Moritz Sell
About Moritz A. Sell
Moritz A. Sell (age 56) is the Lead Independent Director of The Swiss Helvetia Fund, Inc. and Chair of its Audit Committee; he has served on the Board since 2017 and as Lead Independent Director since 2018. His background includes principal roles in private investment (Edison Holdings GmbH), prior senior advisory to an investment manager (Markston International LLC until 2019), and a 17-year tenure at Landesbank Berlin AG and its predecessor where he served as Director, Market Strategist, and Head of Proprietary Trading (London Branch) from 1996 to 2013; he also has extensive closed‑end fund board experience at Aberdeen/abrdn funds and High Income Securities Fund. As of September 6, 2024, Mr. Sell beneficially owned 1,509 shares of SWZ, corresponding to a dollar range disclosure of $10,001–$50,000 in the Fund’s proxy materials .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Landesbank Berlin AG (incl. predecessor) | Director, Market Strategist, Head of Proprietary Trading (London Branch) | 1996–2013 | Led proprietary trading; market strategy responsibilities |
| Markston International LLC | Senior Advisor | Until 2019 | Independent investment manager advisory role |
| Aberdeen Singapore Fund | Chairman and Director (prior) | Until 2018 | Board leadership; closed‑end fund governance |
| Aberdeen Greater China Fund | Director (prior) | Until 2018 | Closed‑end fund governance |
External Roles
| Organization | Role | Since | Committees/Impact |
|---|---|---|---|
| Edison Holdings GmbH | Principal | Current | Commercial real estate and venture capital focus |
| High Income Securities Fund | Trustee | 2018 | Independent oversight; cross‑fund governance experience |
| Aberdeen Asia Pacific Income Fund (FAX) | Director | 2018 | Audit committee service across multiple closed‑end funds |
| Aberdeen Global Income Fund (FCO) | Director | 2018 | Audit committee service across multiple closed‑end funds |
| Aberdeen Australia Equity Fund (IAF) | Director | 2004 | Long‑tenured closed‑end fund directorship |
Board Governance
- Independence and leadership: Non‑Interested Director; Lead Independent Director since 2018; Audit Committee Chair; Audit Committee members (Sell, Dayan, Hellerman) are independent under NYSE standards .
- Audit Committee activity: Five meetings were held for the year ended December 31, 2023; Mr. Sell signed the Audit Committee report as Chair (dated February 20, 2024) .
- Board meeting cadence and attendance: The Board met four times in 2023; each Director attended at least 75% of aggregate Board and committee meetings; Governance & Nominating Committee met four times; Pricing Committee met once .
- Engagement on strategic changes: Mr. Sell served as one of three “Non‑Bulldog Directors” evaluating and approving the proposed advisory change to Bulldog and fundamental objective/restriction amendments (December 13, 2024); he was also named as a proxy for the February 21, 2025 special meeting .
Fixed Compensation
| Component (Non‑Interested Director fee schedule for 2023) | Amount |
|---|---|
| Annual retainer (Non‑Interested Directors) | $42,000 |
| Chair of the Board | $56,000 |
| Committee Chair (each of three standing Committees) | $48,000 |
| In‑person Board meeting fee (per meeting) | $2,000 |
| Telephonic Board meeting fee (per meeting) | $750 |
| Committee meeting fee (per meeting) | $750 |
| Incremental/ad hoc work (as warranted) | Compensated based on value added |
| Expense reimbursement | Travel and out‑of‑pocket reimbursed |
| Individual | Aggregate Compensation from the Fund (2023) | Pension/Retirement Benefits Accrued | Estimated Annual Benefits upon Retirement | Total |
|---|---|---|---|---|
| Moritz A. Sell, Chair of the Audit Committee | $60,500 | $0 | $0 | $60,500 |
No director equity awards are disclosed in the director compensation section; compensation is presented as cash retainer and meeting fees .
Performance Compensation
| Metric/Instrument | Details |
|---|---|
| Bonus/short‑term incentive | Not disclosed for Directors |
| Stock awards (RSUs/PSUs) | Not disclosed for Directors |
| Options | Not disclosed for Directors |
| Performance metrics (TSR/EBITDA/ESG) | Not disclosed for Directors |
| Clawbacks / change‑of‑control / severance | Not disclosed for Directors |
Other Directorships & Interlocks
| Company/Entity | Role | Potential Interlock/Notes |
|---|---|---|
| High Income Securities Fund | Trustee | Shared director network with other closed‑end funds |
| FAX (Aberdeen Asia Pacific Income Fund) | Director | Same fund complex as other abrdn funds |
| FCO (Aberdeen Global Income Fund) | Director | Same fund complex as other abrdn funds |
| IAF (Aberdeen Australia Equity Fund) | Director (since 2004) | Long tenure; audit committee service across multiple funds |
| Aberdeen Singapore Fund (prior) | Chairman and Director | Prior role ended 2018 |
| Aberdeen Greater China Fund (prior) | Director | Prior role ended 2018 |
The Board explicitly determined Mr. Sell’s service on audit committees of more than three public companies does not impair his effectiveness because these are listed closed‑end funds (including funds in the same complex) similar to SWZ .
Expertise & Qualifications
- Capital markets and trading: 17 years at Landesbank Berlin in market strategy and proprietary trading leadership; relevant to audit oversight in an investment company context .
- Closed‑end fund governance: Extensive director/trustee roles across multiple abrdn funds and High Income Securities Fund; current Lead Independent Director at SWZ and Audit Committee Chair .
- Private investment experience: Principal at Edison Holdings GmbH (commercial real estate and venture capital), expanding perspective on valuation and risk .
Equity Ownership
| Holder | Shares Beneficially Owned | Dollar Range | As‑of Date |
|---|---|---|---|
| Moritz A. Sell | 1,352 | $10,001–$50,000 | July 14, 2023 |
| Moritz A. Sell | 1,509 | $10,001–$50,000 | September 6, 2024 |
| Directors and Executive Officers as a group (8 persons) | 21,998 | <1.00% of outstanding shares (aggregate) | January 24, 2025 (record date) |
Individual percentage of outstanding shares for Mr. Sell is not disclosed; only dollar range and share count are provided .
Governance Assessment
- Strengths: Independent leadership (Lead Independent Director), Audit Committee chaired by Mr. Sell with active cadence (5 meetings in 2023), and documented annual Board and committee self‑assessment via Governance & Nominating Committee; Board maintained ≥75% attendance among Directors in 2023 .
- Engagement and process rigor: Mr. Sell served among Non‑Bulldog Directors leading independent evaluation of a proposed adviser change, objective shift, and restriction amendments, including executive sessions and detailed review of materials under Section 15 of the 1940 Act (December 13, 2024) .
- Alignment: Mr. Sell holds SWZ shares (1,509 as of Sept 6, 2024; dollar range $10,001–$50,000), signaling personal alignment with stockholders, while director compensation is cash‑based without disclosed equity incentives (reducing risk of short‑term equity gaming) .
- Potential conflicts and mitigants: Service on >3 public company audit committees could pose bandwidth risk; the Board explicitly determined this does not impair effectiveness because these are similar listed closed‑end funds in the same complex . Directors/families did not own securities in Schroders or its affiliates, reducing adviser‑related conflicts . Under the proposed Bulldog agreement, fees paid to Bulldog‑affiliated officers/directors would be deducted from Bulldog’s advisory fee, a structural mitigant (though Mr. Sell is not Bulldog‑affiliated) .
- Attendance risk indicators: No specific director‑level attendance shortfalls disclosed; Board states each director met ≥75% threshold in 2023; Audit Committee reports signed by Mr. Sell, indicating active participation .
- RED FLAGS: None explicitly disclosed for Mr. Sell (no related‑party transactions, pledging, or legal proceedings mentioned); monitor aggregate audit‑committee workload across fund complex for capacity strain despite Board’s determination .