Marc Cardella
About Marc Cardella
Marc Cardella (year of birth: 1984) serves as Vice President and Controller (Principal Financial Officer) of Nuveen Dynamic Municipal Opportunities Fund (NDMO), with an indefinite officer term and fund service since 2024 . He is Senior Managing Director and Head of Public Investment Finance at Nuveen, and holds senior roles across Nuveen Fund Advisors, Nuveen Asset Management, Teachers Advisors, and TIAA‑CREF Investment Management; he is also Managing Director at Teachers Insurance and Annuity Association of America and TIAA SMA Strategies LLC, and serves as Principal Financial Officer, Principal Accounting Officer, and Treasurer for TIAA Separate Account VA‑1 and the College Retirement Equities Fund . The proxy does not disclose education, nor fund‑level TSR/revenue/EBITDA metrics attributable to his tenure; officers are paid by the adviser and not compensated by the Funds .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuveen Dynamic Municipal Opportunities Fund (NDMO) | Vice President & Controller (Principal Financial Officer) | Since 2024 | Fund principal financial officer responsibilities |
| Nuveen (Public Investment Finance) | Senior Managing Director; Head of Public Investment Finance | Not disclosed | Oversight of public investment finance across Nuveen/TIAA complex |
| Nuveen Fund Advisors, LLC | Senior Managing Director | Not disclosed | Senior leadership across fund adviser operations |
| Nuveen Asset Management, LLC | Senior Managing Director | Not disclosed | Senior leadership across asset management operations |
| Teachers Advisors, LLC | Senior Managing Director | Not disclosed | Senior leadership for TIAA advisor affiliate |
| TIAA‑CREF Investment Management, LLC | Senior Managing Director | Not disclosed | Senior leadership for TIAA investment management |
| Teachers Insurance and Annuity Association of America | Managing Director | Not disclosed | Senior leadership at TIAA (parent organization) |
| TIAA SMA Strategies LLC | Managing Director | Not disclosed | Senior leadership for SMA strategies |
| TIAA Separate Account VA‑1 | Principal Financial Officer, Principal Accounting Officer, Treasurer | Not disclosed | Principal finance/accounting stewardship for separate account |
| College Retirement Equities Fund (CREF) | Principal Financial Officer, Principal Accounting Officer, Treasurer | Not disclosed | Principal finance/accounting stewardship for CREF |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Teachers Insurance and Annuity Association of America | Managing Director | Not disclosed | Senior role within TIAA umbrella relevant to fund oversight |
| TIAA SMA Strategies LLC | Managing Director | Not disclosed | Senior role overseeing SMA strategies |
| TIAA Separate Account VA‑1 | PFO/PAO/Treasurer | Not disclosed | Principal finance/accounting functions for insurance separate account |
| College Retirement Equities Fund (CREF) | PFO/PAO/Treasurer | Not disclosed | Principal finance/accounting functions for retirement fund |
Fixed Compensation
Officers receive no compensation from NDMO; the Funds have no employees. Compensation for the Funds’ Chief Compliance Officer is paid by the adviser, with only incentive cost reimbursement to the Funds. Officer compensation (including Marc Cardella’s) is paid by Nuveen/TIAA and not disclosed at the fund level .
| Component | Disclosure | Note |
|---|---|---|
| Base salary | Not disclosed | Officers are compensated by Adviser, not the Fund |
| Target bonus % | Not disclosed | Not disclosed at fund level |
| Actual bonus paid | Not disclosed | Not disclosed at fund level |
| Cash retainer from Fund | $0 | Funds have no employees; officers receive no compensation from Funds |
Performance Compensation
No fund‑level disclosure of officer performance metrics, incentive structure, vesting schedules, or equity awards for Marc Cardella; officers are paid by the Adviser and such details are not in NDMO’s proxy .
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
Equity Ownership & Alignment
- Ownership disclosure: As of June 20, 2025, Board Members’ individual holdings and the Board Members and executive officers as a group each owned less than 1% of the outstanding shares of each Fund .
- Group holdings: Board Members and officers as a group owned 0 shares of NDMO (Dynamic Municipal) as of May 31, 2025 .
- Pledging/Hedging: No pledging or hedging by officers disclosed in the proxy .
- Stock ownership guidelines: A governance principle expects each Board Member (directors) to invest at least the equivalent of one year of compensation in funds in the Fund Complex; this principle does not state an officer guideline .
| Item | NDMO | Source |
|---|---|---|
| Marc Cardella personal NDMO ownership | Not disclosed | Officer‑level individual holdings not listed |
| Officers + Board Members group NDMO ownership | 0 shares (NDMO/Dynamic Municipal) | Group totals table |
| Ownership as % of shares outstanding | <1% (group) | Group holdings under 1% of each Fund |
| Shares pledged as collateral | Not disclosed | No pledging noted in proxy |
| Officer ownership guideline | Not disclosed | Board‑member guideline only |
Employment Terms
- Title/role: Vice President and Controller (Principal Financial Officer) of NDMO .
- Term: Indefinite; officers are elected annually to serve until successors are elected and qualified .
- Start of fund service: Since 2024 .
- Contract, severance, change‑of‑control, non‑compete, clawback: Not disclosed in the proxy .
- Section 16 compliance: The Funds indicate compliance with applicable Section 16(a) filing requirements by Board Members and officers during the last fiscal year .
| Provision | Terms | Source |
|---|---|---|
| Officer term | Indefinite; elected annually | Officers serve until successors elected |
| Start date (NDMO service) | Since 2024 | Length of time served since 2024 |
| Severance multiple | Not disclosed | No officer severance terms disclosed |
| Change‑of‑control | Not disclosed | No officer change‑of‑control terms disclosed |
| Clawbacks | Not disclosed | No officer clawback terms disclosed |
| Non‑compete/Non‑solicit | Not disclosed | Not addressed in proxy |
| Section 16(a) compliance | In compliance (last fiscal year) | Stated by Funds |
Investment Implications
- Alignment and incentives: Fund‑level pay‑for‑performance details are not disclosed for officers; officers receive no compensation from the Fund and are paid by the Adviser, limiting transparency into incentive levers (revenue/EBITDA/TSR metrics, vesting) that would directly tie Cardella’s pay to NDMO performance .
- Ownership signal: Group beneficial ownership is <1% across each Fund and 0 shares for NDMO, suggesting limited direct officer/director economic exposure to NDMO’s common shares; this reduces direct share‑price alignment at the fund level .
- Trading pressure: With no disclosed fund equity awards or vesting schedules for officers (and no officer compensation paid by the Fund), near‑term insider selling pressure tied to vesting events at NDMO appears minimal; monitor any future Form 4 filings for confirmation .
- Retention risk: Cardella holds multiple senior roles across Nuveen/TIAA entities, and his NDMO officer term is indefinite with annual election; no severance or change‑of‑control terms are disclosed at the fund level, so retention economics cannot be assessed from the proxy .
Note: Where “Not disclosed” appears, the proxy statements do not provide the information; officers are compensated by the Adviser, not the Fund .
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