Brian J. Lockhart
About Brian J. Lockhart
Brian J. Lockhart serves as Vice President of Nuveen Quality Municipal Income Fund (NAD) with an indefinite term and has served since 2019. He is Senior Managing Director and Head of Investment Oversight at Nuveen and Senior Managing Director of Nuveen Fund Advisors, LLC; he holds the Chartered Financial Analyst (CFA) and Certified Financial Risk Manager (FRM) credentials. Birth year: 1974. Officers of the Funds receive no compensation from the Funds; the Funds have no employees, and officer compensation (if any) would be paid by the adviser and is not disclosed in the proxy .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuveen | Various positions prior to current roles | Not disclosed | Progression to Head of Investment Oversight; leadership within Nuveen fund oversight |
External Roles
No external directorships or external roles for Lockhart are disclosed in the proxy .
Fixed Compensation
| Component | Amount/Term | Notes |
|---|---|---|
| Fund-paid salary | $0 | Officers receive no compensation from the Funds; Funds have no employees |
| Fund-paid bonus | $0 | Not applicable; officers are compensated (if at all) by adviser; not disclosed in fund filings |
| Perquisites (Fund) | Not disclosed | Not applicable for Funds |
Officers are elected annually by the Board and serve until successors are elected and qualified; Lockhart’s term is indefinite, length of service since 2019 .
Performance Compensation
| Incentive Type | Metric | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Adviser-paid incentives (e.g., RSUs/PSUs/options) | Not disclosed | — | — | — | — |
- Clawbacks: Recovery of erroneously awarded compensation is marked “Not applicable” in the Fund’s semi-annual report context; fund-level compensation recovery disclosures do not apply to Fund officers (compensation not paid by Funds) .
- Fund committees and oversight: The Investment Committee receives quarterly reports from Nuveen’s investment oversight and risk groups, indicating institutional oversight of performance and risks at the complex level (Lockhart leads Investment Oversight at Nuveen) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Individual beneficial ownership (Lockhart) | Not individually disclosed in the proxy |
| Officers/Board group ownership in NAD | 35,764 NAD shares as a group; each individual <1% of outstanding shares |
| Shares pledged as collateral | Not disclosed |
| Stock ownership guidelines | Board Members are expected to invest at least one year of compensation in Fund Complex; applies to Independent Board Members, not Fund officers |
| Alignment notes | Lack of individual officer ownership disclosure limits read-through on “skin-in-the-game” for Lockhart |
Employment Terms
| Term | Disclosure |
|---|---|
| Position | Vice President (NAD) |
| Start date / Service length | Since 2019; indefinite term |
| Election/renewal | Elected annually by the Board; officers serve until successors are elected and qualified |
| Employer | Nuveen / Nuveen Fund Advisors, LLC (adviser to the Funds) |
| Contract, severance, change-of-control | Not disclosed in Fund proxy (Funds have no employees; officers are adviser employees) |
| Non-compete / non-solicit / garden leave | Not disclosed |
Board Governance (context for role interface)
- Unitary Board with seven standing committees: Executive, Dividend, Audit, Compliance/Risk/Regulatory, Investment, Nominating & Governance, Closed-End Fund Committee .
- Investment Committee oversight includes performance, leverage, hedging, and risk reviews with quarterly reporting by Nuveen investment oversight and risk groups .
- Audit Committee composition, leadership, and financial expert designations detailed; consistent governance rigor across Funds .
Performance & Track Record
- Fund-level price/NAV performance metrics, revenue, EBITDA, and TSR are not provided in the proxy for officer-specific evaluation; performance oversight flows through Nuveen Investment Oversight into Board committees as described above .
- Section 16(a) compliance: Funds report compliance with all applicable Section 16(a) filing requirements in recent fiscal years, which implies timely reporting of ownership changes by reporting persons; not specific to Lockhart .
Investment Implications
- Compensation alignment: Because Fund officers receive no Fund-paid compensation and individual ownership for Lockhart is not disclosed, direct pay-for-performance alignment at the Fund level cannot be assessed from proxy materials; any adviser-paid incentives or equity would drive alignment but are undisclosed here .
- Retention risk: Employment terms and severance/change-of-control economics are not disclosed at the Fund level; Lockhart’s tenure since 2019 and leadership in Nuveen Investment Oversight suggest institutional continuity, but retention levers (contractual protections, equity vesting) are unknown from Fund filings .
- Trading signals: Absence of individual Form 4 detail for Lockhart in the proxy and lack of pledging disclosures limit insider selling pressure analysis; group-level ownership is immaterial (<1% each), reducing direct officer-driven trading signals at the Fund .
- Governance and execution: Robust committee architecture and formal quarterly reporting from Nuveen’s oversight and risk groups to the Investment Committee underpin process discipline; Lockhart’s role at Nuveen places him centrally in performance oversight, which supports operational risk management and execution consistency across the Fund Complex .