Michael Swell
About Michael Swell
Independent Director of TCW Strategic Income Fund, Inc. (TSI); served since 2024 with a current term running until 2026. Former Partner and Managing Director at Goldman Sachs Asset Management (2007–2021) where he led global fixed income portfolio management; earlier senior roles at Friedman, Billings & Ramsey (fixed income team lead) and Freddie Mac (VP, head of securities sales & trading). Year of birth: 1966. The Board has determined he qualifies as an “audit committee financial expert.”
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Goldman Sachs Asset Management | Partner & Managing Director; led global fixed income portfolio management | 2007–2021 | Founded/ran flagship fixed income strategies; team leadership and talent development |
| Friedman, Billings & Ramsey | Senior Managing Director; led fixed income team | Prior to 2007 | Led fixed income platform |
| Freddie Mac | Vice President; head of securities sales & trading | Earlier role | Ran securities sales & trading |
External Roles
| Organization | Role | Since/Notes | Committees/Impact |
|---|---|---|---|
| Apollo Realty Income Solutions Inc. | Director | Current | Public, non-traded REIT oversight; governance role |
| TCW Metropolitan West Funds | Trustee/Director | Current | Part of TCW fund complex; multi-portfolio oversight |
| TCW ETF Trust | Trustee | Current | ETF complex oversight |
| TCW Funds, Inc. | Director | Current | Open-end mutual fund oversight |
| TCW Private Asset Income Fund | Director | Current | Closed-end fund oversight |
Board Governance
| Aspect | Detail |
|---|---|
| Independence status | Independent Director; all Audit and Nominating & Governance (N&G) Committee members are Independent |
| Committee memberships | Audit Committee member; Nominating & Governance Committee member |
| Committee chair roles | Audit Committee Chair transitioned to Robert G. Rooney effective Dec 9, 2024; Ms. Rogers chaired prior to that. N&G Committee Chair in 2024 was Peter McMillan |
| Audit committee financial expert | Board determined Mr. Swell qualifies as an “audit committee financial expert” (Reg S‑K Item 407(d)) |
| Term and tenure | Served since 2024; term until 2026; elected Sept 10, 2024 |
| Meeting cadence (FY2024) | Board: 5 meetings; Audit: 4; N&G: 2 |
| Attendance | Each incumbent nominee attended at least 75% of Board/committee meetings during FY2024 |
| Board leadership | Independent Chair of the Board (Andrew Tarica) |
Fixed Compensation
| Component | Policy/Amount | Effective Dates/Notes |
|---|---|---|
| Annual fee (Independent Directors) | $17,000 | Jan 1, 2022 – Feb 29, 2024 |
| Per-meeting fee (in-person/joint) | $1,000 | Jan 1, 2022 – Feb 29, 2024 |
| Telephonic meeting fee | $250 | Jan 1, 2022 – Feb 29, 2024 |
| Supplemental retainers | Chair $6,600; Audit Chair $4,400; N&G Chair $2,200 | Jan 1, 2022 – Feb 29, 2024 |
| Annual fee (Independent Directors) | $12,500 | Effective Mar 1, 2024 |
| Per-meeting fee (in-person/joint) | $500 | Effective Mar 1, 2024 |
| Telephonic meeting fee | $250 | Effective Mar 1, 2024 |
| Supplemental retainers | Board Chair $4,500; Vice Chair $3,000; Audit Chair $750; N&G Chair $750 | Effective Mar 1, 2024 |
| Deferred Compensation Plan | Unfunded plan tracking returns of selected TCW-advised funds; lump-sum distributions; general obligation of the Company | Adopted Jul 1, 2013; available to Independent Directors |
| Director | Aggregate Compensation from TSI (FY2024) | Deferred Comp Included | Total Compensation from Fund Complex (CY2024) | Deferred Comp Included |
|---|---|---|---|---|
| Michael Swell | $3,625 | $3,625 | $345,375 | $302,625 |
Notes:
- Directors employed by the Advisor or affiliates receive no compensation from TSI; Mr. Swell is independent and compensated under the schedule above .
Performance Compensation
| Performance-linked element | Presence in Director Pay | Details/Notes |
|---|---|---|
| Equity awards (RSUs/PSUs) | None disclosed | Director compensation described as fees/retainers; no equity programs disclosed |
| Stock options | None disclosed | No option awards or vesting schedules disclosed |
| Performance metrics (revenue, EBITDA, TSR, ESG) | None disclosed | No performance targets tied to director pay disclosed |
| Clawbacks / incentive policies | Not applicable to director fees | No director-specific clawback provisions disclosed |
Other Directorships & Interlocks
| Relationship | Detail |
|---|---|
| Fund-family interlocks | Mr. Swell and several TSI directors (e.g., Tarica, Rogers, Rooney) concurrently serve on other TCW fund boards, creating governance interlocks within the TCW family; all are classified as Independent for committee purposes |
| Advisor relationships | None of the Independent Director nominees (or immediate family) owned securities in the Advisor or its control affiliates as of Jun 30, 2025 (reduces related-party conflict risk) |
Expertise & Qualifications
- Fixed income markets leadership (global): ran GSAM’s fixed income portfolio management; founded/managed flagship strategies .
- Risk, trading, and fixed income market structure expertise from roles at FBR and Freddie Mac .
- Audit Committee Financial Expert designation by the Board, supporting financial reporting oversight .
- Multi-fund board experience across mutual fund, ETF, and closed-end structures (breadth of governance exposure) .
Equity Ownership
| Holding category | Disclosure |
|---|---|
| TSI (Dollar Range) | None |
| Family of Investment Companies (Dollar Range) | Over $100,000 |
| Ownership in Advisor or its affiliates | None by Independent Director nominees (incl. Mr. Swell) as of Jun 30, 2025 |
Governance Assessment
-
Board effectiveness and oversight
- Serves on both Audit and N&G Committees; Audit Committee Financial Expert designation enhances financial oversight .
- Attendance: met ≥75% threshold during FY2024; Board/committee cadence appears robust (Board 5; Audit 4; N&G 2) .
- Independent Board leadership with an Independent Chair supports governance checks and balances .
-
Compensation and alignment
- Director pay is low, fee-based, and recently reduced (effective Mar 1, 2024); presence of a deferred compensation plan aligns economic exposure with fund performance, albeit indirectly .
- RED FLAG: No direct TSI share ownership disclosed, which may limit direct “skin-in-the-game” alignment for this closed-end fund, although “Over $100,000” aggregate exposure across the family is disclosed .
-
Conflicts and related parties
- Multiple fund-family interlocks are typical for 1940 Act complexes; independence is affirmed and no Advisor security ownership is disclosed for Independent Directors, mitigating conflict concerns .
- No related-party transactions involving Mr. Swell are disclosed in the proxy filings reviewed .
-
Signals for investors
- Positive: Financial expert designation, strong fixed income credentials, and multi-platform governance experience are supportive of audit and risk oversight .
- Watch items: Absence of direct TSI share ownership; continued monitoring of attendance and any changes in committee roles is warranted .
Overall view: Mr. Swell brings deep fixed income and portfolio management expertise and meets independence and financial literacy standards; compensation is modest and largely fee-based with optional deferral. The main alignment caveat is the lack of disclosed direct TSI holdings, partially offset by broader family exposure and the deferred compensation plan’s investment tracking design.