .
- Chair: Andrew Kellerman (Interested Trustee; partner at Saba Capital) .
- Committees: Audit Committee (Caldwell – Chair; members Caldwell, Hammitt, Desai); Nominating Committee (Desai – Chair; members Caldwell, Desai, Gabriel). No standing compensation committee; the Independent Trustees collectively consider trustee and officer compensation .
- Attendance and engagement (FY ended Oct 31, 2024): Board held 4 meetings; Audit Committee held 4 meetings; Nominating Committee met once; no trustee attended fewer than 75% of applicable meetings .
- Annual meeting attendance: No Trustees attended the annual meeting held June 20, 2024 .
| Governance Item | Detail | Citation |
|---|---|---|
| Board size / independence | 7 trustees; 6 independent; Lead Independent: Gabriel | |
| Board Chair | Interested Trustee (Kellerman), partner at Adviser | |
| Audit Committee | Caldwell (Chair), Hammitt, Desai; 4 meetings in FY2024 | |
| Nominating Committee | Desai (Chair), Caldwell, Gabriel; 1 meeting in FY2024 | |
| Compensation Committee | None (Independent Trustees act collectively) | |
| Attendance threshold | No trustee <75% attendance in FY2024 | |
| Annual meeting attendance | 0 trustees attended (June 20, 2024) |
Fixed Compensation
Independent Trustees receive a cash-only retainer; no equity/option awards are disclosed.
| Component | FY2024 Value (Fund) | Notes |
|---|---|---|
| Annual retainer (Independent Trustee) | $15,000 | Paid quarterly; Board may designate other meetings as compensable |
| Committee chair fee (Audit) | $7,500 (Caldwell) | Applies to Audit Chair; not applicable to Nakum |
| Expense reimbursement | Reasonable expenses for Board/committee meetings | Standard closed-end fund practice |
Compensation actually paid (FY ended Oct 31, 2024):
| Trustee | Aggregate Compensation from Fund | Total Compensation from Fund + Complex |
|---|---|---|
| Anatoly Nakum | $15,000 | $30,000 |
YoY comparison (signals on cash/equity mix):
| Metric | FY2023 | FY2024 |
|---|---|---|
| Aggregate Compensation from Fund (Nakum) | $15,000 | $15,000 |
| Total Compensation from Fund + Complex (Nakum) | $15,000 | $30,000 |
Interpretation: Cash-only compensation; YoY increase in total reflects service to an additional fund within the complex (Saba Capital Income & Opportunities Fund), not a shift toward equity or guaranteed pay .
Performance Compensation
| Performance Metric | Weight/Target | Vesting/Measurement | Result |
|---|---|---|---|
| None disclosed for Independent Trustees | N/A | N/A | N/A |
Other Directorships & Interlocks
| Company/Entity | Role | Committee Roles | Potential Interlocks/Conflicts |
|---|---|---|---|
| Saba Capital Income & Opportunities Fund | Independent Trustee | Not disclosed | Within the same adviser complex; independence maintained (not an “interested person”) |
Expertise & Qualifications
- 25+ years in credit markets; led credit trading and private credit businesses; committee service in Credit and Fixed Income; built predictive credit score technology and risk systems .
- Academic and technical credentials: NYU B.S. Finance & Economics; adjunct Professor of Finance at Fordham University; Life Chess Master .
- Oversees two funds in the complex; classified as Independent Trustee .
Equity Ownership
Trustee share ownership as of March 31, 2025:
| Trustee | Fund | Aggregate Dollar Range across Complex |
|---|---|---|
| Anatoly Nakum | None | $0 |
Additional ownership context:
- No Trustee or Officer owned 1% or more of outstanding shares as of the record date .
- Shares outstanding (record date Apr 24, 2025): 28,255,264 .
Insider Trades
| Date Range | Insider | Form 4 Transactions | Notes |
|---|---|---|---|
| 2024-01-01 to 2025-11-20 | Anatoly Nakum | None found | Insider-trades skill query returned no records for SABA during this period (Form 4) |
Governance Assessment
-
Strengths:
- Independence and experience: Nakum is independent with deep credit market expertise and prior committee participation in credit governance, supporting board effectiveness in a credit-focused closed-end fund .
- Committee structure: Active Audit and Nominating Committees with designated chairs; Lead Independent Trustee in place; clear Nominating Committee charter emphasizing independence “in letter and spirit” .
- Attendance: Board and committee meeting attendance met thresholds in FY2024 .
- Conflict mitigants: Statement that independent trustees and immediate family members do not own shares of the Adviser or affiliates; codes of ethics include personal trading pre-clearance and hedging controls .
-
Watch items / red flags:
- No equity ownership: Nakum holds no fund shares; reduces “skin-in-the-game” alignment versus best practice guidelines that encourage director ownership in closed-end funds .
- Annual meeting engagement: 0 trustee attendance at the June 20, 2024 annual meeting may be perceived negatively by governance-focused investors (contextual factors may apply) .
- Compensation governance: Absence of a standing compensation committee; while the Independent Trustees collectively set compensation, a formal committee could signal stronger pay governance .
- Chair independence: Board Chair is interested (affiliated with adviser), an often-cited governance risk in closed-end funds; mitigated in part by a Lead Independent Trustee role .
- General conflict risk: Fund acknowledges “risk of conflicts of interest affecting affiliates” in managing the Fund; ongoing risk oversight processes described, but still a structural consideration for investors .
-
Overall view: Nakum’s independence, credit expertise, and satisfactory attendance support board effectiveness. Lack of personal share ownership and adviser-affiliated chair warrant investor monitoring; no performance-linked pay or related-party transactions involving Nakum are disclosed, reducing direct conflict concerns .