Garry Khasidy
About Garry Khasidy
Independent Trustee of Saba Capital Income & Opportunities Fund II (ticker: SABA) since March 2023; born 1973; Wharton School of the University of Pennsylvania, B.S. in Economics and Legal Studies. Background spans structured and specialty finance, private credit, quantitative investing, and insurance/real estate financing, with senior roles at ISAM Holdings, IMAN Capital, Odyssey Infrastructure, Pantechnicon Capital, Standard Bank, Goldman Sachs, Lehman Brothers, Dresdner/Allianz, and Credit Agricole .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| ISAM Holdings | Partner; founded ISAM Re focused on insurance and niche real estate funding | Early 2022 – Present | Built insurance and real estate funding platform |
| IMAN Capital (London) | Managing Director, Special Situations | 2020 – 2022 | Private investments across special situations |
| Odyssey Infrastructure | Managing Director; led insurance division and strategic origination | 2018 – 2020 | Origination and transaction flow leadership |
| Pantechnicon Capital | Managing Director | 2015 – 2018 | Structured investing mandates |
| Standard Bank | Global Head of Structured & Specialty Finance | 2010 – 2012 | Global leadership across structured finance |
| Goldman Sachs | Head of EMEA and PWM Structuring | 2008 – 2010 | Structuring leadership in EMEA/PWM |
| Lehman Brothers | Co-Head, European Private Credit | 2004 – 2008 | Private credit origination and execution |
| Dresdner and Allianz Private Investments | Structuring and Investing | 2000 – 2004 | Structured/private investments |
| Credit Agricole | Emerging Markets Asset Management | 1997 – 2000 | EM asset management |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Public company boards | None | N/A | No other board positions disclosed |
| Fund complex oversight | Trustee, Funds overseen | Since March 2023 | Oversees 1 fund in Saba fund complex |
Board Governance
- Independence: Classified as an Independent Trustee under the 1940 Act; none of the Independent Trustees nor their immediate family members owned any shares of the Adviser or principal underwriter as of the record date, reducing potential interlocks .
- Committee assignments: Current Audit Committee members are Caldwell (Chair, designated financial expert), Hammitt, Desai; current Nominating Committee members are Caldwell, Desai (Chair), Gabriel; Khasidy is not listed on either committee, and the Board has no standing compensation committee (Independent Trustees collectively address compensation) .
- Board leadership: Andrew Kellerman (Interested Trustee; Saba Capital partner) is Chairperson; Frederic Gabriel serves as Lead Independent Trustee, providing independent counterbalance .
- Attendance: FY ended Oct 31, 2024—Board held 4 meetings; no Trustee attended fewer than 75% of aggregate Board and relevant committee meetings (Audit/Nominating as applicable) .
- Annual meeting engagement: The Fund does not have a formal policy on annual meeting attendance; no Trustees attended the June 20, 2024 annual meeting (soft engagement concern) .
- Risk oversight: Board oversees investment, valuation, operational, reputational, regulatory, conflict-of-interest, and cybersecurity risks with regular reports from the CCO and Adviser’s CRO; service providers include SS&C ALPS, EQ, and Foreside .
Fixed Compensation
| Component | Amount | Period | Notes |
|---|---|---|---|
| Annual retainer (Independent Trustee) | $15,000 | FY ended Oct 31, 2024 | Standard cash retainer for Independent Trustees |
| Audit Committee Chair premium (not applicable to Khasidy) | $7,500 | FY ended Oct 31, 2024 | Paid to Caldwell as Audit Chair |
| Aggregate compensation (Fund II) | $15,000 | FY ended Oct 31, 2024 | Amount paid to Khasidy by the Fund |
| Meeting fees | Not disclosed | N/A | Board may designate other meetings subject to compensation; reimbursed reasonable expenses |
Performance Compensation
| Award Type | Grant Details | Performance Metrics | Vesting | Notes |
|---|---|---|---|---|
| Equity awards (RSUs/PSUs/Options) | None disclosed | None disclosed | None disclosed | Proxy discloses only cash retainers and chair fees for Trustees; no performance-linked director comp disclosed |
| Bonus/COC/Severance/Clawback | None disclosed | None disclosed | None disclosed | No director performance incentives, severance, or CIC terms disclosed for Trustees |
Other Directorships & Interlocks
| Entity | Role | Committee/Position | Potential Interlock |
|---|---|---|---|
| None disclosed | N/A | N/A | No other public company boards or disclosed interlocks |
Expertise & Qualifications
- Education: Wharton School, University of Pennsylvania—B.S. in Economics and Legal Studies .
- Technical expertise: Structured and specialty finance, private credit, quantitative investing, insurance/real estate funding; senior leadership roles across major institutions in EMEA and US .
- Board qualification: Extensive leadership in finance and investment management sectors cited by the Fund as qualifications for trustee service .
Equity Ownership
| Holder | Security | Beneficial Ownership (Dollar Value) | Date | Notes |
|---|---|---|---|---|
| Garry Khasidy | Saba Capital Income & Opportunities Fund II | $2,259.40 | As of March 31, 2025 | Only trustee with disclosed dollar value holding; others show “None” |
| Fund II shares outstanding | Common Shares | 28,255,264 | As of April 24, 2025 (Record Date) | For context; individual share counts for Khasidy not disclosed |
Governance Assessment
- Positives: Independent status; no Adviser share ownership among Independent Trustees; presence of Lead Independent Trustee; Board oversight of key risk domains; Khasidy’s deep structured finance/private credit background aligns with Fund’s credit/CEF focus, potentially enhancing committee deliberations even if not currently assigned to a committee .
- Concerns/RED FLAGS: Low personal ownership ($2,259.40) suggests limited economic alignment versus best-practice director ownership guidelines (no guideline disclosed) . No attendance by any Trustee at the 2024 annual meeting implies limited direct shareholder engagement; continued virtual-only meetings may further dilute engagement signals . Absence of a standing compensation committee centralizes compensation decisions among Independent Trustees, which can be efficient for small boards but may lack formalized independence safeguards typical at larger registrants .
- Conflicts: The proxy highlights independence criteria and notes no Independent Trustee or immediate family owned shares of the Adviser; no related-party transactions with Trustees are disclosed; Nominating Committee charter explicitly screens for independence beyond statutory requirements (business, financial, family relationships) .