Brett E. Black
About Brett E. Black
Brett E. Black (year of birth: 1972) serves as Vice President and Chief Compliance Officer (CCO) of Nuveen Real Estate Income Fund (JRS), with an indefinite term and service since 2022; he is Managing Director and CCO of Nuveen and previously held compliance leadership roles at BMO Funds, Inc. including Vice President (2014–2022), Deputy CCO (2014–2017), and Chief Compliance Officer and Anti-Money Laundering Compliance Officer (2017–2022) . Officers receive no compensation from the Funds; the CCO’s compensation, composed of base salary and incentive pay, is paid by the Adviser (Nuveen) with Board review/input, and the Funds reimburse the Adviser for an allocable portion of the CCO’s incentive compensation . As of his initial Form 3 filing on 06/08/2022, he reported no beneficial ownership of JRS securities .
Past Roles
| Organization | Role | Years | Notes/Strategic Impact |
|---|---|---|---|
| Nuveen | Managing Director; Chief Compliance Officer | Current | Senior compliance leadership for Nuveen/TIAA asset management complex |
| BMO Funds, Inc. | Vice President; Deputy CCO | 2014–2017 | Senior compliance function; deputy oversight responsibilities |
| BMO Funds, Inc. | Chief Compliance Officer; AML Compliance Officer | 2017–2022 | Led fund compliance and anti-money laundering program |
External Roles
- No external public company directorships disclosed in JRS proxy materials .
Fixed Compensation
| Component | Payer/Source | Disclosure Status |
|---|---|---|
| Base salary | Paid by Adviser (Nuveen) | Amounts not disclosed by the Funds |
| Incentive compensation | Paid by Adviser (Nuveen) with Board review/input | Amounts not disclosed; Funds reimburse allocable portion of CCO incentive comp |
| Fund-paid officer comp | N/A | Officers receive no compensation from the Funds |
Performance Compensation
| Compensation Element | Metrics/Weighting | Payout/Vesting | Governance |
|---|---|---|---|
| CCO incentive compensation | Not disclosed | Not disclosed | Paid by Adviser; Board provides review/input; Funds reimburse allocable portion |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (JRS) | Reported “No securities are beneficially owned” on Form 3 (filed 06/08/2022) |
| Options/derivatives (JRS) | None reported on Form 3; Table II shows no derivative securities |
| Group ownership | Board Members and executive officers as a group beneficially owned less than 1% of outstanding shares as of 01/19/2024 |
| Shares outstanding (context) | JRS common shares outstanding: 28,892,471 as of 01/19/2024 |
| Pledging/hedging | Not disclosed in proxy materials |
| Ownership guidelines | Board Members are expected to invest at least one year of compensation in Nuveen funds; officer-specific guidelines not disclosed |
Employment Terms
| Attribute | Detail |
|---|---|
| Current title | Vice President and Chief Compliance Officer |
| Term of office | Indefinite; officers elected by Board annually to serve until successors are elected and qualified |
| Length of service | Since 2022 (Funds) |
| Employer | Nuveen (Adviser) |
| Severance/change-of-control | Not disclosed |
| Non-compete/non-solicit/garden leave | Not disclosed |
| Clawback/tax gross-ups | Not disclosed |
Investment Implications
- Alignment and trading signals: Black’s Form 3 disclosed no JRS share ownership, and officer compensation is paid by the Adviser rather than the Fund, limiting direct equity alignment with JRS common shareholders and reducing insider trading signal relevance for the Fund .
- Selling pressure: No Form 4 transactions were identified in our document search; with zero disclosed ownership at appointment, near-term insider selling pressure appears minimal .
- Retention and governance: Indefinite term with annual Board election suggests stable tenure; the Board’s Compliance Committee oversight and Board review/input on CCO incentive pay provide structured governance around compliance and risk management, supporting continuity in the role .
- Pay-for-performance linkage: Specific performance metrics, weightings, payouts, and vesting terms for the CCO’s incentive compensation are not disclosed; the Funds reimburse the Adviser only for an allocable portion of the CCO’s incentive compensation, indicating limited fund-level transparency into pay-for-performance levers .