Brett E. Black
About Brett E. Black
Brett E. Black is Vice President and Chief Compliance Officer (CCO) of Nuveen Real Asset Income and Growth Fund (JRI), born in 1972, with service to the Nuveen fund complex since 2022 and an indefinite term; he is also Managing Director and CCO at Nuveen, with prior compliance leadership at BMO Funds, Inc. . Officers of the Funds receive no compensation from the Funds; the CCO’s compensation (base and incentive) is paid by the Adviser (Nuveen Fund Advisors, LLC), with Board review and input, and the Funds reimburse an allocable portion of the Adviser’s cost of the CCO’s incentive compensation . The Board’s Compliance Committee receives quarterly written and oral reports from the CCO and meets privately with the CCO each quarter, with an annual report to the full Board on compliance program operations .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuveen | Managing Director; Chief Compliance Officer | 2022–present (as disclosed in fund complex officer table) | Leads enterprise compliance oversight for Nuveen funds; provides quarterly/annual compliance reporting to Boards . |
| BMO Funds, Inc. | Vice President; Chief Compliance Officer; Anti-Money Laundering Compliance Officer | VP 2014–2022; CCO & AML 2017–2022 | Built and executed fund compliance and AML programs for a multi-fund complex . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuveen (Adviser) | CCO to Funds; Managing Director | 2022–present | Direct liaison to Board Compliance Committee; shapes policies/procedures; drives remediation and regulatory oversight . |
Fixed Compensation
- Officers serve without compensation from the Funds; the CCO’s compensation is paid by the Adviser, with Board review and input, and the Funds reimburse an allocable portion of the Adviser’s cost of the CCO’s incentive compensation .
- No Fund-level base salary, target bonus %, or perquisites are disclosed for officers; compensation is outside the Fund under the Adviser’s payroll structure .
Performance Compensation
- Specific performance metrics (e.g., TSR, revenue growth, EBITDA, ESG goals), weights, targets, or payout formulas tied to Mr. Black’s incentive compensation are not disclosed by the Funds. The Board’s Compliance Committee oversight implies qualitative and risk-based performance review through quarterly/annual reports and private sessions with the CCO .
Equity Ownership & Alignment
| Item | JRI Data |
|---|---|
| Outstanding Common Shares (as of Feb 18, 2025) | 27,416,679 |
| Beneficial ownership by Board Members and executive officers as a group | Less than 1% for each Fund |
| Group shares held in JRI | 6,655 (Board Members/Nominees and Officers as a Group) |
| Group ownership % of JRI common | ~0.024% (6,655 / 27,416,679), derived from cited figures |
| Officer-level ownership detail (Brett E. Black) | Not individually disclosed; only group totals are provided |
| Pledging/Hedging | Not disclosed |
| Stock ownership guidelines | Board Members expected to invest at least the equivalent of one year of compensation in funds in the Fund Complex; officer guidelines not disclosed |
Employment Terms
| Term Element | Disclosure |
|---|---|
| Position | Vice President and Chief Compliance Officer (Fund officer) |
| Term of office | Indefinite; officers elected annually by the Board to serve until successors are elected and qualified |
| Length of service | Since 2022 (fund complex) |
| Compensation payor | Adviser (Nuveen Fund Advisors, LLC), with Board review/input; Funds reimburse allocable portion of Adviser’s cost of CCO incentive compensation |
| Non-compete / Non-solicit / Garden leave | Not disclosed |
| Severance / Change-of-control | Not disclosed |
| Clawbacks / Tax gross-ups | Not disclosed |
| Section 16 compliance | Funds report Board Members and officers complied with Section 16(a) filing requirements during the last fiscal year and the previous fiscal year |
Investment Implications
- Compensation alignment: Fund-level pay-for-performance linkage for the CCO is indirect; compensation is set and paid by the Adviser with Board review, and only the incentive portion’s cost is partially reimbursed by the Funds. This reduces direct Fund-level pay incentives tied to shareholder return metrics and limits compensation-related trading signals from Fund filings .
- Ownership signal: Individual officer ownership is not disclosed; the group’s ownership in JRI is de minimis (~0.024%), implying low direct “skin-in-the-game” at the Fund level among officers and Board Members as a group, though Board guidelines encourage meaningful investments across the complex .
- Retention/continuity: Indefinite term and annual election by the Board, with Mr. Black serving since 2022, indicate continuity; no severance/change-of-control terms are disclosed, limiting insight into retention risk economics .
- Governance and risk oversight: Robust Board Compliance Committee oversight—with quarterly/annual reporting and private sessions with the CCO—prioritizes compliance and risk management execution, an important qualitative factor for closed-end fund governance quality .
- Monitoring cues: Future Item 5.02 filings, Adviser-level disclosures, and any Section 16 Form 4 activity would be the primary sources for changes in compensation terms, role transitions, or insider transactions; current Fund filings show Section 16 compliance and no officer-level trading detail .