Brett E. Black
About Brett E. Black
Brett E. Black serves as Vice President and Chief Compliance Officer (CCO) of Nuveen Dynamic Municipal Opportunities Fund (NDMO); he is a Managing Director and CCO of Nuveen. He was born in 1972 and has served as an officer of the Nuveen fund complex since 2022 . The Funds have no employees; officers receive no compensation from the Funds, and the CCO’s compensation is paid by the Adviser (Nuveen Fund Advisors, LLC) with Board input; the Funds reimburse the Adviser for an allocable portion of the Adviser’s cost of the CCO’s incentive compensation . Board-level oversight of compliance and risk is conducted through the Compliance, Risk Management and Regulatory Oversight Committee, which receives written/oral reports from the CCO and meets privately with the CCO each quarter .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuveen | Managing Director; Chief Compliance Officer | 2022–Present | Leads Nuveen fund complex compliance program; provides regular reports to Boards/committees and supports risk management and regulatory oversight . |
| BMO Funds, Inc. | Vice President; Chief Compliance Officer; Anti-Money Laundering Compliance Officer | 2014–2022 (CCO/AMLCO 2017–2022) | Directed fund compliance and AML; prior leadership informs Nuveen oversight capabilities . |
External Roles
No external directorships or board memberships for Brett E. Black are listed in NDMO’s officers table .
Fixed Compensation
| Component | Amount/Terms | Notes |
|---|---|---|
| Base Salary | Not disclosed | Officers receive no compensation from the Funds; compensation is paid by the Adviser with Board input . |
| Target Bonus % | Not disclosed | CCO’s incentive compensation exists at the Adviser; specifics not disclosed at fund level . |
| Actual Bonus Paid | Not disclosed | Not disclosed at fund level . |
| Perquisites | Not disclosed | Not disclosed at fund level . |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| CCO Incentive Compensation (Adviser-level) | Not disclosed | Not disclosed | Not disclosed | Funds reimburse an allocable portion of the Adviser’s cost of the CCO’s incentive compensation | Not disclosed . |
- The Board’s Compliance Committee oversees compliance risk and receives quarterly and private-session reports from the CCO, indicating active oversight linkage between performance of compliance function and Board governance .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership (Brett E. Black) | Not individually disclosed in NDMO proxy . |
| Officers/Board group ownership | Board Members and executive officers as a group beneficially owned less than 1% of outstanding shares of each Fund as of June 20, 2025 . |
| NDMO shares outstanding (record date) | 59,562,212 common shares; MFP Series A: 2,400 preferred shares as of June 20, 2025 . |
| Shares pledged as collateral | Not disclosed for officers . |
| Stock ownership guidelines | Governance principle applies to Board Members (expected to invest at least one year of compensation in funds); not stated for officers . |
| Section 16 compliance | Funds report officers/Board complied with Section 16(a) filing requirements in the last fiscal year . |
Employment Terms
| Term | Detail |
|---|---|
| Officer roles | Vice President and Chief Compliance Officer . |
| Term length | Indefinite; officers elected annually by Board to serve until successors are elected and qualified . |
| Start date (Nuveen fund complex) | Since 2022 . |
| Contract details | No employment contracts with the Funds; officers are Nuveen employees . |
| Severance/Change-of-control | Not disclosed at fund level . |
| Non-compete/Non-solicit/Garden leave | Not disclosed . |
| Clawback provisions | Not disclosed . |
Risk Indicators & Governance Context
- Compliance oversight: The Compliance Committee oversees compliance/risk and meets quarterly, receiving written/oral reports from the CCO and holding private sessions, indicating structured risk governance around the CCO function .
- Regulatory attestations: Officers sign Sarbanes-Oxley Section 906 certifications for periodic reports (PEO/PFO signatories shown; CCO role drives compliance program under Adviser), reinforcing emphasis on fair presentation and Exchange Act compliance at the fund level .
- Filing timeliness: Funds state Board Members, officers, and affiliated persons complied with Section 16(a) reporting in the prior year, with no delinquencies noted .
Performance & Track Record
- Compliance program scope: The Board’s evaluation emphasizes expanded compliance, risk management, liquidity, derivatives, and cybersecurity programs across the Nuveen fund complex; the Adviser provides comprehensive compliance services including policy maintenance, provider evaluations, risk assessments/testing, portfolio compliance, and training—with Board/committee reporting throughout the year, framing the CCO’s operational footprint .
- Fund complex operations: The Adviser supports valuation, trade execution oversight, regulatory advocacy, and investor relations, indicating a broad operating context in which the CCO’s governance and reporting occur .
Investment Implications
- Limited direct pay disclosure at fund level: Because officers are compensated by the Adviser and not the Fund, investors lack visibility into Brett E. Black’s base, bonus targets, equity awards, or vesting schedules; only that incentive compensation exists and the Funds reimburse a portion of the Adviser’s cost for the CCO’s incentive comp .
- Alignment and selling pressure: Individual beneficial ownership and any pledging/hedging are not disclosed for the CCO; group ownership is under 1% of outstanding shares, limiting alignment signals from direct ownership at the fund level .
- Governance and retention: Indefinite term with annual election by the Board and structured Compliance Committee reporting suggests continuity of the compliance function; however, employment terms (non-compete, severance, change-of-control) are not disclosed, so retention economics and change-of-control dynamics cannot be assessed from fund filings .
- Trading signals: No Form 4 transaction detail for Brett E. Black is disclosed in the proxy; Funds report timely Section 16 compliance broadly, but without individual transaction data, insider selling pressure cannot be evaluated from these documents .
Bottom line: The CCO role is central to Nuveen’s fund complex compliance governance, with Board-structured oversight and incentive compensation at the Adviser level. Absent granular compensation, ownership, or contract disclosures for Brett E. Black at NDMO, portfolio managers should treat CCO alignment as mediated through Nuveen’s corporate policies rather than fund-specific equity or pay-for-performance metrics .