Brett Black
About Brett Black
Brett E. Black is Vice President and Chief Compliance Officer of the Nuveen AMT‑Free Quality Municipal Income Fund (NEA), serving since 2022; he is a Managing Director and Chief Compliance Officer at Nuveen, and was born in 1972 . He previously served at BMO Funds, Inc. as Vice President (2014–2022), Chief Compliance Officer and Anti‑Money Laundering Compliance Officer (2017–2022), and Deputy Chief Compliance Officer (2014–2017), indicating deep fund compliance leadership across U.S. ’40‑Act complexes . Fund filings state officers receive no compensation from the Fund itself, and therefore NEA does not disclose executive pay-for-performance metrics or award structures for officers in its proxy materials, limiting direct TSR/financial metric alignment analysis for this role .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| BMO Funds, Inc. | Vice President | 2014–2022 | Senior compliance leadership within a registered fund complex |
| BMO Funds, Inc. | Chief Compliance Officer; Anti‑Money Laundering Compliance Officer | 2017–2022 | Oversight of ’40‑Act compliance program and AML controls for the fund complex |
| BMO Funds, Inc. | Deputy Chief Compliance Officer | 2014–2017 | Deputy leadership of compliance program prior to elevation to CCO |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuveen (Fund Complex adviser and affiliates) | Managing Director, Chief Compliance Officer | 2022–Present | Enterprise compliance leadership across Nuveen‑advised funds and affiliates |
Fixed Compensation
NEA’s proxies disclose that “Officers receive no compensation from the Funds.” As a result, base salary, target/actual bonus, perquisites, and pension/SERP are not disclosed at the Fund level; officers are compensated by Nuveen and/or affiliates, outside NEA’s proxy scope .
| Component | Status at NEA | Notes |
|---|---|---|
| Base Salary | Not disclosed | Officers receive no compensation from the Fund |
| Target Bonus % | Not disclosed | Not reported in Fund’s proxy |
| Actual Bonus Paid | Not disclosed | Not reported in Fund’s proxy |
| Perquisites | Not disclosed | Not reported in Fund’s proxy |
| Pension/SERP | Not disclosed | Not reported in Fund’s proxy |
Performance Compensation
NEA does not report officer equity awards or incentive plan structures for its officers; no Fund‑level performance metrics (e.g., revenue, EBITDA, TSR, ESG) are disclosed for officer compensation. Officers are elected annually by the Board and serve with indefinite terms; compensation is outside the Fund’s filings .
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed for Fund officers | N/A | N/A | N/A | N/A | N/A |
Equity Ownership & Alignment
| Data Point | Detail | Source |
|---|---|---|
| Total beneficial ownership | None reported (Form 3 initial statement) | “No securities are beneficially owned.” filed June 6, 2022 (event date 06/01/2022) |
| Ownership as % of shares outstanding | N/A at time of Form 3 | No holdings disclosed; no percentage calculable |
| Vested vs. unvested shares | N/A | No equity awards disclosed at the Fund |
| Options (exercisable/unexercisable) | N/A | No derivative securities reported on Form 3 |
| Shares pledged as collateral | None disclosed | No pledging disclosure in Fund filings for officers |
| Stock ownership guidelines | Not disclosed for officers | Fund proxies do not specify officer ownership guidelines |
| Compliance status vs. guidelines | Not applicable | No officer guidelines disclosed |
Employment Terms
| Term | Details | Source |
|---|---|---|
| Title | Vice President and Chief Compliance Officer | Officer table in DEF 14A |
| Term of office | Indefinite; officers elected annually by the Board | “Term: Indefinite; Officers are elected by the Board on an annual basis” |
| Length of time served | Since 2022 | Officer table shows service since 2022 |
| Employer | Nuveen (Managing Director, Chief Compliance Officer) | Officer biographies |
| Compensation source | Officers receive no compensation from the Fund | Proxy disclosure |
| Severance/Change‑of‑control | Not disclosed for Fund officers | No officer‑level contracts or parachutes disclosed by NEA |
| Clawbacks, tax gross‑ups | Not disclosed | Not reported in NEA proxy for officers |
| Non‑compete / non‑solicit | Not disclosed | Not reported in NEA proxy |
Governance Context (Fund Level)
- Officers are listed with addresses, year of birth, positions, and principal occupations; no officer compensation is paid by NEA, and officer roles are appointed/elected annually with indefinite terms .
- Board consolidation across Nuveen and TIAA‑CREF fund complexes occurred effective January 1, 2024 to align oversight and achieve cost efficiencies; this pertains to fund governance generally and not officer compensation structures .
Risk Indicators & Red Flags
- Hedging/pledging: No pledging of Fund shares disclosed for Brett Black; no beneficial ownership reported on his Form 3, reducing direct alignment concerns but also eliminating near‑term insider‑selling pressure signals .
- Related‑party transactions: None disclosed pertaining to Brett Black within NEA’s filings; officer biographies indicate Nuveen affiliation consistent with fund advisory relationships .
- Legal proceedings: NEA’s N‑CEN filings include general legal proceeding disclosures; no officer‑specific adverse proceedings are identified in the cited sections .
Investment Implications
- Pay‑for‑performance alignment at the Fund level is not applicable for officers: NEA’s proxies explicitly state officers receive no compensation from the Fund, and do not disclose incentive metrics or equity awards for officers; therefore, traditional comp‑linked trading signals (e.g., PSU metric changes, option repricings, accelerated vesting) are not available for Brett Black .
- Ownership/insider pressure: Brett Black’s Form 3 reported no beneficial ownership at appointment, implying no insider selling overhang or vesting‑related trading pressure tied to Fund equity; monitor for any future Forms 4 or ownership updates to reassess alignment/pressure .
- Retention/transition risk: Officers are elected annually with indefinite terms and are Nuveen employees; retention dynamics and compensation levers reside at Nuveen, not NEA’s Fund‑level disclosures. Watch for Item 5.02 8‑K events (appointments/departures) and N‑CEN CCO updates as leading indicators of compliance function transitions across the fund complex .