Nathaniel Jones
About Nathaniel Jones
Nathaniel T. Jones (born 1979) serves as Vice President and Treasurer of Nuveen Multi‑Market Income Fund (JMM), and is a Senior Managing Director at Nuveen and Nuveen Fund Advisors, holding the Chartered Financial Analyst credential; he has served as an officer since 2016 . Public profiles indicate he is 46 years old in 2025 and serves as Treasurer/Vice President across multiple Nuveen closed‑end funds . His remit spans fund finance and treasury for Nuveen’s closed‑end complex, including leverage strategy and financing markets, underscored by his commentary on muni curve dynamics and closed‑end leverage income mechanics . JMM’s last fiscal year end was June 30, 2024; fund‑level TSR or performance metrics are disclosed in shareholder reports, not the proxy .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuveen LLC | Senior Managing Director | Current; officer since 2016 | Leads fund finance/treasury for closed‑end funds; commentary evidences focus on leverage/income and financing markets |
| Nuveen Fund Advisors LLC | Senior Managing Director | Current; officer since 2016 | Senior leadership across public investment products within Nuveen’s fund complex |
| Nuveen Investments Holdings, Inc. | Senior Vice President | 2011–2016 | Treasury/finance leadership prior to current MD roles |
| Multiple Nuveen closed‑end funds | Treasurer & Vice President | Since 2016 | Fund‑level treasury oversight and officer responsibilities across the Nuveen closed‑end fund complex |
Fixed Compensation
- Officers of the Funds receive no compensation from the Funds; the Funds have no employees .
- The Chief Compliance Officer’s compensation is paid by the Adviser (with partial reimbursement by the Funds), but officer‑specific pay (including Jones) is not disclosed at the fund level .
Performance Compensation
- No performance‑based incentive structures, targets, or payout formulas are disclosed for Fund officers in JMM’s proxy; officers are not compensated by the Fund .
- Consequently, there are no fund‑level vesting schedules, PSUs/RSUs, or option awards tied to JMM for officers disclosed in the proxy .
Equity Ownership & Alignment
| Metric | Value | As of | Notes |
|---|---|---|---|
| Common Shares Outstanding (JMM) | 9,462,350 | Feb 18, 2025 | Shares entitled to vote |
| Board Members & Officers – Group Beneficial Ownership (JMM) | 0 shares | Dec 31, 2024 | Group holding shown in Appendix A table |
| Individual Board Members & Officers – Beneficial Ownership (% of fund) | Each <1% | Feb 18, 2025 | Fund‑wide statement; individual officer holdings for JMM not itemized |
| Insider trading activity in JMM (past 18 months) | 0 buys / 0 sells | As of 2025 snapshot | No reported insider trades for JMM by insiders per GuruFocus view |
- Board Members (not officers) are expected to invest at least the equivalent of one year of compensation in funds within the complex; no equivalent ownership guideline is disclosed for Fund officers .
Employment Terms
- Position: Vice President and Treasurer; term of office “Indefinite,” elected annually by the Board; length of service as an officer since 2016 .
- No disclosures of employment contract term, severance multiples, change‑of‑control triggers, non‑compete/non‑solicit, garden leave, clawbacks, or tax gross‑ups for Fund officers in the proxy .
Performance & Track Record
- Role scope and operating focus: As Nuveen’s head of fund finance/treasury for closed‑end funds, Jones has discussed leverage mechanics, SIFMA front‑end financing costs, and muni curve opportunities to enhance income for common shareholders in closed‑end wrappers, demonstrating technical execution in financing and risk management .
- Fund‑level performance (TSR, NAV returns, distribution sustainability) for JMM during his tenure is presented in shareholder reports; those metrics are not included in the proxy and were not disclosed in the documents reviewed here .
Risk Indicators & Red Flags
- Section 16(a)/30(h) compliance: The Fund believes Board Members and officers complied with all applicable filing requirements during the last fiscal year and the prior year .
- Corporate by‑laws: Control share provisions were eliminated February 28, 2024, which can affect shareholder voting dynamics; not specific to Jones but relevant to fund governance context .
- Insider activity signal: No insider trades reported for JMM by insiders over the past 18 months per the referenced tracker view .
Investment Implications
- Pay‑for‑performance linkage: With officers uncompensated by the Fund and no disclosed fund‑level incentive metrics for officers, there are limited direct compensation alignment levers at JMM; officer incentives likely reside at the Adviser (Nuveen), not publicly disclosed here .
- Selling pressure/vesting: Absence of fund‑level equity awards and disclosed vesting schedules for officers implies low mechanical selling pressure from award vesting tied to JMM; insider trade logs show no recent JMM insider activity, reducing near‑term signal risk .
- Ownership alignment: Group beneficial ownership in JMM was 0 shares as of Dec 31, 2024, and individual holdings were <1% across the complex, indicating limited direct “skin in the game” at the fund level for officers; alignment depends on broader Nuveen compensation/retention structures not disclosed here .
- Execution skill: Jones’s treasury/funding expertise in managing leverage and financing risk is a positive operational factor for closed‑end fund income generation; monitoring financing costs (e.g., SIFMA/VRDP/TFP dynamics) remains critical to distribution sustainability and discount management .
Overall, JMM investors should focus on fund‑level performance drivers (leverage costs, portfolio credit mix, distribution coverage, discount/premium), while recognizing that officer compensation/ownership levers at the fund are minimal and governance/operations are overseen by an independent Board with established committee structures and compliance processes .