Brian Lockhart
About Brian J. Lockhart
Brian J. Lockhart (born 1974) serves as Vice President of Nuveen New York Quality Municipal Income Fund (NAN) and is Senior Managing Director and Head of Investment Oversight at Nuveen; he is also Senior Managing Director at Nuveen Fund Advisors, LLC and holds CFA and FRM credentials . He has served as an officer of the Funds since 2019 . Fund officers receive no compensation from the Funds; compensation is paid by the Adviser (Nuveen), with proxies not disclosing officer-level salary, bonus, or equity details . As of May 31, 2025, Board Members and executive officers as a group owned less than 1% of outstanding shares of each Fund , and the group owned 0 shares of NAN .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuveen | Senior Managing Director and Head of Investment Oversight | 2017–present | Leads investment oversight across Nuveen’s fund complex; previously led Manager Oversight . |
| Nuveen Fund Advisors, LLC | Senior Managing Director | 2017–present | Senior leadership within Nuveen’s adviser affiliate . |
| Nuveen | Team Leader, Manager Oversight | 2015–2017 | Managed oversight of external managers prior to assuming Head of Investment Oversight . |
| Nuveen | Vice President | 2010–2017 | Progressed through investment oversight roles at Nuveen before promotion to Managing Director . |
Fixed Compensation
- Officers of the Funds “receive no compensation from the Funds”; compensation (base/incentive) is paid by the Adviser (Nuveen), and officer-specific amounts for Brian Lockhart are not disclosed in the NAN proxy .
Performance Compensation
- No disclosure of officer performance metrics (e.g., revenue, EBITDA, TSR) or incentive pay design for Fund officers; proxies focus on Independent Board Member retainers and committee fees, not officer variable pay .
Equity Ownership & Alignment
| Metric | As of May 31, 2025 |
|---|---|
| Board Members and Officers as a Group – NAN shares | 0 |
| Shares Outstanding (NAN common) | 30,849,666 |
| Group Ownership % of NAN | 0.00% |
| Individual beneficial shareholdings threshold | Each Board Member’s individual holdings <1% of outstanding shares of each Fund |
| Board Member stock ownership guideline | Expected to invest ≥1 year of Board compensation in Nuveen Fund Complex (applies to Board Members; no officer guideline disclosed) |
| Pledging/Hedging policy | Not disclosed for officers in NAN proxy . |
Employment Terms
- Officer elections/terms: Officers are elected annually by the Board, serve until successors are elected and qualified; terms are indefinite .
- Compensation source: Officers serve without compensation from the Funds; compensation paid by Adviser (Nuveen); proxies do not disclose employment agreements, severance, or change-of-control terms for officers .
- Non-compete, non-solicit, garden leave, consulting: Not disclosed for officers in NAN proxy .
Insider Transactions & Vesting Pressure
- Over the past 18 months, Brian J. Lockhart made no insider transactions in NAN, indicating no recent selling pressure from this officer .
- Section 16 status: Lockhart has filed Section 16 reports historically (e.g., Form 3 in 2019 for a Nuveen fund), underscoring officer reporting obligations across Nuveen funds .
- 10b5-1 plans, RSU/option holdings, vesting schedules: Not disclosed for officers in NAN proxy .
Board Governance Context (Fund Oversight)
- Closed-End Fund Committee oversight includes monitoring premiums/discounts, leverage, and historical total return (NAV/price) across Nuveen closed-end funds; governance is focused on fund market dynamics and distribution trends rather than officer compensation .
- Independent Board Member compensation (retainers and committee fees) is disclosed; officers receive no compensation from the Funds .
Investment Implications
- Alignment signal is limited: With 0 group ownership in NAN and proxies not disclosing officer-level pay design, direct pay-for-performance alignment indicators at the Fund level are weak for officer roles (compensation sits at Adviser, not the Fund) .
- Selling pressure low: No recent Form 4 activity for Lockhart in NAN implies limited near-term insider selling pressure tied to his holdings .
- Retention/contract economics: No severance/change-of-control terms disclosed at the Fund level for officers; employment terms are governed by Nuveen/TIAA corporate policies outside the Fund proxies .
- Governance mitigants: Robust Board-level oversight of closed-end fund premiums/discounts and distribution policies provides structural governance, but these mechanisms do not translate into quantifiable officer incentive alignment with NAN-specific TSR .