Albin F. Moschner
About Albin F. Moschner
Independent Director of Nuveen Multi-Asset Income Fund (NMAI). Founder & CEO of Northcroft Partners, a management consulting firm (since 2012). Prior executive roles include COO and CMO at Leap Wireless, President at Verizon Card Services, President at One Point Communications, and CEO of Zenith Electronics. Year of birth: 1952; service on Nuveen fund boards since 2016; for NMAI, currently a Class III trustee and nominee for a term expiring at the 2027 annual meeting (NMAI has no preferred shares) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Northcroft Partners, LLC | Founder & CEO | 2012–present | Governance/operations consulting |
| Leap Wireless International | COO; CMO; Consultant | 2008–2011 (COO); 2004–2008 (CMO); 2011–2012 (Consultant) | Wireless operating leadership |
| Verizon Communications (Card Services) | President | 2000–2003 | Consumer finance/operations oversight |
| One Point Communications | President, One Point Services | 1999–2000 | P&L leadership |
| Zenith Electronics | CEO; President/COO; Director | 1994–1996 (CXO roles) | Turnaround leadership in consumer electronics |
External Roles
| Organization | Role | Status/Years | Notes |
|---|---|---|---|
| USA Technologies, Inc. | Chairman (2019); Director | 2012–2019 | Public company board experience (payments) |
| Wintrust Financial Corp. | Director | 1996–2016 | Regional bank board experience |
| Kellogg School of Management | Advisory Board, emeritus | Since 2018 (emeritus; prior 1995–2018) | Academic advisory |
| Archdiocese of Chicago | Financial Council, emeritus | Since 2018 (emeritus; prior 2012–2018) | Non-profit finance/governance |
Board Governance
| Item | Detail |
|---|---|
| Independence | All nominees (including Moschner) are not “interested persons” under the 1940 Act; deemed Independent Trustees . |
| Board Class/Term (NMAI) | Class III; nominee for term expiring at 2027 annual meeting (NMAI has no preferred shares) . |
| Committee Assignments | - Compliance, Risk Management & Regulatory Oversight Committee (member) .<br>- Nominating & Governance Committee (member) .<br>- Investment Committee (member) .<br>- Closed-End Fund Committee (Chair) . |
| Financial Expert | Designated “audit committee financial expert” (with Nelson, Starr, Young) . |
| Attendance | Each Board Member attended ≥75% of Board and applicable committee meetings during the last fiscal year . |
| Meetings (NMAI – last fiscal year) | See table below. |
Meetings held (NMAI – last fiscal year)
| Type | Count |
|---|---|
| Regular Board | 5 |
| Special Board | 9 |
| Executive Committee | 5 |
| Dividend Committee | 10 |
| Compliance, Risk Mgmt & Regulatory Oversight | 5 |
| Audit Committee | 14 |
| Nominating & Governance | 5 |
| Investment | 4 |
| Closed-End Fund Committee | 4 |
Fixed Compensation
| Component | Structure/Amount |
|---|---|
| Annual Retainer (Independent Trustees) | $350,000 effective Jan 1, 2024 . |
| Committee Membership Retainers | 2024: Audit $30k; Compliance $30k; Investment $20k; Dividend $20k; Nominating & Governance $20k; Closed-End Fund $20k. 2025 increases: Audit & Compliance $35k; Investment $30k; Dividend, N&G, Closed-End $25k . |
| Committee Chair/Co-Chair Retainers | 2024: Board Chair $140k; Audit & Compliance $30k; Investment $20k; Dividend, N&G, Closed-End $20k. 2025 increases: Board Chair $150k; Audit & Compliance $35k; Investment $30k; Dividend, N&G, Closed-End $25k . |
| Ad hoc meetings | $1,000 or $2,500 per ad hoc meeting depending on length/immediacy . |
| Deferred Compensation Plan | Available for certain funds; distributions track designated Nuveen funds; no pension plans . |
Aggregate compensation paid (most recent fiscal year)
| Source | Amount |
|---|---|
| NMAI (Multi-Asset Income) – paid to Moschner | $1,723 |
| Total from Nuveen fund complex – paid to Moschner | $481,250 |
| Deferred fees reported for Moschner | No amounts reported in the “Total deferred fees” table for participating funds . |
Performance Compensation
| Element | Status |
|---|---|
| Bonus/Target Bonus | Not applicable to Independent Trustees; no bonus structure disclosed . |
| Equity Awards (RSUs/PSUs) | None for directors; compensation is cash-based retainers/fees . |
| Options/Option Repricing | None disclosed . |
| Performance Metrics (revenue, EBITDA, TSR, ESG) | None for director pay; not applicable . |
| Clawback/COC/Severance | Not applicable to Independent Trustees; not disclosed . |
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public boards | None disclosed for Moschner in the last five years . |
| Prior public boards | USA Technologies, Inc. (Director; Chairman in 2019); Wintrust Financial Corporation (Director 1996–2016) . |
| Interlocks/Conflicts | Board states all members (including Moschner) are independent of the Adviser (Nuveen Fund Advisors) and its parents (TIAA/Nuveen) . No related-party transactions for Moschner disclosed . |
Expertise & Qualifications
- Operating leadership across telecom, consumer electronics, and wireless (COO/CMO/CEO roles) .
- Audit Committee Financial Expert designation (SEC-defined) .
- Degrees: B.E. Electrical Engineering (City College of New York), M.S. Electrical Engineering (Syracuse University) .
- Governance experience as chair/director at public companies; extensive closed-end fund oversight as Chair of the Closed-End Fund Committee (discounts, leverage, buybacks oversight) .
Equity Ownership
| Holding | Shares | Dollar Range |
|---|---|---|
| NMAI (Multi-Asset Income) | 0 | $0 |
| Other Nuveen fund holdings – Floating Rate Income (JFR) | 34,519 | Over $100,000 in JFR category for Moschner in dollar-range table |
| Other Nuveen fund holdings – Real Estate Income (JRS) | 1,017 | $1–$10,000 in JRS category |
| Ownership as % of any fund | <1% for each Board Member in each fund (including NMAI) |
Additional alignment notes:
- Board principle expects each trustee to invest at least one year of compensation in funds across the Nuveen Fund Complex (not necessarily in each individual fund) .
Governance Assessment
- Committee influence and relevance: As Chair of the Closed-End Fund Committee, Moschner oversees actions on premiums/discounts, leverage, distributions, and potential repurchases—critical for NMAI, which faces an activist shareholder base (e.g., Saba Capital owned ~9.87% of NMAI as of Feb 18, 2025) .
- Independence and expertise: Independent under the 1940 Act and designated an audit committee financial expert, supporting board effectiveness in financial oversight and valuation risk .
- Engagement: The board and its committees were highly active (e.g., 14 Audit Committee meetings; 10 Dividend Committee; 9 special board meetings for NMAI), and each trustee attended at least 75% of applicable meetings, indicating meaningful engagement .
- Compensation structure: Shift in 2024–2025 from meeting-fee heavy to higher fixed retainers with committee retainers increases guaranteed compensation predictability; this can improve focus and scheduling but may reduce pay variability tied to workload; director pay remains cash-only, avoiding equity-based conflicts .
- Ownership alignment: Moschner holds no NMAI shares (0), though he holds other Nuveen fund shares (notably JFR). While the complex-level ownership guideline is met at the aggregate fund complex level (trustees expected to invest ≥1 year compensation), fund-specific “skin in the game” at NMAI is limited for Moschner .
- Compliance/Risk/Conflicts: No Section 16(a) delinquencies; no related-party transactions disclosed for Moschner; board members are independent of the adviser and its parents—supportive for investor confidence .
RED FLAGS
- No NMAI share ownership by Moschner could be perceived as weaker fund-specific alignment, despite complex-wide ownership expectations .
OPPORTUNITIES/SIGNALS
- As Closed-End Fund Committee Chair during a period of active discount scrutiny and a significant activist holder (Saba) at NMAI, Moschner’s role is central to discount management levers (buybacks/tenders, leverage strategy, distribution policy), which are material to shareholder value .