Todd Reit
About Todd Reit
Independent Trustee and Chair of the Boards for the abrdn Healthcare closed‑end funds complex; Trustee since 2023. Year of Birth: 1968. Background includes Managing Member of Cross Brook Partners LLC (real estate investment/management, since 2017) and formerly Managing Director & Global Head of Asset Management Investment Banking at UBS AG; retired from UBS in 2017 after a 25+ year career that began at PaineWebber (merged into UBS in 2000). On THW, he serves as a Class B Trustee with a term expiring in 2026. Other directorships disclosed: none.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| UBS AG (and predecessor PaineWebber) | Managing Director; Global Head of Asset Management Investment Banking | Through 2017; 25+ year career (PaineWebber merged with UBS in 2000) | Led global asset management client relationships across corporate finance, securities, and M&A; retired 2017 |
| PaineWebber (pre-2000) | Investment banking roles (predecessor firm) | Pre-2000 (merged into UBS) | Predecessor experience feeding into UBS tenure |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Cross Brook Partners LLC | Managing Member | Since 2017 | Real estate investment and management firm |
| Shelter Our Soldiers (non-profit) | Director & Financial Officer | Since 2016 | Veteran support charity |
| Other public company boards | None | — | No other public directorships disclosed |
Board Governance
- Role at THW: Independent Trustee (Class B; term ends 2026) and Chair of the Board (independent). Chairs board meetings, helps set agendas, and serves as liaison with management between meetings. Independent Trustees meet in executive session and retain independent legal counsel.
- Committee assignments: Member, Audit Committee (Audit Chair is C. William Maher, designated “audit committee financial expert”); Chair, Nominating & Corporate Governance Committee; Not a member of the Private Venture Valuation Committee (PVVC is Bailey/Goetz/Maher; Chair Bailey).
- Attendance and cadence: In FY 2024, THW’s Board met 8 times; Audit 3; Nominating & Governance 1; PV Valuation 4. All incumbent Trustees attended at least 75% of Board and applicable committee meetings.
- Independence safeguards: Board committees (Audit, Nominating & Governance, PV Valuation) comprised solely of Independent Trustees; by‑laws restrict candidates from serving on other healthcare/life‑sciences investment company boards unless affiliated with the Adviser, reducing conflicts.
Fixed Compensation
Director fees are paid by each fund. For FY ended Sept 30, 2024:
| Fund | Cash Compensation (FY2024) |
|---|---|
| abrdn World Healthcare Fund (THW) | $24,708 |
| abrdn Healthcare Investors (HQH) | $24,708 |
| abrdn Life Sciences Investors (HQL) | $24,708 |
| abrdn Healthcare Opportunities Fund (THQ) | $24,708 |
| Total from Fund & Fund Complex | $277,048 |
Notes:
- No bonus, profit-sharing, pension, or retirement plans at the Funds. Officers are compensated by abrdn Inc., not the Funds.
- Variation across trustees suggests role-based cash differentials (e.g., Audit Chair vs. Board Chair), but no per‑component breakdown is provided. Reit’s per‑fund fee exceeds some peers and is below the Audit Chair (Maher at $25,208 per fund), consistent with additional leadership responsibilities paid in cash.
Performance Compensation
| Item | Disclosure |
|---|---|
| Annual/target bonus | None — “None of the Funds have any bonus, profit sharing, pension or retirement plans.” |
| Equity/option awards | No equity or option awards disclosed for Trustees in FY2024; compensation table reflects cash fees only. |
| Clawbacks / CoC / severance | Not applicable for independent Trustees in the proxy; no such provisions disclosed. |
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | None disclosed |
| Roles at related parties | None; Reit is independent and not employed by the Adviser (contrast: Trustee Pittard is an Interested Trustee due to Adviser employment) |
| Interlocks with competitors/suppliers/customers | None disclosed |
Expertise & Qualifications
- Capital markets and M&A expertise: Former UBS Global Head of Asset Management Investment Banking; deep transaction and advisory background relevant to a healthcare CEF’s oversight of investment adviser, fees, financing, and capital allocation.
- Board leadership: Independent Chair across the Funds enhances board effectiveness and independence.
- Committee leadership: Chairs Nominating & Governance; serves on Audit alongside an “audit committee financial expert” (Maher), supporting robust financial oversight.
Equity Ownership
As of April 1, 2025:
| Holder | THW Dollar Range | HQH Dollar Range | HQL Dollar Range | THQ Dollar Range | Aggregate Dollar Range in Family of Investment Companies |
|---|---|---|---|---|---|
| Todd Reit | $10,001 — $50,000 | $10,001 — $50,000 | $10,001 — $50,000 | $10,001 — $50,000 | Over $100,000 |
Context:
- Shares outstanding (THW) on Record Date (Apr 7, 2025): 39,849,957.6.
- Aggregate ownership by all Trustees and officers in each Fund: less than 1% of outstanding shares.
- None of the Independent Trustees or their immediate family members owned securities of the Adviser or its control affiliates.
- No disclosures of pledging or hedging by Reit. (Not mentioned; would be a red flag if present.)
Governance Assessment
-
Strengths
- Independent Chair and committee composition entirely of Independent Trustees; executive sessions with independent counsel reinforce oversight quality.
- Active committee roles: Reit chairs Nominating & Governance and sits on Audit; Audit Committee includes a designated financial expert (Maher), supporting financial reporting integrity.
- Attendance: Board and committees met frequently in FY2024; incumbents met or exceeded the 75% attendance threshold, signaling engagement.
- Independence and conflicts: Reit is independent, holds no roles with the Adviser; by‑laws restrict trustee conflicts with other healthcare investment companies; no related‑party exposures disclosed for Reit.
-
Watch items
- Ownership alignment: Reit’s THW holding is in the $10,001–$50,000 range and aggregate family exposure is >$100,000, while overall trustee/officer ownership in each fund is <1%, implying modest “skin‑in‑the‑game” relative to fund size. Investors may prefer explicit director ownership guidelines; none are disclosed.
- Cash‑only compensation: Compensation is entirely cash and varies by role; absence of equity-linked pay is typical for closed‑end funds but provides limited long-term alignment signals.
-
Compliance/other signals
- Section 16(a): No delinquent filings noted for Reit; late Form 4s cited for other individuals only.
Overall, disclosures indicate an effective and independent board structure with engaged leadership and minimal conflict risk for Reit; alignment via personal ownership is present but modest in dollar terms, consistent with CEF norms.