Fred Jensen
About Fred Jensen
Fred Jensen (birth year: 1963) serves as Chief Compliance Officer (CCO) of Western Asset Intermediate Muni Fund Inc. (SBI) and Director – Global Compliance at Franklin Templeton; he has held the CCO role since 2020, after senior compliance leadership roles across Legg Mason affiliates and prior CCO positions at The Reserve Funds and Ambac Financial Group . Officers of the Fund receive no compensation from the Fund (only reasonable travel expense reimbursements), and the proxy does not disclose officer performance metrics or pay-for-performance linkages, so TSR/revenue/EBITDA-related compensation alignment cannot be assessed at the Fund level . The Board’s risk oversight specifically includes regular engagement with the CCO on compliance policies, procedures, and controls, underscoring Jensen’s centrality to governance and risk management for the Fund .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Franklin Templeton | Director – Global Compliance | Since 2020 | Global compliance leadership for fund complex |
| Legg Mason & Co. | Managing Director; Director of Compliance (Office of the Chief Compliance Officer) | 2006–2020 | Led enterprise compliance oversight for affiliated funds and entities |
| Legg Mason Global Asset Allocation | Chief Compliance Officer | Prior to 2014 | CCO responsibilities for asset allocation affiliate |
| Legg Mason Private Portfolio Group | Chief Compliance Officer | Prior to 2013 | CCO responsibilities for private portfolios affiliate |
| The Reserve Funds | Chief Compliance Officer | 2004 | CCO for adviser, funds, and broker-dealer |
| Ambac Financial Group | Chief Compliance Officer | 2000–2003 | CCO for adviser, funds, and broker-dealer |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Franklin Templeton | Director – Global Compliance | Since 2020 | Primary employer; officers serve the Fund without Fund-paid compensation |
Fixed Compensation
- Officers of the Fund, including the CCO, receive no compensation from the Fund; they may be reimbursed for reasonable out-of-pocket travel expenses for attending Board meetings .
Performance Compensation
- The proxy provides no disclosure of incentive compensation (bonus/RSUs/PSUs/options), performance metrics, targets, or payouts for Fund officers; compensation is not paid by the Fund and is not reported at the Fund level .
Equity Ownership & Alignment
| Metric | As of Feb 7, 2024 | As of Feb 7, 2025 |
|---|---|---|
| Officers and Directors, group beneficial ownership (% of outstanding shares) | <1% | <1% |
- Section 16(a) compliance: For FY2024, the Fund reports all filing requirements met, except one late initial Form 3 for Michael Buchanan due to administrative oversight; for FY2025, all filing requirements met .
- Dollar-range ownership in the Fund is disclosed for Directors but not for officers; no pledging or hedging disclosures for officers are provided in the proxy .
Employment Terms
| Item | Disclosure |
|---|---|
| Role | Chief Compliance Officer |
| Start date / Tenure | Since 2020 |
| Employer | Franklin Templeton (FTFA and affiliates) |
| Contract term / Expiration | Not disclosed in the proxy |
| Severance / Change-of-control | Not disclosed in the proxy |
| Non-compete / Non-solicit / Garden leave | Not disclosed in the proxy |
| Post-termination consulting | Not disclosed in the proxy |
| CCO contact and complaint procedures | Board-established procedures list the CCO as a Complaint Officer and provide contact details (mail/phone) |
Investment Implications
- Compensation alignment: Fund officers do not receive Fund-paid compensation, and no incentive plan disclosures exist at the Fund level; pay-for-performance cannot be evaluated for Jensen via Fund proxy disclosures. Any compensation structures would reside at Franklin Templeton and are not reported here, limiting direct assessment of bonus metrics, vesting schedules, or change-of-control economics .
- Insider selling pressure: With no Fund-level equity grant disclosures and group beneficial ownership <1%, there is little evidence of RSU/option vesting-driven selling pressure tied to Fund awards; pledging/hedging data for officers is not disclosed .
- Ownership alignment: Minimal disclosed management ownership at the Fund suggests limited alignment via Fund equity for officers; Director dollar-range ownership is disclosed, but officer holdings are not. No pledging red flags are disclosed .
- Retention and execution risk: Jensen’s long tenure in compliance leadership across Franklin Templeton/Legg Mason affiliates and his central role in the Board’s risk oversight suggest institutional continuity. However, absence of employment contract/severance disclosures prevents formal retention risk quantification .
- Trading signals: Section 16 compliance is clean in FY2025 and largely clean in FY2024 with one unrelated late Form 3; lack of officer-specific Form 4 activity or equity award details limits utility of insider trading signals for Jensen .