Marc Cardella
Vice President and Controller (Principal Financial Officer) at Nuveen AMT-Free Quality Municipal Income Fund
Executive
About Marc Cardella
Marc Cardella (born 1984) serves as Vice President and Controller (Principal Financial Officer) of Nuveen AMT‑Free Quality Municipal Income Fund (NEA), with tenure since 2024. He is Senior Managing Director and Head of Public Investment Finance at Nuveen, and holds senior finance/officer roles across Nuveen Fund Advisors, Nuveen Asset Management, Teachers Advisors, and TIAA‑CREF Investment Management; he is also Principal Financial Officer, Principal Accounting Officer and Treasurer of TIAA Separate Account VA‑1 and the College Retirement Equities Fund. Officers are elected annually by the Board and receive no compensation from the Nuveen Funds (officer compensation is paid by the Adviser), and the Funds disclose that Board Members and officers complied with Section 16(a) filing requirements in the last fiscal year. Performance metrics such as TSR, revenue or EBITDA growth for Marc are not disclosed in fund filings.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuveen | Senior Managing Director, Head of Public Investment Finance | Past 5 years | Leads Public Investment Finance activities across Nuveen’s public investment products/funds. |
| Nuveen Fund Advisors, LLC | Senior Managing Director | Past 5 years | Senior finance/management responsibilities supporting fund advisory operations. |
| Nuveen Asset Management, LLC | Senior Managing Director | Past 5 years | Senior finance/management responsibilities supporting asset management operations. |
| Teachers Advisors, LLC | Senior Managing Director | Past 5 years | Senior finance/management responsibilities supporting advisor operations. |
| TIAA‑CREF Investment Management, LLC | Senior Managing Director | Past 5 years | Senior finance/management responsibilities supporting investment management operations. |
| Teachers Insurance and Annuity Association of America | Managing Director | Past 5 years | Senior finance/management responsibilities at TIAA. |
| TIAA SMA Strategies LLC | Managing Director | Past 5 years | Senior finance/management responsibilities for SMA strategies. |
| TIAA Separate Account VA‑1 and College Retirement Equities Fund | Principal Financial Officer, Principal Accounting Officer, Treasurer | Past 5 years | Principal finance, accounting and treasury oversight for VA‑1 and CREF. |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| TIAA Separate Account VA‑1 | Principal Financial Officer, Principal Accounting Officer, Treasurer | Past 5 years | Oversees financial reporting, accounting control and treasury for VA‑1. |
| College Retirement Equities Fund (CREF) | Principal Financial Officer, Principal Accounting Officer, Treasurer | Past 5 years | Oversees financial reporting, accounting control and treasury for CREF. |
| Nuveen/TIAA affiliates (Nuveen Fund Advisors; Nuveen Asset Management; Teachers Advisors; TIAA‑CREF IM; TIAA; TIAA SMA Strategies) | Senior/Managing Director roles | Past 5 years | Cross‑platform finance leadership spanning public investment finance and advisory/IM entities. |
Fixed Compensation
| Component | 2024 | 2025 | Notes |
|---|---|---|---|
| Base Salary (Fund) | Not disclosed; officers receive no compensation from the Funds | Not disclosed; officers receive no compensation from the Funds | Officer compensation is paid by the Adviser; the Funds do not compensate officers. |
| Target Bonus % (Fund) | Not disclosed | Not disclosed | No officer compensation paid by the Funds. |
| Actual Bonus Paid (Fund) | Not disclosed | Not disclosed | No officer compensation paid by the Funds. |
| Perquisites (Fund) | Not disclosed | Not disclosed | Not disclosed in NEA filings; CCO incentive comp is paid by Adviser and partially reimbursed by Funds, illustrating adviser‑paid officer comp framework. |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed in NEA filings; no fund‑level equity awards or options for officers | — | — | — | — | — |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership (Marc Cardella) | Not individually disclosed in proxy filings. |
| Officers and Board as a group – ownership in NEA | 6,808 NEA shares held by Board Members and officers as a group (less than 1% of outstanding). |
| Ownership as % of shares outstanding (group) | Less than 1% for each Fund, including NEA, as of the record date. |
| Vested vs unvested shares | Not disclosed for officers individually. |
| Options (exercisable/unexercisable) | Not disclosed for officers; no fund‑level option grants disclosed. |
| Shares pledged as collateral | Not disclosed for officers. |
| Stock ownership guidelines | Governance principle applies to Board Members (invest at least equivalent of one year of Board compensation in funds); officer ownership guidelines not disclosed. |
| Section 16 compliance | Funds state Board Members and officers complied with Section 16(a) filing requirements in the last fiscal year. |
Employment Terms
| Term | Detail |
|---|---|
| Position | Vice President and Controller (Principal Financial Officer) of NEA. |
| Employment start date (Fund officer) | Since 2024. |
| Contract term length | Indefinite; officers elected annually by the Board to serve until successors are elected and qualified. |
| Auto‑renewal clauses | Not applicable; annual election by the Board. |
| Non‑compete / Non‑solicit | Not disclosed. |
| Change‑of‑control economics | Not disclosed. |
| Severance provisions | Not disclosed. |
| Clawback provisions | Not disclosed. |
| Garden leave / post‑termination consulting | Not disclosed. |
| Compensation payer | Officers receive no compensation from the Funds; compensation is paid by the Adviser (Nuveen), with the Funds only reimbursing an allocable portion of the CCO’s incentive compensation. |
Investment Implications
- Pay‑for‑performance alignment at the Fund level is limited for officers, as NEA does not pay officer compensation; any incentive alignment resides at Nuveen/TIAA (adviser) rather than within NEA’s economics.
- Absence of fund‑level equity grants/options and small group ownership (<1%) suggests low direct insider selling pressure tied to NEA compensation or vesting schedules; monitor Section 16 filings for any trading activity.
- Tenure since 2024 and Marc’s broad finance leadership (Head of Public Investment Finance; PFO/PAO/Treasurer for VA‑1 and CREF) indicate strong execution capability in reporting and controls across the fund complex, but performance metrics (TSR/operational KPIs) are not disclosed specifically for his role.
- Governance principle for Board Members to invest one year of compensation enhances board‑level alignment; officer ownership guidelines are not disclosed, keeping individual officer “skin‑in‑the‑game” opaque.