Anthony Grillo
About Anthony Grillo
Anthony Grillo (birth year: 1955) is an Independent Trustee of Western Asset Diversified Income Fund, effective November 15, 2024, and is standing for election as a Class I Trustee with a term through the 2028 annual meeting . He is a retired private equity and credit investor and investment banker, previously Founder/Managing Director/Partner of American Securities Opportunity Funds (2006–2018), Senior Managing Director at Evercore Partners (2001–2004), Joseph Littlejohn & Levy (1999–2001), and The Blackstone Group (1991–1999) . He oversees 17 portfolios in the Franklin Templeton fund complex . The Board identifies him as non-interested and independent under NYSE standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| American Securities Opportunity Funds | Founder, Managing Director & Partner | 2006–2018 | Private equity and credit |
| Evercore Partners Inc. | Senior Managing Director | 2001–2004 | Investment banking |
| Joseph Littlejohn & Levy, Inc. | Senior Managing Director | 1999–2001 | Private equity |
| The Blackstone Group L.P. | Senior Managing Director | 1991–1999 | Private equity and credit |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Littelfuse, Inc. | Director | Since 1991 | Public company board |
| Oaktree Acquisition Corp. II | Director | 2020–2022 | SPAC; prior directorship |
| Oaktree Acquisition Corp. | Director | 2019–2021 | SPAC; prior directorship |
Board Governance
- Independence: The Board has eight trustees, seven independent; Grillo is an Independent Trustee . All standing committees are composed solely of Independent Trustees .
- Attendance: In FY 2024, the Board held four regular and two special meetings; each Trustee attended at least 75% of Board and eligible committee meetings; Grillo joined November 15, 2024 .
- Leadership: Eileen A. Kamerick (Independent Trustee) serves as Chair of the Board; executive sessions of Independent Trustees are held regularly .
| Committee | Membership | Chair | FY 2024 Meetings |
|---|---|---|---|
| Audit | Grillo is a member | Nisha Kumar | 5 |
| Nominating | Grillo is a member | Hillary A. Sale | 7 |
| Pricing & Valuation | Grillo is a member | Carol L. Colman | 4 |
| Compensation | Grillo is a member | Peter Mason | 2 |
Fixed Compensation
| Metric | Amount | Period/Notes |
|---|---|---|
| Aggregate compensation from WDI | $4,436 | Fiscal year ended 12/31/2024 (partial year from Nov 15, 2024) |
| Total compensation from Fund and Fund Complex | $32,989 | Calendar year ended 12/31/2024; includes service across committees/funds |
| Pension/retirement benefits | None provided by the Fund | As disclosed |
The Compensation Committee (all Independent Trustees) recommends Independent Trustee compensation; it met twice in FY 2024 .
Performance Compensation
- The proxy provides aggregate trustee compensation but does not describe performance metrics tied to director pay (e.g., TSR, EBITDA, ESG) or equity program specifics for trustees .
- No equity-based director awards are described; Ms. Trust (interested trustee) received no remuneration from the Fund .
Other Directorships & Interlocks
| Company | Industry/Relation | Role | Overlap/Interlock Considerations |
|---|---|---|---|
| Littelfuse, Inc. | Electronics manufacturing | Director | No Fund-disclosed conflicts with adviser or affiliates as of 12/31/2024 |
| Oaktree Acquisition Corp. II | SPAC | Former Director | Prior role; no current interlock disclosed |
| Oaktree Acquisition Corp. | SPAC | Former Director | Prior role; no current interlock disclosed |
The proxy states no non-interested Trustee nor immediate family had interests in the Fund’s investment adviser or affiliates as of 12/31/2024, mitigating related-party exposure .
Expertise & Qualifications
- The Board cites Grillo’s experience as a managing director of a private equity and credit firm and in investment banking as core qualifications for oversight .
- All committees are composed of Independent Trustees; the Audit Committee Chair is designated an “audit committee financial expert” (Kumar) .
Equity Ownership
| Category | Disclosure |
|---|---|
| Dollar range of WDI equity securities owned | A = None |
| Aggregate dollar range across all funds overseen (family of investment companies) | A = None |
| Group beneficial ownership (Trustees/officers as a group) | <1% of outstanding Common Shares as of 2/7/2025 |
Governance Assessment
- Independence and engagement: Grillo is independent and serves on all four standing committees, indicating broad involvement in audit oversight, nominations, valuation, and compensation policy .
- Alignment: The proxy discloses “None” for WDI equity ownership, which may be viewed by some investors as weaker direct economic alignment with shareholders .
- Conflicts: The proxy reports no interests by non-interested Trustees (including Grillo) in the adviser or affiliates, reducing related-party risk .
- Board effectiveness signals: Committee meeting cadence (Audit 5, Nominating 7, Valuation 4, Compensation 2) suggests active governance processes; attendance threshold met for FY 2024 .
RED FLAGS
- No fund share ownership disclosed for Grillo (“A = None”), a potential alignment concern for some governance-focused investors .
Additional Notes
- Election: Grillo is a Class I nominee on the April 14, 2025 ballot; the Board unanimously recommends voting FOR .
- Start date and tenure: Effective November 15, 2024, currently in initial term phase .