Brett Black
About Brett Black
Brett E. Black serves as Vice President and Chief Compliance Officer (CCO) for Nuveen Multi‑Market Income Fund (JMM), with a term of office designated “indefinite” and service since 2022; his business address is 333 West Wacker Drive, Chicago, IL, and year of birth is 1972 . He is Managing Director and CCO at Nuveen; previously he was Vice President (2014–2022), Chief Compliance Officer and Anti‑Money Laundering Compliance Officer (2017–2022) of BMO Funds, Inc. . The Funds have no employees, and officers (including the CCO) receive no compensation from the Funds; the CCO’s compensation (base salary and incentive) is paid by the Adviser (Nuveen Fund Advisors), with review/input by the Board, and the Funds reimburse an allocable portion of the Adviser’s cost of the CCO’s incentive compensation . No TSR, revenue or EBITDA performance metrics are disclosed for officers in the proxy .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| BMO Funds, Inc. | Vice President | 2014–2022 | Oversight and leadership in fund compliance |
| BMO Funds, Inc. | Chief Compliance Officer; Anti‑Money Laundering Compliance Officer | 2017–2022 | Led compliance and AML programs |
External Roles
No external directorships or committee roles for Brett Black are disclosed in the proxy .
Fixed Compensation
| Component | Disclosure |
|---|---|
| Fund-paid officer compensation | Officers receive no compensation from the Funds |
| Compensation source | Paid by the Adviser (Nuveen Fund Advisors); Board provides review/input |
| Structure | Base salary + incentive compensation |
| Fund reimbursement | Funds reimburse an allocable portion of the Adviser’s cost of the CCO’s incentive compensation |
| Base salary, target bonus %, actual bonus | Not disclosed for the CCO |
| Perquisites | Not disclosed |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed for CCO compensation plans | — | — | — | — | — |
| No performance metric framework, targets, or vesting terms tied to Brett Black’s compensation are disclosed in the proxy . |
Equity Ownership & Alignment
| Item | Disclosure |
|---|---|
| Individual beneficial ownership (Brett Black) | Not individually disclosed in the proxy appendices |
| Officers/Board as a group | Board Members and executive officers as a group beneficially owned less than 1% of the outstanding shares of each Fund as of the record date |
| Ownership guidelines (officers) | Not disclosed; Board Members have a governance principle to invest at least one year of compensation in the Fund Complex (applies to Board Members) |
| Pledging/hedging | Not disclosed for officers |
| Vested vs. unvested; options | Not applicable/not disclosed for officers |
Employment Terms
| Term | Disclosure |
|---|---|
| Start date at JMM | Served as officer since 2022 |
| Role | Vice President and Chief Compliance Officer |
| Term length | Indefinite; officers elected annually by the Board to serve until successors are elected and qualified |
| Severance | Not disclosed for officers |
| Change‑of‑control | Not disclosed for officers |
| Accelerated vesting | Not applicable/not disclosed |
| Clawback provisions | Not disclosed for officers |
| Non‑compete / non‑solicit / garden leave | Not disclosed |
| Deferred compensation | The Deferred Compensation Plan applies to Independent Board Members; no officer deferral program disclosed |
Investment Implications
- Officer role and compensation economic exposure is through Nuveen (the Adviser), not directly via JMM; the board’s review of CCO compensation and partial reimbursement of incentive compensation provide oversight but do not create direct share‑based alignment at the fund level .
- Lack of disclosure on individual equity ownership, vesting schedules, severance, change‑of‑control, and clawbacks for the CCO limits visibility into pay‑for‑performance levers, retention risk, and insider‑selling pressure signals; monitoring future Item 5.02 8‑Ks and proxies is warranted .
- Board and officers as a group own less than 1% of outstanding shares, suggesting minimal direct equity alignment at the fund level; for trading signals, focus should remain on fund governance changes and adviser‑level incentives rather than officer equity movements .
- Governance context: JMM is part of a unitary Nuveen closed‑end fund board structure; officer roles are appointed and compensated by the Adviser, implying execution risk and value creation are primarily driven by portfolio management and adviser policies rather than CCO‑specific KPIs .