Megan McClellan
About Megan McClellan
Megan McClellan (born 1978) serves as President and Principal Executive Officer of TCW Metropolitan West Funds, TCW ETF Trust, TCW Funds, Inc., and TCW Private Asset Income Fund, and is Executive Vice President and Chief Strategy Officer of The TCW Group, Inc., TCW LLC, TCW Investment Management Company LLC (the Advisor), TCW Asset Management Company LLC, and Metropolitan West Asset Management, LLC; she has been a Director of TCW Strategic Income Fund, Inc. (TSI) since 2024 with a current term until 2026 . Prior to TCW, she spent more than 15 years at J.P. Morgan in senior roles including Global Head of Private Credit, Asset Management CFO, and Head of U.S. Fixed Income for Wealth Management, following earlier work as a fixed income trader and portfolio manager . She is categorized as an “Interested Director” due to her employment with the Advisor, and the Board is led by an Independent Chair, with audit and nominating committees composed entirely of Independent Directors . Performance metrics such as TSR, revenue growth, and EBITDA growth are not disclosed in the proxy materials.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| J.P. Morgan Asset Management | Managing Director; roles included Global Head of Private Credit, CFO of Asset Management, Head of U.S. Fixed Income for Wealth Management | 2013–2023 | Senior leadership across private credit, finance, and fixed income shaping product strategy and business performance . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| TCW Metropolitan West Funds; TCW ETF Trust; TCW Funds, Inc. | President and Principal Executive Officer | Since Dec 2023 | Executive leadership across mutual funds and ETFs in TCW’s complex . |
| TCW Private Asset Income Fund | President and Principal Executive Officer | Since Sep 2024 | Leadership of closed-end/private asset income strategy rollout . |
| The TCW Group, Inc.; TCW LLC; Advisor; TCW Asset Management Co.; Metropolitan West AM | EVP & Chief Strategy Officer | Since Jul 2023 | Develops and implements long-term strategic plans focused on growth and innovation . |
| Philips Andover Academy Development Board | Co-Chair | Not disclosed | Philanthropic leadership and development engagement . |
| Block Island Maritime Institute | Board member | Not disclosed | Community engagement and nonprofit governance . |
| SPCA of Westchester County | Volunteer | Not disclosed | Community service . |
Fixed Compensation
| Component | Company (TSI) | Notes |
|---|---|---|
| Director cash/fees | $0 | Directors and officers employed by the Advisor receive no compensation or expense reimbursement from the Company . |
| Base salary (executive) | Not disclosed at TSI | Compensation is through the Advisor/TCW; not reported in TSI proxy . |
| Committee fees | $0 | Committee retainers apply only to Independent Directors; Interested Directors do not receive Company fees . |
| Other perquisites | Not disclosed | No Company-paid perquisites for Advisor employees . |
Performance Compensation
| Incentive Type | Metric(s) | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Annual bonus (Advisor role) | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed . |
| Equity awards (RSU/PSU/options, Advisor role) | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed . |
The Company does not disclose Advisor-level compensation structures or metrics for Megan McClellan. As an Interested Director, she receives no compensation from TSI; thus, there is no Company pay-for-performance linkage reported in the proxy .
Equity Ownership & Alignment
| Metric | As of Jul 31, 2024 | As of Jul 31, 2025 |
|---|---|---|
| Shares owned – TSI | 0 | 0 |
| % of shares outstanding – TSI | 0% (47,785,440 shares outstanding at 7/31/24) | 0% (47,785,440 shares outstanding at 7/31/25) |
| Dollar range – TSI | None | None |
| Aggregate dollar range – family of investment companies | $50,001–$100,000 | Over $100,000 |
| Pledging/hedging | Not disclosed | Not disclosed |
Footnote clarifies some figures may reflect economic exposure via deferred compensation plans; however, those plans apply to Independent Directors. Megan is an Interested Director, and no TSI ownership or deferred-comp exposure is reported for her at the Company level .
Employment Terms
- Status and role: Interested Director due to employment with the Advisor; President & Principal Executive Officer roles across TCW fund complexes; Executive VP & Chief Strategy Officer at TCW .
- Employment agreement specifics (start date, severance, change-of-control, non-compete/non-solicit, garden leave, consulting, clawbacks): Not disclosed in TSI proxy; Company indicates Advisor employees receive no compensation from TSI .
Board Governance
| Item | Detail |
|---|---|
| Board chair | Independent Chair: Andrew Tarica . |
| Independence status | Megan McClellan is an Interested Director due to her employment with the Advisor . |
| Committees | Audit Committee (all Independent Directors); Nominating & Governance Committee (all Independent Directors) . |
| Audit Committee meetings | 4 in FY2024 . |
| Nominating & Governance meetings | 2 in FY2024 . |
| Attendance | Each incumbent Nominee attended at least 75% of Board and committee meetings in FY2024 . |
| Executive/closed sessions | Audit Committee holds separate executive session with independent auditors at least once per fiscal year . |
Dual-role implications: Megan serves as both an executive (PEO across TCW funds; EVP & CSO at TCW) and Director at TSI, which raises independence considerations; mitigants include an Independent Chair and fully Independent Audit and Nominating committees .
Director Compensation
| Component | Amount |
|---|---|
| Director compensation from TSI (Megan McClellan) | $0 (Advisor employees receive no Company compensation) . |
Other Directorships & Interlocks
| Company/Entity | Role | Notes |
|---|---|---|
| TCW Metropolitan West Funds | Board member; President & PEO | Fund complex governance and executive leadership . |
| TCW ETF Trust | Board member; President & PEO | ETF governance and executive leadership . |
| TCW Funds, Inc. | Board member; President & PEO | Mutual fund governance and executive leadership . |
| TCW Private Asset Income Fund | Board member; President & PEO | Closed-end/private asset fund leadership . |
Compensation Structure Analysis
- Company-level pay: No TSI compensation for Interested Directors; all cash retainers and fees accrue only to Independent Directors, which removes Company pay inflation risk related to Megan .
- Advisor-level pay: Not disclosed; no visibility into cash/equity mix, performance metrics, vesting, severance, or change-of-control terms from TSI proxy .
Risk Indicators & Red Flags
- Section 16 reporting: Company indicates timely filings for FY2024; no delinquent reporting noted for Megan (delays pertained to other new directors’ Form 3s) .
- Related party/transactions: Not disclosed for Megan; Board committees are independent, reducing governance conflict risk .
- Ownership alignment: No direct TSI share ownership as of 2024 and 2025 record dates .
- Say-on-pay: Not applicable/disclosed in TSI proxy materials.
Compensation Peer Group and Say-on-Pay
- Compensation peer group: Not disclosed for TSI directors or Advisor executives in the proxy .
- Say-on-pay history: Not disclosed/applicable in TSI proxy.
Expertise & Qualifications
- Finance and credit expertise: Senior leadership in private credit, asset management finance (CFO), and fixed income portfolio management at J.P. Morgan .
- Strategic leadership: EVP & Chief Strategy Officer at TCW driving long-term growth and innovation .
- Board service: Multiple fund boards within the TCW complex; President & PEO roles across fund complexes .
Work History & Career Trajectory
| Organization | Role | Years | Notes |
|---|---|---|---|
| The TCW Group/Advisor/affiliates | EVP & Chief Strategy Officer | Since Jul 2023 | Strategy leadership across TCW entities . |
| TCW fund complexes | President & Principal Executive Officer | Since Dec 2023 (and Sep 2024 for TPAY) | Executive leadership across multiple funds . |
| J.P. Morgan Asset Management | Managing Director | 2013–2023 | Senior roles in private credit, AM finance, and fixed income . |
Compensation Committee Analysis
- Committee composition: Audit and Nominating & Governance Committees comprise only Independent Directors; no Compensation Committee is described; director compensation policy reviewed by Nominating & Governance Committee .
- Independent consultant/conflicts: Not disclosed in the proxy .
Investment Implications
- Alignment: Zero direct TSI share ownership as of both 2024 and 2025 record dates limits observable alignment via Company equity; however, she reports an “Over $100,000” aggregate dollar range across the TCW fund family in 2025, up from $50,001–$100,000 in 2024, indicating increased complex-wide economic exposure .
- Governance mitigants: Dual executive/director status is offset by an Independent Chair and fully Independent committees, reducing independence and oversight concerns for fund investors .
- Trading signals and insider pressure: With no reported TSI share ownership, near-term insider selling pressure at the Company appears limited; monitor future 8-K filings (Item 5.02) for any changes in roles or compensation terms at the Advisor level that could affect retention risk and strategic execution .
- Retention and execution: Lack of disclosed employment/severance/change-of-control terms at the Advisor limits visibility into retention risk; investors should track Advisor-level announcements and fund complex initiatives where she is PEO/strategy lead (e.g., product launches, platform changes) for execution proxies impacting fund performance .