Ketu Desai
About Ketu Desai
Independent Trustee at Saba Capital Income & Opportunities Fund II since February 2023; member of the Audit Committee and Chair of the Nominating Committee. Age reference: 1982; education includes B.A. in Economics (Stony Brook University), M.S. in Economics (NYU), and MBA from NYU Stern in Finance, Financial Instruments and Markets, and Entrepreneurship & Innovation. Background spans investment analysis, portfolio allocation, and risk management in credit and event-driven strategies; founding partner of i-squared Wealth Management and former CIO of Centerfin (2020–2024) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| i-squared Wealth Management, Inc. | Founding Partner and Principal | Since 2016 | Private wealth management leadership |
| Centerfin | Chief Investment Officer | 2020–2024 | Oversight of investment strategy |
| Lighthouse Investment Partners, LLC | Investment Analyst | 2007–2016 | Member, Relative Value Committee; portfolio allocation and risk management across fixed income, credit, event-driven, mortgage, and distressed strategies |
| Credit Suisse AG | M&A Investment Banking Analyst | Pre-2007 (noted as prior to Lighthouse) | Transaction analysis |
External Roles
| Organization | Role | Tenure | Committees |
|---|---|---|---|
| Saba Capital Income & Opportunities Fund | Trustee | Since 2020 | Audit Committee member |
| ASA Gold and Precious Metals Limited Fund | Director | Since 2024 | Audit Committee member |
Board Governance
- Independence: Not an “interested person” under the 1940 Act; classified as Independent Trustee .
- Committee assignments:
- Audit Committee member; Audit Committee comprised of Caldwell (Chair; Financial Expert), Hammitt, Desai. Audit Committee held four meetings in FY ended Oct 31, 2024 .
- Nominating Committee Chair; committee members: Caldwell, Desai (Chair), Gabriel; one meeting in FY ended Oct 31, 2024 .
- Attendance: For FY ended Oct 31, 2024, no Trustee attended fewer than 75% of Board/committee meetings; Board held four meetings .
- Board leadership: Chair is Interested Trustee Andrew Kellerman (Saba Capital executive); Lead Independent Trustee is Frederic Gabriel .
- Shareholder meeting engagement: No Trustees attended the prior annual meeting held on June 20, 2024 .
Fixed Compensation
| Component | Amount | Period | Notes |
|---|---|---|---|
| Annual Independent Trustee cash retainer | $15,000 | FY ended Oct 31, 2024 | Paid quarterly per Board fee schedule |
| Nominating Committee Chair fee | $0 | FY ended Oct 31, 2024 | No additional fee for Nominating Chair |
| Audit Committee Chair fee (not applicable to Desai) | $7,500 | FY ended Oct 31, 2024 | Paid to Audit Chair (Caldwell) |
| Aggregate compensation from SABA Fund | $15,000 | FY ended Oct 31, 2024 | Trustee compensation table, Appendix B |
| Total compensation from Fund Complex | $30,000 | FY ended Oct 31, 2024 | Complex consists of the Fund and Saba Capital Income & Opportunities Fund |
Performance Compensation
- No equity or option grants, performance metrics, or incentive plans for Trustees are disclosed in the Trustee Compensation section or the Trustee Compensation Table; compensation is structured as cash retainers and designated meeting fees when applicable .
Other Directorships & Interlocks
| Company/Entity | Listing/Type | Role | Committee Roles | Potential Interlock Notes |
|---|---|---|---|---|
| Saba Capital Income & Opportunities Fund | Closed-end fund | Trustee | Audit Committee member | Same adviser complex; independent status maintained under 1940 Act |
| ASA Gold and Precious Metals Limited Fund | Closed-end fund | Director | Audit Committee member | Independent external fund role |
Expertise & Qualifications
- Academic credentials: BA (Economics, Stony Brook), MS (Economics, NYU), MBA (NYU Stern; Finance, Financial Instruments and Markets, Entrepreneurship & Innovation) .
- Technical and governance expertise: Credit markets, relative value, risk management; prior committee leadership at Lighthouse; audit committee experience across funds; Nominating Committee Charter emphasizes independence, time commitment, and avoidance of conflicts, aligning with Desai’s role as Chair .
Equity Ownership
| Holder | SABA Fund Shares | Dollar Range | Ownership % of Outstanding |
|---|---|---|---|
| Ketu Desai | 0 (None) | $0 | 0.00% (28,255,264 shares outstanding) |
Appendix C states Desai held “None” of Fund shares as of March 31, 2025; shares outstanding at record date were 28,255,264 .
Governance Assessment
- Strengths:
- Material committee responsibilities: Audit Committee member and Nominating Committee Chair—positions central to financial reporting integrity and board composition; Audit Committee met four times in FY 2024; Nominating met once .
- Independence and compliance: Classified as Independent Trustee; Section 16(a) beneficial ownership reporting compliance affirmed for reporting persons in FY 2024 .
- Risk oversight framework: Board reviews risk through regular reports from CCO and service providers; auditor transitions (PwC to EY) and pre-approval processes suggest robust audit independence oversight .
- Alignment and engagement considerations:
- Zero share ownership in the Fund may limit economic alignment with shareholders; common for fund trustees but may be viewed negatively by some investors focused on “skin in the game” .
- No Trustees attended the 2024 annual meeting, a potential signal of limited shareholder-facing engagement, though not uncommon in CEF complexes .
- Conflicts and red flags:
- Board Chair is an Interested Trustee and Saba Capital partner; while customary in sponsor-led CEFs, it underscores the importance of independent committee oversight of auditor selection and nominations—areas where Desai is active .
- Nominating Committee Charter stresses independence beyond statutory definitions, mitigating risks of adviser-related influence on board composition under Desai’s chairmanship .