Nitin Sapru
About Nitin Sapru
Partner & Chief Financial Officer at Saba Capital Management; Vice President of Saba Capital Income & Opportunities Fund II (ticker: SABA) since May 2021, with DOB 12/07/1980 and mailing address 405 Lexington Avenue, 58th Floor, New York, NY 10174 . Education: MS in Accountancy (Baruch College), BS in Finance (Lehigh University), and CPA designation . Fund-level performance metrics (TSR, revenue, EBITDA) tied to his role are not disclosed in SABA’s proxy filings; officers are not compensated by the Fund and disclosures do not include pay-for-performance metrics .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Saba Capital Management | Controller | 2011–2014 | Built finance function; internal controls and fund accounting for hedge fund operations . |
| Logen Asset Management LP | CFO & COO | 2015–2016 | Co-led operational setup and first private fund offering for distressed/special-situations RIA . |
| Saba Capital Management | Deputy CFO | 2016 | Transition back to Saba; established processes preceding CFO promotion . |
| Saba Capital Management | Chief Financial Officer (Partner) | 2017–present | Oversees firm finance, reporting, controls; senior leadership role at $5.9B AUM adviser as of Apr 1, 2025 . |
| Och‑Ziff Capital Management (Sculptor Capital) | Fund Accountant | 2007–2011 | Hedge fund accounting and reporting experience . |
| Ernst & Young LLP | Staff Accountant | 2005–2007 | Asset Management Assurance practice exposure . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Saba Capital Income & Opportunities Fund II (SABA) | Vice President | Since May 2021 | Officer of the closed-end fund; not compensated by the Fund . |
| Saba Capital Income & Opportunities Fund (BRW) | Vice President | Since May 2021 | Parallel fund officer role per firm bio . |
| SABA CAPITAL (UK) LIMITED | Director | Appointed 25 Nov 2021 | UK Companies House lists Mr. Sapru as a director (nationality: American) . |
| SABA CAPITAL CEF SPECIAL OPPORTUNITIES OFFSHORE FUND 2 LTD | Director | As disclosed 2025 | Listed as Director in Saba Capital’s Form ADV (private fund data) . |
Fixed Compensation
- Officer Compensation: All Fund officers (including VP Nitin Sapru) are compensated by Saba Capital or its affiliates; officers are not paid by SABA Fund .
- Adviser Compensation Structure (firm-level, applicable to Saba Capital employees): Base salary (fixed) and discretionary bonus (variable) based on individual contributions and firm success; partners receive compensation based on equity ownership, which can be increased on a discretionary basis; 100% employer-covered health/dental/vision and other benefits .
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Discretionary bonus (firm-level) | Not disclosed | Not disclosed | Not disclosed | Discretionary, tied to individual contribution and firm success | Not disclosed . |
| Equity/Ownership-based partner compensation | Not disclosed | Not disclosed | Not disclosed | Based on partner equity ownership; discretionary increases possible | Not disclosed . |
No fund-specific incentive metrics (e.g., TSR, revenue/EBITDA targets, ESG goals) or vesting schedules are disclosed for Fund officers; SABA’s proxy does not include executive compensation tables for officers since compensation is paid by the Adviser, not the Fund .
Equity Ownership & Alignment
| Metric | Mar 31, 2024 | Mar 31, 2025 |
|---|---|---|
| Nitin Sapru – Aggregate Dollar Range of Fund Securities Owned | None/$0 | None/$0 |
| All Trustees & Officers – Aggregate Dollar Range | $0 (group total) | $2,259.40 (group total; one independent trustee holding) |
- Shares pledged as collateral: Not disclosed in proxy filings .
- Stock ownership guidelines for officers: Not disclosed .
- Compliance status with ownership guidelines: Not applicable/not disclosed .
Employment Terms
| Item | Disclosure |
|---|---|
| Fund Officer Start Date | Vice President since May 2021 . |
| Contract Term Length & Expiration | Not disclosed in fund proxy . |
| Auto-renewal | Not disclosed . |
| Severance Provisions | Not disclosed . |
| Change-of-Control Provisions | Not disclosed . |
| Clawback Provisions | Not disclosed . |
| Non-compete/Non-solicit/Garden Leave | Not disclosed . |
| Post-termination Consulting | Not disclosed . |
Board Governance (context for his officer role)
- Proxy authority: Named as a proxy authorized to vote Fund shares as directed by shareholders in SABA proxy solicitations .
- Meeting attendance: Trustees held 4 meetings in FY ended Oct 31, 2024; attendance data pertains to trustees, not officers .
- Officer roster and oversight: Officers elected by the Board; details of roles (including VP Nitin Sapru) are set forth in Appendix D .
Performance & Track Record (role-linked signals)
- SEC filings signed: Signed as Vice President on the Fund’s Form N‑PX annual report (proxy voting record) dated Aug 29, 2024, evidencing operational accountability .
- Adviser scale: Saba Capital managed approximately $5.9B of assets as of April 1, 2025, indicating firm growth under the CFO’s tenure (firm-wide performance context) .
- Firm compensation approach warns of potential conflicts via performance-fee arrangements, managed with allocation policies; relevant to risk oversight and execution discipline at the adviser .
Say‑on‑Pay & Shareholder Feedback
- Say‑on‑Pay and executive pay votes: Not applicable/not disclosed for Fund officers; proxies cover trustee fees and governance, not officer compensation paid by the Adviser .
Compensation Peer Group
- Compensation benchmarking and peer group composition: Not disclosed for Fund officers .
Related Party Transactions & Red Flags
- Hedging/pledging by officers: No pledging disclosures for Nitin Sapru; no hedging policies disclosed for officers in proxy .
- Tax gross‑ups, option repricing, golden parachutes: Not disclosed .
- Officer pay from Fund (alignment concern): Officers are paid by the Adviser, not the Fund, which limits fund-level pay-for-performance transparency .
- Governance evolution: Board declassification initiative reflects governance responsiveness but relates to trustees, not officer compensation alignment .
Expertise & Qualifications
- Credentials: CPA; MS in Accountancy (Baruch College), BS in Finance (Lehigh University) .
- Functional expertise: Hedge fund finance, fund accounting, US GAAP, financial reporting; roles at EY and Och‑Ziff provide asset management assurance and fund accounting foundations .
- Senior leadership: Partner & CFO at Saba Capital; officer for SABA Fund (VP) .
Ownership & Compensation Tables (multi-year)
| Item | FY/Date | Value/Status |
|---|---|---|
| Officer beneficial ownership (Nitin Sapru) | Mar 31, 2024 | None/$0 |
| Officer beneficial ownership (Nitin Sapru) | Mar 31, 2025 | None/$0 |
| Officer compensation paid by Fund | FY 2023–2024 | Not paid by Fund; paid by Adviser |
| Adviser AUM (context) | As of Apr 1, 2025 | ~$5.9B |
Investment Implications
- Alignment: No disclosed personal holdings in SABA Fund and no fund-paid officer compensation reduce direct pay-for-performance alignment and limit insider-trading signals tied to his personal stake in the Fund .
- Retention risk: Compensation at the adviser is discretionary (salary + bonus) with partner equity-based economics; this suggests retention levers reside at Saba Capital rather than the Fund, with incentives linked to firm performance, not explicit fund KPIs .
- Governance signal: He is an operational and compliance‑adjacent actor (proxy designee; N‑PX signatory), influencing process quality rather than portfolio strategy; any material changes in adviser economics or partner equity allocations could affect his incentives, but such details are not disclosed in Fund filings .
- Trading signal: Absence of disclosed fund share ownership and lack of personal Form 4 disclosures in provided materials point to limited officer-driven selling pressure; monitor adviser-level Form 4s and future proxies for any changes in officer ownership or pledging .