Patrick Keniston
About Patrick Keniston
Patrick Keniston serves as Chief Compliance Officer (CCO) of Saba Capital Income & Opportunities Fund II (“the Fund”) and has held this role since June 2021; his date of birth is January 18, 1964. He is provided to the Fund via Foreside Fund Officer Services LLC and has been a Managing Director at Foreside since 2008, reflecting deep compliance leadership for registered investment vehicles . The Fund’s proxy does not disclose executive performance metrics such as TSR, revenue, or EBITDA growth for officers; officers are compensated by Saba Capital or its affiliates and are not paid by the Fund .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Saba Capital Income & Opportunities Fund II | Chief Compliance Officer | Since June 2021 | Third‑party compliance oversight; reports to Board on policies/procedures and risk, supporting regulatory compliance and governance |
| Saba Capital Income & Opportunities Fund II | Fund Officer (address) | Current | Officer service provided by Foreside; address: Foreside Fund Officer Services LLC, 3 Canal Plaza, 3rd Floor, Portland, ME 04101 |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Foreside Fund Officer Services LLC | Managing Director | Since 2008 | Provides third‑party compliance officer and treasurer services to the Fund; integrated into Fund’s service provider oversight framework |
Fixed Compensation
| Component | Status | Notes |
|---|---|---|
| Base salary | Not disclosed | Fund officers are compensated by Saba Capital or its affiliates; officers are not paid by the Fund |
| Target bonus % | Not disclosed | Not disclosed in the Fund’s proxy |
| Actual bonus paid | Not disclosed | Not disclosed in the Fund’s proxy |
| Cash retainer from Fund | $0 | Officers are not paid by the Fund |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed | — | — | — | — | — |
The Fund’s proxy does not disclose officer incentive metrics (e.g., revenue/EBITDA/TSR) or PSU/RSU structures for officers; officers are compensated by Saba Capital or affiliates and not by the Fund .
Equity Ownership & Alignment
| Item | As of | Value/Amount |
|---|---|---|
| Dollar range of Fund shares beneficially owned (Keniston) | March 31, 2025 | None ($0) |
| Officers owning ≥1% of shares | April 24, 2025 (record date) | None; no Trustee or Officer owned ≥1% of outstanding shares |
| Shares pledged as collateral | Not disclosed | Not disclosed in proxy |
| Stock ownership guidelines (officers) | Not disclosed | Not disclosed in proxy |
| Compliance with guidelines | Not disclosed | Not disclosed in proxy |
Codes of Ethics cover personal trading and policies regarding hedging of company securities, prohibit short‑term trading in Fund shares, and require pre‑clearance and periodic reporting for persons subject to the Codes (including officers) .
Employment Terms
| Term | Detail |
|---|---|
| Role/title | Chief Compliance Officer (Officer of the Fund) |
| Start date | Since June 2021 |
| Primary employer affiliation | Foreside Fund Officer Services LLC (third‑party compliance officer provider) |
| Address | Foreside Fund Officer Services LLC, 3 Canal Plaza, 3rd Floor, Portland, ME 04101 |
| Contract term length/expiration | Not disclosed |
| Auto‑renewal | Not disclosed |
| Non‑compete / non‑solicit | Not disclosed |
| Garden leave / post‑termination arrangements | Not disclosed |
| Severance multiples | Not disclosed |
| Change‑of‑control triggers | Not disclosed |
| Clawback provisions | Not specifically disclosed for officers; Codes of Ethics govern personal trading/hedging |
Investment Implications
- Pay‑for‑performance alignment: Officer compensation is borne by Saba Capital or affiliates (and not by the Fund), with no disclosed salary/bonus/PSU/RSU terms—limiting visibility into performance‑linked incentives for the CCO role .
- Insider selling pressure: Keniston reported “None ($0)” dollar range of Fund share ownership as of March 31, 2025; no officer owns ≥1%—reducing insider selling pressure as a trading signal .
- Equity alignment and pledging risk: No ownership disclosed for Keniston and no pledging disclosures—minimal alignment via equity, but also limited pledging/hedging risk based on Codes of Ethics restricting short‑term trading and governing hedging practices .
- Retention risk and continuity: As a third‑party compliance officer provided by Foreside within a robust service‑provider model (SS&C ALPS, EQ, Foreside), continuity hinges on service agreements more than discretionary cash/equity incentives; no employment contract terms disclosed for the officer .
- Governance and execution: The Board receives regular reports from the CCO and Adviser’s CRO; Codes of Ethics, pre‑clearance, and personal trading controls are in place—supportive of compliance quality but not a direct value‑creation lever for trading signals .