Marc Cardella
About Marc Cardella
Marc Cardella (born 1984) serves as Vice President and Controller (Principal Financial Officer) of Nuveen Multi-Market Income Fund (JMM) with an indefinite term and length of service since 2024. He is Senior Managing Director and Head of Public Investment Finance at Nuveen, also holding senior roles across Teachers Advisors, LLC, TIAA‑CREF Investment Management, LLC, TIAA (Teachers Insurance and Annuity Association of America), and TIAA SMA Strategies LLC; additionally, he is the Principal Financial Officer, Principal Accounting Officer, and Treasurer of TIAA Separate Account VA‑1 and the College Retirement Equities Fund . Officers receive no compensation from the Fund and are elected annually by the Board to serve until successors are elected and qualified .
Past Roles
| Organization | Role | Years | Strategic impact / notes |
|---|---|---|---|
| Nuveen | Senior Managing Director, Head of Public Investment Finance | Not disclosed | Finance leadership for public investments within Nuveen |
| Teachers Advisors, LLC | Senior Managing Director | Not disclosed | Senior leadership within TIAA/Nuveen complex |
| TIAA‑CREF Investment Management, LLC | Senior Managing Director | Not disclosed | Senior leadership within TIAA/Nuveen complex |
| Teachers Insurance and Annuity Association of America (TIAA) | Managing Director | Not disclosed | Senior leadership within TIAA |
| TIAA SMA Strategies LLC | Managing Director | Not disclosed | Senior leadership overseeing SMA strategies |
| TIAA Separate Account VA‑1 | Principal Financial Officer, Principal Accounting Officer, Treasurer | Not disclosed | PFO/PAO/Treasurer of VA‑1 |
| College Retirement Equities Fund (CREF) | Principal Financial Officer, Principal Accounting Officer, Treasurer | Not disclosed | PFO/PAO/Treasurer of CREF |
External Roles
No external directorships or board committee roles for Mr. Cardella were disclosed in JMM’s proxy materials .
Fixed Compensation
| Component | 2024 | 2025 | Notes |
|---|---|---|---|
| Base salary (Fund level) | Not disclosed | Not disclosed | Officers receive no compensation from the Funds; officer compensation is paid by the adviser (Nuveen/TIAA) |
| Target bonus % (Fund level) | Not disclosed | Not disclosed | Not disclosed by the Fund; paid by adviser |
| Actual bonus paid (Fund level) | Not disclosed | Not disclosed | Not disclosed by the Fund; paid by adviser |
- 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 | — | — | — | — | — |
- Fund-level proxies do not disclose adviser-level incentive metrics (e.g., revenue growth, EBITDA, TSR) for Fund officers. Officers receive no compensation from the Funds; any incentive plan details would reside at the adviser (Nuveen/TIAA) level and are not included in JMM’s proxy materials .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Individual beneficial ownership for Marc Cardella (JMM) | Not individually disclosed in proxy; beneficial ownership tables list Board Members individually and “Board Members/Nominees and Officers as a Group.” For Multi‑Market Income (JMM), group holdings were 0 shares as of Dec 31, 2024 . |
| Group ownership threshold | As of Jan 19, 2024, Board Members and executive officers as a group beneficially owned less than 1% of the outstanding shares of each Fund . |
| Board Member ownership guideline | To align interests, Board Members are expected to invest at least the equivalent of one year of compensation in Nuveen funds (board guideline, not an officer policy) . |
| Pledging/Hedging policy (officers) | Not disclosed in the Fund’s proxy statements for officers . |
Beneficial ownership snapshot (as-of dates per proxy)
| Measure | As-of Date | Multi-Market Income (JMM) Shares | Notes |
|---|---|---|---|
| Board Members/Nominees and Officers as a Group | Dec 31, 2024 | 0 | Group line item across Funds shows 0 for Multi‑Market Income |
| Board/Officer group % threshold | Jan 19, 2024 | <1% of each Fund | Statement applies to each Fund in the complex |
Employment Terms
| Term | Detail |
|---|---|
| Current JMM role | Vice President and Controller (Principal Financial Officer) |
| Start in current role | Since 2024 |
| Term of office | Indefinite; officers are elected by the Board on an annual basis to serve until successors are elected and qualified |
| Employer of record | Officers receive no compensation from the Funds; compensation is paid by the adviser (Nuveen/TIAA) |
| Severance / Change-of-control | Not disclosed in Fund proxy materials for officers |
| Clawbacks / Tax gross‑ups | Not disclosed for officers in Fund proxy materials |
Investment Implications
- No Fund-level equity awards or vesting overhang: Because officers receive no compensation from the Funds, there are no Fund‑issued RSUs/options or vesting schedules tied to JMM for Mr. Cardella, implying no Fund‑driven insider selling pressure from award vesting cycles .
- Limited direct alignment at the Fund level: Beneficial ownership is reported at the group level; for Multi‑Market Income (JMM), Board Members/Nominees and Officers as a Group held 0 shares as of Dec 31, 2024, and historically the group owned less than 1% of each Fund’s shares—indicating limited direct ownership alignment at the Fund level for officers .
- Compensation levers sit at the adviser: Pay‑for‑performance mechanics (metrics, targets, payout curves, clawbacks) for Mr. Cardella would be set by Nuveen/TIAA and are not disclosed in JMM’s proxies; investors should not expect Fund‑level compensation disclosures to inform trading signals for JMM related to his incentives .
Note: If insider trading signals are material to your process, review Section 16 filings (Forms 3/4/5) for JMM officers to assess any direct purchases/sales. JMM’s proxies cite Section 16(a) compliance generally but do not enumerate Mr. Cardella’s individual filings .