Maureen Quill
About Maureen Quill
Maureen Quill (born 1963) serves as President of Source Capital and is a Trustee of the Trust, first elected in 2023. She is also President of Investment Managers Series Trust III (since July 2023) and President of Investment Managers Series Trust (since June 2014), with prior senior roles at UMB Fund Services and UMB Distribution Services. She is deemed an “interested person” of the Trust due to her affiliation with UMB Fund Services, Inc.; during FY2024 the Board met four times and each Trustee attended all Board and committee meetings. No TSR, revenue, or EBITDA performance metrics tied to her role are disclosed in the DEF 14A.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| UMB Fund Services, Inc. | EVP/Executive Trustee Registered Funds | Jan 2018 – present | Not disclosed |
| UMB Fund Services, Inc. | Chief Operating Officer | Jun 2014 – Jan 2018 | Not disclosed |
| UMB Fund Services, Inc. | Executive Vice President | Jan 2007 – Jun 2014 | Not disclosed |
| UMB Distribution Services | President | Mar 2013 – Dec 2020 | Not disclosed |
| Investment Managers Series Trust | Vice President | 2013 – 2014 | Not disclosed |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Investment Managers Series Trust III | President | Since Jul 2023 | Oversees multiple series; Trustee of SOR and IMST III |
| Investment Managers Series Trust | President | Since Jun 2014 | Long-tenured leadership role |
| Investment Managers Series Trust and IMST III | Other Trusteeships Held | Current | Listed among other trusteeships |
Fixed Compensation
| Component | FY2024 Amount | Notes |
|---|---|---|
| Trustee/Officer compensation paid by Source Capital to interested trustees/officers affiliated with Adviser or its affiliates (includes Quill) | $0 | “No compensation is paid by the Trust to any officer or Trustee who is a Trustee, officer or employee of the Adviser or its affiliates.” |
Performance Compensation
- Not disclosed for Maureen Quill. The DEF 14A does not include bonus, equity award, or performance metric disclosures typical of corporate NEOs; it states that interested trustees receive no compensation from the Trust.
Equity Ownership & Alignment
| Metric | Value | Date/Context |
|---|---|---|
| Dollar Range of Trust Shares Owned – Maureen Quill | None | As of Dec 31, 2024 |
| Officers and Trustees as a group – beneficial ownership | <1% of outstanding shares | As of Apr 2, 2025 |
| Shares outstanding | 8,226,191 | Record Date: Apr 2, 2025 |
- No disclosures on vested vs. unvested shares, options, or pledging/hedging for Quill appear in the DEF 14A.
Employment Terms
- The DEF 14A does not disclose an employment agreement, severance, change‑of‑control terms, non‑compete/non‑solicit, or clawback provisions for Maureen Quill.
Board Governance
- Structure and independence: Quill serves as an “interested” Trustee due to UMB affiliation; independent Trustees are Brown, Goldrich, and Zader.
- Chairman: John P. Zader (Independent). Responsibilities include presiding at meetings and agenda setting with the President.
- Committees: Audit Committee and Nominating & Governance Committee consist of independent Trustees (Brown, Goldrich, Zader); Quill is not a member of these independent‑only committees.
- Committee chair: Audit Committee chaired by Sandra Brown.
- Executive sessions: The Board holds executive sessions in connection with regular meetings (with and without Adviser partners).
- Attendance: In FY2024, the Board held four meetings; each Trustee attended all Board and applicable committee meetings.
Director Compensation
| Name | Aggregate Compensation from the Trust (FY2024) | Total Compensation from Fund Complex |
|---|---|---|
| Maureen Quill (Interested Trustee) | $0 | $0 |
- Independent Trustee fees (for context): Brown $8,131; Goldrich $8,131; Zader $8,582 from Source Capital in FY2024, with additional complex‑wide compensation; interested Trustees (including Quill) received $0.
- Trustees may elect to defer compensation under a non‑qualified Deferred Compensation Plan (independent trustees only).
Investment Implications
- Alignment: Quill reports “None” for Source Capital share ownership and receives $0 from the Trust as an interested Trustee/officer, indicating limited direct pay‑for‑performance alignment via Trust compensation or ownership; governance mitigants include independent‑only key committees and an independent Chairman.
- Dual‑role considerations: Quill’s dual status as President and interested Trustee (via UMB affiliation) raises independence considerations typical for registered funds; however, committee composition (independent‑only) and board leadership structure reduce conflict risk.
- Trading signals: With no disclosed incentive equity, vesting schedules, or option overhang for Quill, insider‑selling pressure and event‑driven compensation catalysts appear minimal from her role; absence of disclosed severance/change‑of‑control economics limits event risk analysis.
- Monitoring: Given the Trust’s structure and adviser/co‑administrator roles, investors should monitor future proxies/N‑CSR filings for any shifts in governance (e.g., committee changes) and any updates on trustee/officer ownership or compensation disclosures.