Kevin McCarthy
About Kevin McCarthy
Kevin J. McCarthy (year of birth: 1966) serves as Vice President and Assistant Secretary of Nuveen Mortgage and Income Fund (JLS) and is Executive Vice President, Secretary and General Counsel across Nuveen legal entities; he has served as an officer in the Nuveen fund complex since 2007 . He holds a B.B.A. in Accounting from the University of Notre Dame and a J.D. from the University of Illinois College of Law, and is a member of Nuveen’s executive committee . Fund filings for JLS do not disclose executive-specific TSR or financial performance ties for officers; officers receive no compensation from the Fund, and compensation metrics/targets are not included in the proxy .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuveen Investments, Inc. | Senior Managing Director (since 2017); Secretary & General Counsel (since 2016); previously Executive Vice President (2016–2017) and Managing Director & Assistant Secretary (2008–2016) | 2008–present | Built and led Nuveen’s legal function to support product development and fund governance; day-to-day involvement in Nuveen Funds operations |
| Nuveen Fund Advisors, LLC; Nuveen Securities, LLC; Nuveen Asset Management, LLC | Executive Vice President/Secretary/Assistant Secretary roles | Various (see proxy positions) | Oversight of public investment finance, governance and fund administration across the complex |
| Bell, Boyd & Lloyd LLP (now K&L Gates) | Partner (mutual funds and corporate/securities law) | pre-2007 | Advised multiple fund complexes and independent boards; M&A and governance expertise prior to joining Nuveen |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Ann & Robert H. Lurie Children’s Hospital | Board Member | Not disclosed | Community/healthcare governance; profile indicates current board membership |
Fixed Compensation
| Component | Disclosure | Notes |
|---|---|---|
| Fund-paid officer compensation | Officers serve without any compensation from the Funds | JLS proxy states officers are unpaid by the Fund; CCO compensation is paid by the Adviser (Nuveen) with partial reimbursement by the Funds |
| Officer salary/bonus paid by Adviser | Not disclosed in Fund proxy | Compensation specifics for Kevin McCarthy at the Adviser are not included in JLS filings |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed for Fund officers | — | — | — | — | — |
Fund proxies do not include performance metrics, targets, or equity award terms for Fund officers; officers are compensated by Nuveen/TIAA rather than by the Funds .
Equity Ownership & Alignment
| Item | Value | Notes |
|---|---|---|
| Common Shares Outstanding (JLS) | 5,476,626 as of record date Feb 18, 2025 | NYSE-listed common shares |
| Beneficial Ownership – Board Members and Executive Officers as a Group | <1% of JLS outstanding shares as of Feb 18, 2025 | Individual officer holdings (incl. Kevin McCarthy) not itemized; group-level alignment is limited |
| Pledging/Hedging | Not disclosed | No pledging disclosures specific to officers in proxy |
Employment Terms
| Term | Disclosure | Notes |
|---|---|---|
| Position | Vice President and Assistant Secretary (JLS) | Fund officer since 2007; also serves across Nuveen/TIAA entities |
| Tenure | Length of Service: Since 2007 | Term of office: Indefinite (officers elected annually) |
| Contract/Severance/Change-of-Control | Not disclosed | No employment agreement, severance multiple, or CoC terms in JLS proxy for officers |
| Clawbacks/Ownership Guidelines (officers) | Not disclosed | Board investment guideline applies to Board Members, not officers |
| Section 16(a) Compliance | Officers and Board Members complied with filing requirements in last fiscal year | Indicates timely ownership/change filings at the Fund level |
Investment Implications
- Pay-for-performance visibility is minimal: JLS officers, including McCarthy, are not compensated by the Fund, and no performance metrics, incentive structures, or vesting schedules are disclosed in Fund filings. This limits analysis of incentive alignment at the Fund level .
- Ownership alignment appears modest at the entity level: Board members and executive officers as a group own less than 1% of JLS shares, and individual officer holdings are not itemized, suggesting limited direct economic alignment with JLS common shareholders .
- Governance continuity and low retention risk: McCarthy’s long tenure since 2007 and integrated legal/governance roles across Nuveen/TIAA signal strong institutional continuity; however, severance/change-of-control protections are not disclosed at the Fund level, leaving retention economics opaque .
- Trading signals limited: Absence of officer compensation and equity award disclosures, plus lack of individual insider ownership detail in the proxy, reduces predictive insight into potential selling pressure or vesting-related supply near windows; Section 16(a) compliance indicates proper reporting but without granular award data .