Fred Jensen
About Fred Jensen
Fred Jensen (born 1963) serves as Chief Compliance Officer (CCO) of LMP Capital and Income Fund Inc. (SCD), reporting directly to the Board on compliance and risk oversight matters; he has held the CCO role since 2020, with appointment effective April 17, 2020 . His current employer role is Director – Global Compliance at Franklin Templeton (since 2020), following prior senior compliance leadership positions at Legg Mason (2006–2020), The Reserve Funds (2004), and Ambac Financial Group (2000–2003) . Fund officers receive no compensation from the Fund (SCD), and are elected annually to serve until successors are elected and qualified . Section 16(a) ownership reporting for the fiscal year ended November 30, 2024 was represented as compliant for the Fund, and the prior year noted a single late initial Form 3 for another reporting person (Michael Buchanan), not Mr. Jensen .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Franklin Templeton | Director – Global Compliance | Since 2020 | Compliance leadership; liaison to Board risk oversight as CCO at SCD |
| Legg Mason & Co. | Managing Director; Director of Compliance, Office of the Chief Compliance Officer | 2006–2020 | Firm-wide compliance leadership; senior governance roles |
| Legg Mason Global Asset Allocation | Chief Compliance Officer | Prior to 2014 | Product-level compliance oversight |
| Legg Mason Private Portfolio Group | Chief Compliance Officer | Prior to 2013 | Product-level compliance oversight |
| The Reserve Funds | Chief Compliance Officer | 2004 | Compliance leadership for investment adviser, funds, and broker-dealer |
| Ambac Financial Group | Chief Compliance Officer | 2000–2003 | Compliance leadership for investment adviser, funds, and broker-dealer |
External Roles
| Organization | Role | Years |
|---|---|---|
| Franklin Templeton | Director – Global Compliance | Since 2020 |
| Legg Mason & Co. | Managing Director; Associate General Counsel/Compliance leadership (firm references in officer tables) | 2006–2020 |
Fixed Compensation
- Officers of the Fund receive no compensation from the Fund; they may be reimbursed for reasonable out-of-pocket travel expenses for attending Board meetings .
- Executive officers are elected annually by the Board and serve until successors are elected and qualified .
Performance Compensation
- No Fund-linked incentive compensation (e.g., RSUs, PSUs, options, cash bonuses) for Fund officers is disclosed in the proxy; the document explicitly states officers receive no compensation from the Fund .
Equity Ownership & Alignment
- Security Ownership of Management (latest proxy): nominees, Directors and officers of the Fund as a group beneficially owned less than 1% of outstanding shares as of February 7, 2025 .
- Major registered stockholders (>5%): First Trust Advisors L.P. and affiliates (1,506,665 shares, 8.79%); Raymond James & Associates, Inc. (988,727 shares, 5.70%) as of February 7, 2025 .
| Ownership metric | Latest disclosed | Source |
|---|---|---|
| Officers and Directors as a group beneficial ownership (% of outstanding) | <1% (as of Feb 7, 2025) | |
| First Trust Advisors L.P. and affiliates | 1,506,665 shares (8.79%) | |
| Raymond James & Associates, Inc. | 988,727 shares (5.70%) |
- Section 16(a) compliance: For FY ended Nov 30, 2024, filings were represented as compliant; prior FY noted a late initial Form 3 for Michael Buchanan (administrative oversight) .
Employment Terms
- Appointment and tenure: Effective April 17, 2020, Mr. Jensen became CCO; he has served since 2020 .
- Role and reporting: The Board meets regularly and as needed with the Fund’s CCO to discuss risk, policies, procedures, and controls; the CCO reports directly to the Board .
- Compensation and reimbursement: Officers receive no compensation from the Fund; reasonable out-of-pocket travel expenses for attending Board meetings may be reimbursed .
- Complaints and whistleblowing contact: The Audit Committee guidelines designate the CCO as a Complaint Officer; stockholder complaints about accounting matters can be submitted to the CCO at Franklin Templeton, 1 Madison Ave, 17th Floor, New York, NY 10010; phone 1-800-742-5274 .
Investment Implications
- Fund-pay alignment: With officers receiving no compensation from SCD, there are no Fund-linked cash/equity incentives disclosed for Mr. Jensen; near-term trading signals tied to his personal vesting/selling are likely limited by structure .
- Ownership pressure: Insider ownership is minimal at the aggregate level (<1%), reducing insider-selling pressure as a driver of stock overhang based on management holdings .
- Governance and retention: Mr. Jensen’s role is central to risk/compliance oversight and Board reporting; continuity since 2020 supports operational stability in compliance processes .
- Monitoring focus: Given non-Fund compensation and limited disclosed personal ownership, investor monitoring should emphasize: (i) any future Item 5.02 changes to officer roles, (ii) Section 16 filings for any ownership changes, and (iii) Board/Audit Committee disclosures on compliance events .