Robert L. Young
About Robert L. Young
Independent Chair and Board Member of the Nuveen Funds, born 1963, with 30+ years in investment management, including senior leadership at J.P. Morgan Investment Management and Deloitte. He joined the Nuveen Funds’ Board in 2017 and is currently nominated to serve as a Class I Board Member through the 2028 annual meeting; he is designated an “Independent Board Member” under the Investment Company Act and serves as the independent Chair of the Board .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| J.P. Morgan Investment Management Inc. | Chief Operating Officer and Director | 2010–2016 | Led service, administration and platform support for retail/institutional fund businesses; co-led global activities . |
| J.P. Morgan Funds | President and Principal Executive Officer | 2013–2016 | Direct involvement with fund boards, agendas, regulatory matters, policies and procedures . |
| J.P. Morgan Funds | SVP & Chief Operating Officer | 2005–2010 | Oversight of operations for J.P. Morgan Funds . |
| JPMorgan Investment affiliates | Various officer positions | 1999–2017 | Multiple senior roles across affiliates . |
| Deloitte & Touche LLP (formerly Touche Ross LLP) | Senior Manager (Audit) | 1985–1996 | Created and led firm’s midwestern mutual fund practice; former CPA . |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| University of Dayton | Member, Investment Committee of the Board of Trustees | 2008–2011 | Investment oversight/committee service . |
| Public company directorships (past 5 years) | None | — | “Other Directorships … None” as disclosed . |
Board Governance
| Item | Detail |
|---|---|
| Independence | Not an “interested person” of the Funds or the Adviser (Nuveen/TIAA); elected Independent Chair of the Board . |
| Chair role | Coordinates agendas, presides over Board/shareholder meetings, liaison with trustees, officers, management, and independent counsel . |
| Committees (roles) | Executive Committee (Chair) ; Nominating & Governance Committee (Chair) ; Audit Committee (Member; designated “audit committee financial expert”) ; Investment Committee (Member) ; Closed-End Fund Committee (Member) . |
| Attendance | Each Board Member (including Young) attended ≥75% of Board and relevant committee meetings in the last fiscal year . |
| NMAI meeting cadence (FY last year) | Regular Board: 5; Special Board: 9; Executive Committee: 5; Dividend Committee: 10; Compliance/Risk: 5; Audit: 14; Nominating & Governance: 5; Investment: 4; Closed-End Fund: 4 . |
Fixed Compensation
| Component | Amount | Effective Date / Period | Notes |
|---|---|---|---|
| Annual retainer (Independent Board Members) | $350,000 | Effective Jan 1, 2024 | Applies to independent board members across funds . |
| Committee membership retainers | Audit: $30,000 (→$35,000 in 2025); Compliance/Risk: $30,000 (→$35,000 in 2025); Investment: $20,000 (→$30,000 in 2025); Dividend, Nominating & Governance, Closed-End: $20,000 (→$25,000 in 2025) | 2024; increases Jan 1, 2025 | Per-committee annual retainers . |
| Chair/Co-Chair fees | Board Chair: $140,000 (→$150,000 in 2025); Audit & Compliance Chairs: $30,000 (→$35,000 in 2025); Investment Chair: $20,000 (→$30,000 in 2025); Dividend, Nominating & Governance, Closed-End Chairs: $20,000 (→$25,000 in 2025) | 2024; increases Jan 1, 2025 | Young is Board Chair and Nominating & Governance Chair . |
| Ad hoc meeting fees | $1,000 or $2,500 per meeting | 2024 | Based on length/immediacy . |
| Special assignment committees | Chair quarterly fee starting at $1,250; Members starting at $5,000 | 2024 | As appointed . |
| Deferred Compensation Plan | Available to defer director fees into fund-equivalent accounts; lump sum or 2–20 year payouts | Ongoing | No pension; Funds have no employees . |
| Paid Compensation (Last Fiscal Year) | Amount |
|---|---|
| NMAI (Nuveen Multi-Asset Income Fund) – Aggregate compensation paid to Young | $1,796 . |
| Total compensation from funds in the Nuveen Fund Complex paid to Young | $502,381 . |
| Deferred fees recorded to Young’s deferral accounts (selected) – NMAI | $1,170 (book reserve, fund-equivalent basis) . |
2023 structure (for context) shifted from per-meeting fees to higher fixed retainers starting Jan 1, 2024, increasing guaranteed cash and reducing variable meeting-based pay .
Performance Compensation
No performance-based compensation, equity awards, or option awards are disclosed for directors; compensation consists of retainers, chair fees, committee retainers, and meeting/special assignment fees, with optional deferral into fund-equivalent accounts .
Other Directorships & Interlocks
| Category | Details |
|---|---|
| Current public company boards | None disclosed in past five years . |
| Other boards (non-profit/academic) | University of Dayton investment committee (2008–2011) . |
| Interlocks/related holdings | Table of board members holding securities in entities under common control lists others, not Young . |
Expertise & Qualifications
- Former CPA; designated “audit committee financial expert” by the Board, supporting rigorous financial oversight .
- Senior operating and governance experience running large mutual fund platforms (COO/Director at J.P. Morgan Investment; President/PEO of J.P. Morgan Funds) with deep board-facing, regulatory, and policy work .
- Audit background at Deloitte; established midwestern mutual fund practice; BBA in Accounting (University of Dayton) .
Equity Ownership
| Metric | NMAI | Complex-Wide |
|---|---|---|
| Shares beneficially owned (12/31/2024) | 0 shares . | Aggregate dollar range “Over $100,000” in all registered investment companies overseen . |
| Dollar range in fund | $0 (NMAI) . | — |
| Ownership as % of shares outstanding | <1% for each Board Member in each Fund as of 2/18/2025 . | — |
| Ownership guidelines | Board principle: each Board Member is expected to invest at least one year of compensation in the funds in the Fund Complex (directly or on a deferred basis) . | |
| Deferred compensation | Deferral accounts track as if invested in eligible Nuveen funds; Young deferred amounts include $1,170 to NMAI-equivalent account (book value) . |
Governance Assessment
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Strengths
- Independent Chair with deep mutual fund operating experience; also chairs Nominating & Governance and sits on Audit (as financial expert), Investment, Closed-End, and Executive (as Chair), indicating high engagement in oversight of strategy, valuation, audit, and discount management across closed-end funds .
- Attendance threshold met (≥75% of Board/committee meetings); NMAI hosted frequent meetings in the last fiscal year, including 14 Audit and 10 Dividend Committee meetings, underscoring active oversight cadence .
- Directors are independent of the Adviser and its parent (TIAA/Nuveen), reducing structural conflicts under the 1940 Act .
-
Watch items / potential red flags
- Zero direct share ownership in NMAI as of 12/31/2024 may be perceived as weaker fund-specific alignment, though aggregate family holdings exceed $100,000 and deferred compensation may be invested across eligible funds; compliance with the “one year of compensation” guideline cannot be verified from disclosed ranges .
- Compensation structure moved from meeting-driven fees (2023) to higher fixed retainers starting 2024, raising guaranteed pay; this can reduce pay variability tied to workload, though still includes committee and chair differentials and ad hoc fees .
-
Conflicts/related-party exposure
- No related-party transactions or external interlocks disclosed for Young; Section 16(a) filing compliance confirmed for Board Members and officers for the last fiscal year .
Appendix: Committee Memberships (Young)
| Committee | Role | Notes |
|---|---|---|
| Executive Committee | Chair | Exercises Board powers between regular meetings . |
| Nominating & Governance | Chair | Oversees board composition, performance, education, and compensation recommendations . |
| Audit Committee | Member; Audit Committee Financial Expert | Oversees financial reporting, independent auditor, valuation policy; meets independence and experience requirements . |
| Investment Committee | Member | Oversees fund performance, risk, leverage, and hedging considerations . |
| Closed-End Fund Committee | Member | Focus on market discounts/premiums, leverage use, potential share repurchases, and discount-mitigation strategies . |
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