Michael D’Angelo
About Michael D’Angelo
Michael D’Angelo is the Secretary of Saba Capital Income & Opportunities Fund II and has served in this role since May 2021; his principal occupation during the past five years is Chief Operating Officer and General Counsel at Saba Capital Management, L.P. . He was born on 09/08/1978 . He serves as the Fund’s agent for service and is a frequent signatory and authorized representative across Saba Capital fund entities and regulatory filings (including 40‑APP/A and Schedule 13D/A) in his capacity as General Counsel, evidencing central responsibility for legal, compliance, and governance functions . Officers of the Fund are compensated by Saba Capital or its affiliates and are not paid by the Fund, so fund‑level compensation details are not disclosed in the proxy .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Saba Capital Management, L.P. | Chief Operating Officer and General Counsel | Past 5 years (ongoing) | Leads legal and operational oversight for the adviser; supports governance of advised funds . |
| Saba Capital entities (Reporting Persons in SEC filings) | Attorney‑in‑fact / Authorized Signatory | Since power of attorney dated Nov 16, 2015 | Executes ownership filings (e.g., Schedule 13D/A) on behalf of reporting persons, ensuring regulatory compliance and timely disclosures . |
External Roles
| Organization | Role | Year(s) | Strategic Impact |
|---|---|---|---|
| Saba Capital Income & Opportunities Fund II | Agent for Service | 2024 | Registered agent for service of process; supports regulatory communications and filings . |
| Multiple Saba Capital funds (e.g., Master Funds, CEF Opportunities and Special Opportunities vehicles) | General Counsel / Authorized Signatory | 2025 | Legal signatory across funds in exemptive applications (40‑APP/A), indicating broad fund complex legal oversight and coordination . |
Fixed Compensation
Officers of the Fund are compensated by the adviser (Saba Capital or affiliates) and are not paid by the Fund; the proxy therefore does not disclose base salary, bonus, or benefits for fund officers.
| Component | Fund Disclosure |
|---|---|
| Paid by Fund | No – officers are compensated by Saba Capital or its affiliates . |
| Base Salary | Not disclosed by the Fund (officers are not paid by the Fund) . |
| Target Bonus % / Actual Bonus | Not disclosed by the Fund (officers are not paid by the Fund) . |
| Perquisites | Not disclosed by the Fund (officers are not paid by the Fund) . |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Adviser‑linked incentives (if any) | Not disclosed by the Fund | Not disclosed by the Fund | Not disclosed by the Fund | Not disclosed by the Fund | Not disclosed by the Fund . |
Equity Ownership & Alignment
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Fund share ownership (Dollar range) | $0 / None | $0 / None |
| Shares outstanding (context) | 56,510,504 | 28,255,264 |
| 5%+ holders (context) | Saba Capital Management, L.P. held 12.23% (6,909,452 shares) as of the record date in 2024 | Boaz R. Weinstein 11.62% (3,267,933) and Saba Capital Management, L.P. 11.23% (3,158,589) as of April 29, 2025 |
- Stock ownership guidelines, pledging, hedging: Not disclosed for fund officers in the proxy .
Employment Terms
| Term | Disclosure |
|---|---|
| Position and tenure | Secretary of the Fund since May 2021; principal occupation COO & General Counsel at Saba Capital . |
| Officer election and duration | Officers are elected by the Board and serve until successors are chosen and qualified or earlier resignation/removal . |
| Compensation source | Compensated by Saba Capital or affiliates; not paid by the Fund . |
| Contract terms, severance, change‑of‑control | Not disclosed by the Fund . |
| Clawbacks, non‑compete/non‑solicit, garden leave | Not disclosed by the Fund . |
Investment Implications
- Alignment at the fund level appears limited: Michael D’Angelo reported no fund share ownership in 2024 and 2025, and officers are compensated by the adviser, not the Fund, reducing transparency into pay‑for‑performance linkages specific to SABA .
- Governance and execution capacity: Frequent signatory across Saba Capital entities and role as agent for service indicate high involvement in legal, regulatory, and governance processes—supportive for compliance and operational execution across the complex .
- Retention and severance risk cannot be directly assessed: Employment contract terms, severance, change‑of‑control, and clawbacks are not disclosed at the fund level, leaving uncertainty around retention economics and potential selling pressure tied to vesting events .
- Ownership concentration context: Significant stakes by Saba Capital Management, L.P. and Boaz Weinstein underscore adviser‑level influence on fund outcomes; while D’Angelo’s role is legal/operational, the adviser’s incentives may drive strategic actions impacting SABA’s discount, buybacks, or activism posture .
Note: As a closed‑end fund, officer compensation is typically borne by the adviser and not disclosed in detail at the fund level; conclusions are based on disclosed fund documents and may not reflect adviser‑level compensation structures .