Kevin J. McCarthy
About Kevin J. McCarthy
Kevin J. McCarthy serves as Vice President and Assistant Secretary of Nuveen Quality Municipal Income Fund (NAD), with a term of office designated “indefinite,” and has served as an officer in the Nuveen fund complex since 2007 (year of birth: 1966) . His principal occupations over the past five years include Executive Vice President, Secretary and General Counsel of Nuveen Investments, Inc.; Executive Vice President and Assistant Secretary of Nuveen Securities, LLC and Nuveen Fund Advisors, LLC; and Executive Vice President and Secretary of Nuveen Asset Management, LLC; Teacher Advisors, LLC; TIAA-CREF Investment Management LLC; and Nuveen Alternative Investments, LLC . Officers of the Funds, including McCarthy, receive no compensation from the Funds, as the Funds have no employees; compensation (e.g., for the Chief Compliance Officer) is paid by the Adviser, with only an allocable reimbursement for incentive compensation . The fund’s proxy materials do not disclose executive-linked TSR, revenue growth, EBITDA growth, or any performance metrics tied to McCarthy’s compensation .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuveen Investments, Inc. | Executive Vice President, Secretary and General Counsel | Not disclosed | Not disclosed (Proxy does not provide impact narrative) |
| Nuveen Securities, LLC; Nuveen Fund Advisors, LLC | Executive Vice President and Assistant Secretary | Not disclosed | Not disclosed (Proxy does not provide impact narrative) |
| Nuveen Asset Management, LLC; Teacher Advisors, LLC; TIAA-CREF Investment Management LLC; Nuveen Alternative Investments, LLC | Executive Vice President and Secretary | Not disclosed | Not disclosed (Proxy does not provide impact narrative) |
| Winslow Capital Management, LLC | Vice President and Secretary | Not disclosed | Not disclosed (Proxy does not provide impact narrative) |
| NWQ Investment Management Company, LLC | Vice President (2007–2021); Secretary (2016–2021) | 2007–2021 (VP); 2016–2021 (Secretary) | Not disclosed (Proxy does not provide impact narrative) |
| Santa Barbara Asset Management, LLC | Vice President (2007–2021); Secretary (2016–2021) | 2007–2021 (VP); 2016–2021 (Secretary) | Not disclosed (Proxy does not provide impact narrative) |
External Roles
| Organization | Role | Years |
|---|---|---|
| Winslow Capital Management, LLC | Vice President and Secretary | Not disclosed |
| NWQ Investment Management Company, LLC | Vice President; Secretary | VP: 2007–2021; Secretary: 2016–2021 |
| Santa Barbara Asset Management, LLC | Vice President; Secretary | VP: 2007–2021; Secretary: 2016–2021 |
Fixed Compensation
Officers of the Funds, including McCarthy, are uncompensated by the Funds. The Funds have no employees; CCO compensation is paid by the Adviser, with the Funds reimbursing only an allocable portion of the Adviser’s cost for CCO incentive compensation.
| Component | Disclosure |
|---|---|
| Base salary | No fund-paid compensation; officers receive no compensation from the Funds |
| Target bonus % | No fund-paid compensation; officers receive no compensation from the Funds |
| Actual bonus paid | No fund-paid compensation; officers receive no compensation from the Funds |
| Perquisites | Not disclosed in fund proxy for officers; Funds state officers receive no compensation from the Funds |
Performance Compensation
The proxy and fund disclosures provide no officer-level performance incentives tied to fund metrics for NAD; officers receive no compensation from the Funds.
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Fund-based executive incentives | N/A | N/A | N/A | N/A | N/A (Officers receive no compensation from the Funds) |
Equity Ownership & Alignment
Individual officer beneficial ownership is not enumerated in the proxy; holdings are disclosed at the “Board Members/Nominees and Officers as a Group” level.
| Item | Amount | As-of |
|---|---|---|
| NAD shares owned by Board Members/Nominees and Officers as a Group | 35,764 shares | May 31, 2025 |
| Individual beneficial ownership for Kevin J. McCarthy | Not disclosed individually in proxy; only group-level totals shown | May 31, 2025 |
| Shares pledged as collateral | Not disclosed in proxy | |
| Ownership guidelines (officers) | Not disclosed in proxy; independent Board Members’ compensation and deferred compensation plans are detailed separately |
Employment Terms
| Term Component | Disclosure |
|---|---|
| Position | Vice President and Assistant Secretary |
| Term of Office | Indefinite; officers are elected by the Board on an annual basis to serve until successors are elected and qualified |
| Length of Time Served | Since 2007 (officer of a fund in the Nuveen fund complex) |
| Election/Appointment Mechanics | Officers elected annually by the Board; proxy cards for annual meetings appoint McCarthy among designated proxies |
| Severance / Change-of-Control | Not disclosed for officers in fund proxy |
| Clawbacks / Gross-ups | Not disclosed for officers in fund proxy |
| Non-compete / Non-solicit | Not disclosed for officers in fund proxy |
Investment Implications
- Pay-for-performance and insider-selling signals tied to NAD’s fund-level officer compensation are minimal, as officers (including McCarthy) receive no compensation from the Funds; no RSUs/options or vesting schedules are disclosed at the fund level that would create selling pressure .
- Alignment via direct personal ownership is opaque for officers: the proxy enumerates only group-level holdings, and does not list McCarthy’s individual beneficial ownership in NAD, reducing visibility into “skin-in-the-game” at the officer level .
- Tenure and role stability: McCarthy has served since 2007 in officer capacities and holds senior legal/executive roles across Nuveen/TIAA affiliates, suggesting continuity and low immediate retention risk from fund-specific incentives or contracts .
- Governance context: annual officer elections by the Board and independent Board member compensation/deferred comp features underscore separation of fund oversight from adviser-paid officer compensation, limiting direct compensation-lever trading signals at the fund level .