Marc Cardella
About Marc Cardella
Marc Cardella (born 1984) serves as Vice President and Controller (Principal Financial Officer) of Nuveen Select Maturities Municipal Fund (NIM) since 2024, responsible for fund financial reporting and controls; 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 . Officers of the Funds receive no compensation from the Funds; compensation for the Funds’ CCO is paid by the Adviser with an allocable portion of incentive compensation reimbursed by the Funds, underscoring that officer pay is set at the Adviser level rather than the fund level . As Controller, duties include keeping accurate financial records, reporting fund financial condition to the Board, and treasury oversight per the Fund bylaws . Board members and executive officers as a group owned less than 1% of each Fund’s shares as of June 20, 2025, and the group owned 0 shares of NIM specifically, indicating limited direct fund-level equity alignment for officers; Board members are nonetheless expected to invest at least one year of compensation across the Nuveen Fund Complex .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuveen | Senior Managing Director; Head of Public Investment Finance | Not disclosed | Leads finance for public investment vehicles; principal financial oversight responsibilities |
| Nuveen Fund Advisors, LLC | Senior Managing Director | Not disclosed | Senior finance/management role supporting Nuveen-advised funds |
| Nuveen Asset Management, LLC | Senior Managing Director | Not disclosed | Senior role supporting asset management finance and governance |
| Teachers Advisors, LLC | Senior Managing Director | Not disclosed | Senior role across TIAA advisory entities |
| TIAA‑CREF Investment Management, LLC | Senior Managing Director | Not disclosed | Senior role in investment management finance |
| Teachers Insurance and Annuity Association of America | Managing Director | Not disclosed | Senior finance/management responsibilities at TIAA |
External Roles
| Organization | Role | Years |
|---|---|---|
| TIAA SMA Strategies LLC | Managing Director | Not disclosed |
| TIAA Separate Account VA‑1 | Principal Financial Officer, Principal Accounting Officer, Treasurer | Not disclosed |
| College Retirement Equities Fund (CREF) | Principal Financial Officer, Principal Accounting Officer, Treasurer | Not disclosed |
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Fund cash compensation (salary/fees) | $0 | Officers receive no compensation from the Funds . |
| Officer compensation payer | Not disclosed | Officer compensation is paid by the Adviser; the Funds reimburse an allocable portion of the CCO’s incentive compensation (illustrative of mechanism; Marc’s packages are not disclosed at fund level) . |
| Pension/retirement plan at Fund | None | The Funds do not have retirement or pension plans . |
| Deferred compensation | Not applicable to officers | Deferred plan applies to Independent Board Members, not fund officers . |
Performance Compensation
Not disclosed at the fund level. Officer performance metrics, targets, payouts, and vesting schedules are set and administered by Nuveen/TIAA and are not included in NIM’s proxy or filings .
Equity Ownership & Alignment
| Item | Value | Detail |
|---|---|---|
| NIM shares owned by Board members and officers as a group | 0 | Select Maturities column shows 0 shares owned by Board Members/Nominees and officers group . |
| Group ownership as % of NIM outstanding | <1% | As of June 20, 2025, Board Members and executive officers as a group beneficially owned less than 1% of each Fund’s shares . |
| Board member investment guideline | One year of compensation | Board governance principle expects Board Members to invest at least the equivalent of one year of compensation across the Fund Complex . |
| Section 16 compliance | In compliance per review | Funds state Board Members and officers complied with Section 16(a) filing requirements during the last fiscal year . |
Employment Terms
- Term/election: Officers are elected annually by the Board; Cardella’s length of service is “Since 2024”; terms are indefinite until successors are elected and qualified .
- Role and duties: As Controller, duties include maintaining accurate financial records, reporting to the Chair/Chief Administrative Officer/Trustees on transactions and financial condition, and performing all duties incident to Controller with other assignments by the Board or Chair .
- Compensation setting authority: “The compensation, if any, of all officers shall be fixed by the Trustees,” though the Funds’ practice is that officers receive no compensation from the Funds .
- Code of Ethics: The Funds file/post a code of ethics applicable to principal executive/financial/accounting officers or controller and follow SEC requirements for amendments/waivers disclosure .
Investment Implications
- Compensation alignment: Because fund officers receive no compensation from NIM and are paid by the Adviser (Nuveen/TIAA), their pay-for-performance alignment is indirect to NIM shareholders; fund-level incentives (e.g., TSR, distribution rates, discount management) are not tied to officer compensation in fund filings .
- Ownership/retention: Zero group ownership in NIM and <1% across funds suggests limited direct equity alignment at the fund level for officers; Board members have an expectation to invest one year of compensation across Nuveen funds, but officer ownership/pledging/hedging details are not disclosed, limiting visibility into selling pressure or alignment .
- Governance/controls: Controller role and SEC code-of-ethics framework indicate robust financial reporting and compliance oversight; Section 16 compliance is affirmed, reducing regulatory risk indicators tied to insider reporting lapses .
Overall, trading signals tied to Marc Cardella’s individual incentives or insider activity are limited from fund filings; focus on Nuveen/TIAA organizational performance and fund board actions (distribution policy, leverage, discount management) rather than officer-specific compensation levers when assessing NIM .