Brett E. Black
About Brett E. Black
Brett E. Black serves as Vice President and Chief Compliance Officer (CCO) of the Nuveen Multi-Asset Income Fund (NMAI). He was born in 1972 and has served in this officer role since 2022, with his principal occupation as Managing Director and Chief Compliance Officer at Nuveen; previously he was Vice President, CCO, and AML Compliance Officer at BMO Funds, Inc. from 2017–2022, and Deputy CCO from 2014–2017 . Officers receive no compensation from the Funds; the CCO’s compensation (base and incentive) is paid by the Adviser, with the Funds reimbursing the Adviser for an allocable portion of the CCO’s incentive compensation . Fund-level TSR or operating performance metrics tied to Brett’s pay are not disclosed in Fund proxy materials.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuveen | Managing Director; Chief Compliance Officer | 2022–Present | Serves as Fund CCO; provides quarterly reports to the Board’s Compliance Committee and an annual report on compliance programs . |
| BMO Funds, Inc. | Vice President; Chief Compliance Officer; AML Compliance Officer | 2017–2022 | Led fund compliance function; AML oversight within mutual fund complex . |
| BMO Funds, Inc. | Deputy Chief Compliance Officer | 2014–2017 | Supported compliance framework and controls . |
External Roles
No external directorships or committee roles for Brett E. Black are disclosed in NMAI proxy filings .
Fixed Compensation
- Officers receive no compensation from the Funds; Brett’s CCO compensation (base salary and incentive) is paid by the Adviser (Nuveen), and the Funds reimburse the Adviser for an allocable portion of the CCO’s incentive compensation .
- No Fund-level disclosure of Brett’s base salary, target bonus, actual bonus, or any perquisites; these are not provided in the proxy .
Performance Compensation
- Specific performance metrics, weightings, targets, or payouts tied to Brett’s incentive compensation are not disclosed at the Fund level. The proxy only notes the existence of an incentive component for the CCO paid by the Adviser and partially reimbursed by the Funds .
Equity Ownership & Alignment
| Date | Security | Shares Owned | Ownership Form | Notes |
|---|---|---|---|---|
| 06/01/2022 (event date) | NMAI Common Shares | 0 | N/A | Initial Form 3 filing states “No securities are beneficially owned.” Title: Chief Compliance Officer . |
- Officers and Board Members as a group beneficially owned less than 1% of the outstanding shares of each Fund as of February 18, 2025; individual officer breakdowns are not provided .
Employment Terms
| Item | Disclosure |
|---|---|
| Officer Role | Vice President and Chief Compliance Officer . |
| Start Date / Tenure | Since 2022 . |
| Term / Election | Term: Indefinite; officers are elected by the Board on an annual basis to serve until successors are elected and qualified . |
| Employer / Compensation Payor | Employed by Nuveen; CCO compensation paid by the Adviser; Funds reimburse the Adviser for a portion of incentive comp . |
| Contract Terms / Severance / Change-of-Control | Not disclosed in Fund proxy; no severance or change-of-control terms for officers are provided . |
| Clawback / Non-compete / Pledging Policy | Not disclosed in Fund proxy . |
Investment Implications
- Compensation alignment: At the Fund level, pay-for-performance linkage is limited by design—officer compensation is paid by the Adviser and not disclosed in Fund materials; there are no Fund-level equity awards or disclosed performance targets for Brett, reducing classic pay-for-performance signaling for investors .
- Insider selling pressure: Brett reported no beneficial ownership on his initial Form 3, implying minimal selling pressure risk from his personal holdings in NMAI .
- Ownership alignment: With officers and Board Members as a group owning <1% of outstanding shares, insider equity alignment is modest at the Fund level; Board investment expectations apply to Board Members, not officers .
- Retention and execution risk: Officers hold indefinite terms and are elected annually; the Board’s Compliance Committee structure indicates regular, formal oversight, with the CCO providing quarterly updates and an annual report—supporting governance robustness but with limited disclosure on individual employment protections or incentives .
Governance Context: The Compliance, Risk Management and Regulatory Oversight Committee meets quarterly, receives written and oral reports from the CCO, and the CCO meets privately with the Committee at each quarterly meeting—providing a structured channel for compliance risk oversight that is relevant to execution quality under Brett’s remit .