Kevin McCarthy
About Kevin McCarthy
Kevin J. McCarthy (born 1966) serves as Vice President and Assistant Secretary of Nuveen New York Quality Municipal Income Fund (NAN) and has held officer roles across the Nuveen/TIAA complex; he has served in the Nuveen fund complex since 2007, with an indefinite term of office . His core credentials are legal and governance leadership: Executive Vice President, Secretary and General Counsel of Nuveen Investments, Inc., and executive/assistant secretary roles at Nuveen Securities, Nuveen Fund Advisors, Nuveen Asset Management, Teachers Advisors, TIAA‑CREF Investment Management, and Nuveen Alternative Investments . Fund performance context: NAN’s Net Income has been volatile, with FY 2023 −$57.94M*, FY 2024 +$25.94M*, and FY 2025 −$23.15M*, reflecting municipal market cycles rather than officer-specific execution [GetFinancials]. Values retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| NWQ Investment Management Company, LLC | Vice President; Secretary | VP 2007–2021; Secretary 2016–2021 | Governance and legal administration for affiliated investment adviser |
| Santa Barbara Asset Management, LLC | Vice President; Secretary | VP 2007–2021; Secretary 2016–2021 | Legal/secretarial roles supporting adviser operations |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Winslow Capital Management, LLC | Vice President and Secretary | Not disclosed (current listed) | Legal governance support within TIAA/Nuveen affiliates |
| Nuveen Annual Meeting Proxy Holder | Appointed proxy holder (with J. McCann, M. Winget) | Aug 14, 2025 meeting | Administrative authority to vote proxies at shareholder meeting |
Fixed Compensation
- Officers of the Funds receive no compensation from NAN; the Funds have no employees. The Chief Compliance Officer’s compensation is paid by the Adviser, with only an allocable portion of incentive compensation reimbursed by the Funds .
- Base salary, target bonus, and cash retainers for fund officers are not disclosed at the fund level; only Independent Board Member compensation is detailed in the proxy .
Performance Compensation
- Equity awards (RSUs/PSUs), stock options, performance metrics, vesting schedules, clawbacks, and change-of-control incentive mechanics are not disclosed for fund officers in NAN’s proxy. The document covers Independent Board Member compensation, not officer incentive plans .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (group) | As of May 31, 2025, Board Members and officers as a group beneficially owned less than 1% of outstanding shares of each Fund . |
| NAN group holdings | For NAN specifically, Board Members and officers as a group owned 0 shares as of May 31, 2025 . |
| Individual officer holdings | Not disclosed individually for Kevin McCarthy in NAN’s proxy; only group-level totals provided . |
| Pledging/Hedging | No pledging or hedging disclosures for officers in the proxy . |
| Ownership guidelines | Governance principle applies to Board Members (invest at least one year of compensation in Nuveen funds); not stated for officers . |
| Section 16 compliance | The Funds report Board Members and officers complied with Section 16(a) filing requirements in the last fiscal year . |
Employment Terms
- Title and capacity: Vice President and Assistant Secretary (officer of the Fund) .
- Term of office: Indefinite; elected annually by the Board .
- Length of service: Since 2007 in the Nuveen fund complex .
- Employment agreement, severance, change‑of‑control: Not disclosed for Kevin McCarthy in NAN filings; no 8‑K Item 5.02 specific to his appointment or compensatory arrangements beyond board consolidation updates .
- Non‑compete/non‑solicit/garden leave: Not disclosed in NAN filings –.
Fund Performance Context
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Net Income ($USD) | −$57.94M* | +$25.94M* | −$23.15M* |
| Values retrieved from S&P Global. |
| Metric | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 |
|---|---|---|---|---|
| Net Income ($USD) | $0.61M* | $0.61M* | −$12.19M* | −$12.19M* |
| Values retrieved from S&P Global. |
Compensation Committee Analysis (Board Governance Context)
- NAN operates within a unitary board structure overseeing the entire Nuveen Fund Complex; seven standing committees include Audit, Compliance/Risk, Investment, Nominating & Governance, Dividend, Executive, and Closed‑End Fund Committee –.
- Independent Board Member compensation was increased effective January 1, 2025 (committee retainers and chair fees adjusted), but officer compensation remains non‑applicable at the fund level .
- Board member attendance: Each Board Member attended at least 75% of Board and committee meetings during the last fiscal year; committee meeting counts disclosed in Appendix C .
Risk Indicators & Red Flags
- Related party transactions: None disclosed involving Kevin McCarthy at the fund level; officer roles are within Nuveen/TIAA affiliates .
- Section 16 filings: Reported compliant; monitor for any future Form 4 filings for insider activity .
- Pledging/hedging: No disclosures for officers; group ownership at NAN was 0, reducing pledging risk signal at the fund level .
- Option repricing/golden parachutes: No officer equity awards or parachute disclosures at the fund level .
Say‑on‑Pay & Shareholder Feedback
- Not applicable to fund officers; proxies present Board Member compensation and fund governance matters, not officer say‑on‑pay –.
Expertise & Qualifications
- Legal/governance executive with multi‑entity secretarial and general counsel roles across Nuveen/TIAA; long‑tenure fund officer since 2007 .
Work History & Career Trajectory
- Progression through legal/secretarial leadership across multiple Nuveen/TIAA advisers and affiliates; prior VP/Secretary roles at NWQ and Santa Barbara Asset Management (2007–2021) .
- Current governance roles include Winslow Capital Management VP/Secretary .
Investment Implications
- Compensation alignment: Because fund officers are not compensated by NAN and individual officer holdings are not disclosed, traditional pay‑for‑performance and equity alignment signals are limited for Kevin McCarthy at the fund level .
- Retention risk: Low based on long tenure since 2007 and broad executive responsibilities across the Nuveen/TIAA complex . Absence of disclosed employment/severance terms suggests standard corporate arrangements outside fund filings –.
- Insider selling pressure: Group ownership in NAN is 0, and Section 16 compliance is noted; monitor any Form 4 filings for changes (none cited here) .
- Trading signals: Officer incentives are unlikely to drive fund‑level flows; focus instead on closed‑end fund fundamentals (discount/premium management, leverage, distribution policy) overseen by Board committees, not individual officer pay .
Citations: (officer roster and Kevin McCarthy’s profile); (officers uncompensated by the Funds); (ownership and governance principle); (group share ownership including NAN=0); (attendance/committees); (8‑K board consolidation); (proxy holder appointment).