Bradley J. Swenson
About Bradley J. Swenson
Bradley J. Swenson is the Chief Compliance Officer (CCO) of the Reaves Utility Income Fund (UTG), serving in this role since 2022, with a background in fund administration, distribution, and compliance leadership across Paralel and ALPS organizations. He was born in 1972 and currently also serves as President and Chief Compliance Officer of Paralel Distributors LLC and Chief Compliance Officer of Paralel Technologies LLC; prior roles include President of ALPS Fund Services (2019–2021) and Chief Operating Officer at ALPS (2015–2019) . As CCO, he oversees compliance reporting to the Board; Independent Trustees receive quarterly written reports from the CCO and meet in executive session to support risk oversight . UTG does not disclose fund-level TSR or financial performance metrics tied to officer compensation; officers employed by the administrator or adviser receive no compensation from the Fund .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Reaves Utility Income Fund (UTG) | Chief Compliance Officer | Since 2022 | Leads fund compliance program and Board risk oversight reporting, enabling effective governance and regulatorily compliant operations . |
| ALPS Fund Services, Inc. | President | 2019–2021 | Ran a major fund services platform; relevant to operational rigor and fund administration quality . |
| ALPS Fund Services, Inc. | Chief Operating Officer | 2015–2019 | Oversaw operations and scalability; supports process discipline in compliance and administration . |
| TruePeak Consulting, LLC | President | 2021–2023 | Consulting leadership; provides flexible expertise to fund service functions . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Paralel Distributors LLC | President & Chief Compliance Officer | Since May 2022 | Oversees distribution and compliance for Paralel; supports UTG through aligned service-provider governance . |
| Paralel Technologies LLC | Chief Compliance Officer | Since May 2022 | Leads administrator compliance; strengthens UTG’s internal controls via service-provider oversight . |
Fixed Compensation
UTG’s proxy explicitly states officers employed by the administrator (Paralel Technologies LLC) or the adviser (Reaves Asset Management) receive no compensation from the Fund.
| Component | Amount/Status | Notes |
|---|---|---|
| Base salary (Fund-paid) | $0 | Officers employed by PTL or the Adviser receive no compensation or expense reimbursement from the Fund . |
| Cash retainer/meeting fees (Fund-paid) | $0 | UTG only compensates Trustees; officers are not paid by UTG . |
| Perquisites (Fund-paid) | Not disclosed (N/A) | No officer compensation by the Fund; perquisites not applicable . |
Note: Any cash/equity compensation for Mr. Swenson would be paid by Paralel Technologies LLC or its affiliates and is not disclosed in UTG’s proxy .
Performance Compensation
UTG does not pay or disclose officer incentive programs. The Fund does not have a compensation committee; there are no disclosed Fund-linked performance metrics or equity incentives for officers.
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not applicable (Fund-paid incentives) | — | — | — | — | — |
| Disclosure status | Not disclosed | Fund does not have a compensation committee; officers are not compensated by the Fund . | — | — | — |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Individual beneficial ownership | Not individually disclosed for officers in trustee ownership tables; tables present trustee holdings only and list “All Other Executive Officers —, —” . |
| Ownership % of shares outstanding | Not disclosed for officers (trustee holdings are each <1%) . |
| Pledged shares | Not disclosed . |
| Stock ownership guidelines for officers | Not disclosed; trustee dollar ranges disclosed only . |
| Section 16 filings | Initial Form 3 for Mr. Swenson (and certain officers) was not filed within 10 days of being deemed reporting persons; filings have since been made (process lapse corrected) . |
The Fund states no entity or person beneficially owned more than 5% of voting securities as of each record date reviewed .
Employment Terms
| Clause | Status |
|---|---|
| Employment start date | Chief Compliance Officer since 2022 . |
| Employer | Paralel Technologies LLC (administrator to UTG) . |
| Contract term, severance, change-of-control | Not disclosed by UTG; officers are service-provider employees . |
| Clawbacks, tax gross-ups | Not disclosed . |
| Non-compete / non-solicit | Not disclosed . |
| Garden leave / consulting post-termination | Not disclosed . |
Board Governance (context for CCO role)
- The Board is led by an Independent Trustee; it has Audit and Nominating & Corporate Governance Committees, both fully independent .
- The CCO provides quarterly written reports covering service providers’ operations, policy changes, and material compliance matters; Independent Trustees meet in executive sessions to oversee risk .
- UTG does not have a compensation committee; Trustees are compensated per disclosed retainer/meeting fees; officers receive no compensation from UTG .
Risk Indicators & Red Flags
- Section 16 process lapse: Initial Form 3s for certain officers (including Mr. Swenson) were not filed within 10 days; subsequently corrected .
- Compensation opacity: No disclosure of officer compensation terms at the service-provider level (Paralel), including incentives, vesting, or severance; Fund-level compensation is $0 for officers .
- Pledging/hedging: No disclosures regarding officer pledging or hedging of Fund shares .
Investment Implications
- Alignment: At the Fund level, officers receive no compensation, reducing direct pay-for-performance misalignment risk within UTG; however, investor analysis should consider Paralel’s compensation structures (not disclosed in UTG proxy) when assessing retention and incentive alignment .
- Retention risk: Swenson’s tenure since 2022 and ongoing leadership roles at Paralel suggest continuity in compliance oversight; lack of disclosed employment/severance terms at Paralel prevents a clear read on retention economics .
- Governance strength: Robust independent committee structure and formalized CCO reporting cadence support strong compliance governance, which is critical for closed-end funds .
- Trading signals: No officer-level ownership or Form 4 trading data is disclosed in UTG proxy; the prior Section 16 filing lapse was corrected and does not, in itself, indicate selling pressure .
Sources
- UTG DEF 14A (2025): officer roles, governance, compensation structure .
- UTG DEF 14A (2024): officer roles, governance .
- UTG DEF 14A (2023): officer roles, governance, Section 16 compliance note .