David Lamb
About David Lamb
David J. Lamb (year of birth: 1963) serves as Chief Administrative Officer (principal executive officer) of Nuveen Multi-Market Income Fund (“JMM”), an officer role he has held since 2015; over the past five years he has been a Senior Managing Director at Nuveen Fund Advisors, LLC and at Nuveen Securities, LLC, and a Senior Managing Director at Nuveen, having previously held various positions at Nuveen . He signs JMM’s shareholder and proxy-voting reports in his capacity as Chief Administrative Officer, reflecting responsibility for fund reporting and controls . Fund performance context during his current tenure is shown below, including total returns and the fund’s market discount to NAV as of December 31, 2024 .
JMM Total Return (oldest → newest)
| Metric | 10-Year | 5-Year | 1-Year | 6-Month |
|---|---|---|---|---|
| Total Return at NAV | 2.26% | 0.57% | 4.73% | 2.72% |
| Total Return at Share Price | 3.13% | 1.21% | 8.10% | 4.11% |
JMM Snapshot as of 12/31/2024
| Metric | Value |
|---|---|
| NAV per share | $6.46 |
| Share price | $6.05 |
| Premium/(Discount) to NAV | (6.35)% |
| Net assets (end of period) | $61.138 million |
| Effective leverage | 27.68% |
| Expense ratio to avg. net assets (period) | 3.76% (six months ended 12/31/24) |
| Net investment income ratio to avg. net assets (period) | 3.73% (six months ended 12/31/24) |
Past Roles
| Organization | Role | Years | Strategic Impact/Notes |
|---|---|---|---|
| Nuveen (parent company) | Various positions prior to Senior Managing Director roles | Not disclosed | Progression within Nuveen culminating in senior leadership; details not specified in proxy |
| Nuveen Fund Advisors, LLC | Senior Managing Director | Past 5 years (disclosed period) | Executive leadership at adviser to JMM |
| Nuveen Securities, LLC | Senior Managing Director | Past 5 years (disclosed period) | Senior leadership within distribution affiliate |
| Nuveen | Senior Managing Director | Past 5 years (disclosed period) | Senior leadership at asset manager |
External Roles
No external directorships or outside board roles for Mr. Lamb are disclosed in the fund’s proxy materials .
Fixed Compensation
- Officers receive no compensation from JMM; officer compensation is paid by Nuveen and is not disclosed in the fund’s proxy statement .
| Component | 2024/2025 Disclosure |
|---|---|
| Base salary | Not disclosed in JMM proxy; officers receive no compensation from the Fund |
| Target bonus % | Not disclosed |
| Actual bonus paid | Not disclosed |
| Perquisites | Not disclosed |
Performance Compensation
No fund-level incentive plan disclosure for officers; equity/option awards, metrics, weighting, targets, payouts, and vesting schedules are not provided in the JMM proxy (officers are compensated by the adviser) .
| Incentive Type | Metric(s) | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| Cash annual incentive | Not disclosed | — | — | — | — |
| RSUs/PSUs | Not disclosed | — | — | — | — |
| Stock options | Not disclosed | — | — | — | — |
Equity Ownership & Alignment
- As of February 18, 2025, each Board Member’s individual beneficial shareholding in each Fund was less than 1% of the outstanding shares; Board Members and executive officers as a group beneficially owned less than 1% of JMM’s outstanding shares . Individual officer (Mr. Lamb) holdings are not itemized in the proxy; only group totals are presented .
- Section 16(a) filings: the Funds report that Board Members and officers complied with applicable filing requirements in the last fiscal year .
| Item | Disclosure |
|---|---|
| Mr. Lamb individual beneficial ownership | Not individually disclosed in proxy |
| Officers + Board as a group | Less than 1% of JMM outstanding shares |
| Shares pledged as collateral | No pledging disclosure found in proxy [Search: no results] |
| Anti-hedging/ownership guidelines for officers | Not disclosed in proxy [Search: no results] |
Principal shareholders of JMM (context for alignment and potential influence):
| Holder | Shares | % of JMM Class | As of |
|---|---|---|---|
| Sit Investment Associates, Inc. | 5,358,746 | 56.63% | Feb 18, 2025 |
| 1607 Capital Partners, LLC | 516,082 | 5.45% | Feb 18, 2025 |
Employment Terms
| Term | Disclosure |
|---|---|
| Employment start date in role | Length of service since 2015 (CAO) |
| Contract term/expiration | Not disclosed |
| Severance and change-of-control | Not disclosed |
| Single vs. double trigger; equity acceleration | Not disclosed |
| Clawbacks; tax gross-ups | Not disclosed |
| Non-compete/non-solicit/garden leave | Not disclosed |
| Post-termination consulting | Not disclosed |
Investment Implications
- Pay-for-performance transparency is limited: JMM’s proxy states officers receive no compensation from the Fund and provides no adviser-level pay details for Mr. Lamb, reducing visibility into bonus metrics, vesting schedules, or equity incentives that could influence behavior .
- Alignment via ownership appears limited at the fund level: Board and officer ownership as a group is <1% of outstanding shares; meanwhile, an external holder controls a majority of common shares (Sit Investment Associates at ~57%), concentrating governance influence outside of management and potentially reducing insider selling pressure but elevating single-holder influence risk .
- Operating and market context: As of 12/31/24, JMM traded at a ~6.35% discount to NAV with effective leverage of ~27.7%; near-term returns were positive (1-year +4.73% at NAV and +8.10% at price), while longer-horizon returns are modest (10-year +2.26% at NAV), framing the backdrop for administrative and distribution policy decisions overseen by Mr. Lamb’s office .
- Governance/process signals: Mr. Lamb certifies N-CSR reports as principal executive officer and signs N-PX filings, indicating direct responsibility for controls, reporting and compliance; the Funds report timely Section 16 compliance for officers and trustees, with no disclosed delinquent filings .