Marc Cardella
About Marc Cardella
Marc Cardella (born 1984) serves as Vice President and Controller (Principal Financial Officer) of the Nuveen S&P 500 Buy-Write Income Fund (BXMX), with an indefinite term and length of service since 2024 . He is Senior Managing Director and Head of Public Investment Finance at Nuveen, holds senior roles at Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC, and is Principal Financial Officer, Principal Accounting Officer and Treasurer of TIAA Separate Account VA-1 and the College Retirement Equities Fund (CREF) . Officers of the Funds receive no compensation from the Funds; the CCO’s compensation is paid by the Adviser with Board input (the Funds reimburse an allocable portion of the Adviser’s CCO incentive comp) . Cardella’s initial Section 16 Form 3 (event date 12/02/2024) reported no securities beneficially owned in BXMX .
Past Roles
| Organization | Role | Years | Strategic impact / remit |
|---|---|---|---|
| Nuveen | Senior Managing Director; Head of Public Investment Finance | Not disclosed | Oversees public investment finance across Nuveen’s complex, linked to fund financial operations . |
| Teachers Advisors, LLC | Senior Managing Director | Not disclosed | Senior leadership at affiliate providing advisory/management services to TIAA funds . |
| TIAA-CREF Investment Management, LLC | Senior Managing Director | Not disclosed | Senior leadership at TIAA asset management affiliate . |
| Teachers Insurance and Annuity Association of America | Managing Director | Not disclosed | Senior role at TIAA insurance entity . |
| TIAA SMA Strategies LLC | Managing Director | Not disclosed | Senior role at TIAA separate accounts strategies affiliate . |
External Roles
| Organization | Role | Years | Strategic impact / remit |
|---|---|---|---|
| TIAA Separate Account VA-1 | Principal Financial Officer; Principal Accounting Officer; Treasurer | Not disclosed | Principal finance, accounting and treasury officer functions for VA-1 . |
| College Retirement Equities Fund (CREF) | Principal Financial Officer; Principal Accounting Officer; Treasurer | Not disclosed | Principal finance, accounting and treasury officer functions for CREF . |
Fixed Compensation
| Component | Fund-level disclosure (BXMX) | Notes |
|---|---|---|
| Base salary | Not disclosed by the Fund | Officers receive no compensation from the Funds; pay set/paid by Adviser for certain roles (CCO example) . |
| Target bonus % | Not disclosed by the Fund | Same as above . |
| Actual bonus paid | Not disclosed by the Fund | Same as above . |
| Cash perquisites | Not disclosed by the Fund | No officer perquisite table in proxy . |
The Funds have no employees; officers serve without any compensation from the Funds .
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed by the Fund | — | — | — | — | — |
No PSU/RSU/option award detail is provided for officers at the Fund level; officers receive no compensation from the Funds .
Equity Ownership & Alignment
| As-of date | Form | Non-derivative shares beneficially owned | Derivative securities | Notes |
|---|---|---|---|---|
| 12/02/2024 (filed 12/03/2024) | Form 3 | 0 (No securities beneficially owned) | None reported | Initial statement of beneficial ownership; reporting person: “VP and Controller” . |
| Context | Value |
|---|---|
| BXMX common shares outstanding (record date 02/18/2025) | 104,165,285 |
| Board Members and executive officers as a group: ownership in each Fund | Less than 1% of outstanding shares (as of 02/18/2025) |
- Pledging/hedging: No pledging or hedging disclosures located for officers in the Fund’s proxy .
- Ownership guidelines: The proxy sets an expectation for Board Members (not officers) to invest at least one year’s compensation in complex funds; no officer ownership guideline disclosed .
Employment Terms
| Term | Disclosure |
|---|---|
| Fund office | Vice President and Controller (Principal Financial Officer) |
| Term of office | Indefinite; length of service since 2024 |
| Election/tenure mechanics | Officers are elected by the Board on an annual basis to serve until successors are elected and qualified . |
| Compensation payer | Officers receive no compensation from the Funds; CCO comp is paid by Adviser with Board input; Funds reimburse Adviser for an allocable portion of CCO incentive comp . |
| Severance / Change in control | Not disclosed for officers at the Fund level . |
| Non-compete / non-solicit / clawbacks | Not disclosed at the Fund level . |
Investment Implications
- Alignment and insider signals: Cardella reported no beneficial ownership on his initial Form 3, and officers receive no compensation from the Funds; this indicates limited direct BXMX share-based alignment and minimal immediate vesting-driven selling pressure at the Fund level .
- Retention risk: His primary employment, compensation, and potential incentives are with Nuveen/TIAA affiliates rather than the Fund itself; Fund-level severance or change-of-control economics are not disclosed, so retention considerations hinge on the Adviser’s policies rather than BXMX .
- Governance and continuity: Term is indefinite, with officers elected annually by the Board, suggesting flexibility for Board oversight and continuity of financial controls under the unitary board structure .
- Monitoring focus: Watch for future Section 16 filings (Forms 3/4/5) for any initiation of ownership or transactions, as the 2025 proxy indicates Section 16 compliance monitoring and no delinquencies noted in the last fiscal year .