Thomas J. Kenny
About Thomas J. Kenny
Independent director of Nuveen Multi-Asset Income Fund (NMAI); joined the Nuveen closed‑end fund Boards in 2024 and is a Class I nominee with a term expiring at the 2028 annual meeting. Former Co‑Head of Goldman Sachs Asset Management’s Global Cash & Fixed Income Portfolio Management team; holds a B.A. (UC Santa Barbara), M.S. (Golden Gate University), and is a Chartered Financial Analyst. Year of birth: 1963. Service across the broader Nuveen fund complex is noted since 2011, with current biography specifying Board entry in 2024 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Goldman Sachs Asset Management | Co‑Head, Global Cash & Fixed Income PM Team | 2002–2010 | Led fixed income/cash portfolio management globally |
| Goldman Sachs Asset Management | Partner | 2004–2010 | Senior leadership in asset management |
| Goldman Sachs Asset Management | Managing Director | 1999–2004 | Senior management responsibilities |
| Goldman Sachs Asset Management | Advisory Director | 2010–2011 | Senior advisory capacity |
| College Retirement Equities Fund (TIAA) | Trustee; Chairman | Trustee 2011–2023; Chairman 2017–2023 | Oversight of retirement fund governance |
| TIAA Separate Account VA‑1 | Management Committee; Chairman | Member 2011–2023; Chairman 2017–2023 | Oversight of variable annuity investment governance |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Aflac Incorporated | Director; Chair, Finance & Investment Committee | Director since 2015; Chair since 2018 | Leads finance/investment oversight at Aflac (public company) |
| ParentSquare | Director | 2021–2022 | Board role at ed‑tech platform (private) |
| Sansum Clinic | Director; Finance Committee Chair | Director 2021–2022; Chair 2016–2022 | Financial stewardship for health system (non‑profit) |
| B’Box | Advisory Board Member | 2017–2019 | Strategic advisory (private) |
| UC Santa Barbara Arts & Lectures Advisory Council | Member | 2011–2020 | Advisory council member (non‑profit/academic) |
| Cottage Health System | Investment Committee Member | 2012–2020 | Oversight of investment policies (non‑profit) |
| Crane Country Day School | Board Member; President | Board 2009–2019; President 2014–2018 | Governance leadership (non‑profit) |
Board Governance
- Independence: Listed among Board Members/Nominees who are not “interested persons” of the Funds; committees such as Audit and Nominating/Governance are composed entirely of Independent Board Members under NYSE/NASDAQ standards .
- Committee assignments (member unless noted): Executive (Chair: Young), Dividend (Chair: Thornton), Compliance, Risk Management & Regulatory Oversight (Chair: Wolff), Investment (Co‑Chairs: Boateng & Lancellotta), Closed‑End Fund (Chair: Moschner), Nominating & Governance (Chair: Young) .
- Audit Committee: Not listed as a member; Audit Committee chaired by Nelson and comprised of Independent Board Members with financial experts designated (Moschner, Nelson, Starr, Young) .
- Attendance: Each Board Member (including Kenny) attended at least 75% of Board and committee meetings during the last fiscal year; committee meeting counts appear in Appendix C .
- Election class and term: Class I nominee across specified funds, with term expiring at the 2028 annual meeting .
Fixed Compensation
- Structure: Independent Board Members are compensated by each Fund; officers serve without compensation from the Funds; CCO compensation is paid by the Adviser and partially reimbursed by Funds .
| Metric | Last Fiscal Year |
|---|---|
| NMAI (Multi‑Asset Income) — Aggregate Compensation to Kenny (USD) | $1,517 |
| Total compensation from funds in the Nuveen fund complex — Kenny (USD) | $610,000 |
Performance Compensation
- No stock option or RSU grants disclosed for independent directors; proxy presents aggregate fund‑level compensation by director and does not provide performance‑metric‑based pay elements for directors .
| Performance Metric Category | Disclosure (Director) | Notes |
|---|---|---|
| Bonus tied to financial/ESG metrics | Not disclosed | Proxy provides aggregate compensation by fund; no director bonus metrics enumerated |
| Stock awards (RSUs/PSUs) | Not disclosed | No director stock/option award tables provided |
| Options (strike/vesting) | Not disclosed | No director options disclosed |
Other Directorships & Interlocks
| Company | Type | Role | Committee/Function | Potential Interlock Notes |
|---|---|---|---|---|
| Aflac Incorporated | Public | Director; Chair, Finance & Investment Committee | Finance/Investment oversight | Financial services exposure; monitoring for any Nuveen fund transactions with Aflac recommended |
| ParentSquare | Private | Director | Board oversight | Former role (2011–2022 per proxy table) |
| Sansum Clinic | Non‑profit | Director; Finance Committee Chair | Financial oversight | Health system governance; not a commercial counterparty to Funds |
Expertise & Qualifications
- Fixed income and cash management leader with deep portfolio management experience; former Co‑Head GSAM Global Cash & Fixed Income PM team .
- Academic credentials: B.A. UC Santa Barbara; M.S. Golden Gate University; CFA charterholder .
- Extensive governance across investment vehicles (TIAA CREF/VA‑1) and public company finance oversight (Aflac) .
Equity Ownership
- Deferred Compensation Plan: Table notes include share equivalents for certain Nuveen funds under the Board’s Deferred Compensation Plan; Kenny reported 0 share equivalents across the funds listed in the table excerpt .
- Holdings in companies advised by affiliates (advised by entities under common control with Nuveen’s Adviser):
| Company | Ownership Vehicle | Title of Class | Value of Securities (USD) | Percent of Class |
|---|---|---|---|---|
| Global Timber Resources LLC | Thomas Joseph Kenny 2021 Trust | None | $39,673 | 0.01% |
| Global Timber Resources Investor Fund, LP | KSHFO, LLC | None | $598,506 | 6.01% |
| Global Agriculture II Investor Fund LP | KSHFO, LLC | None | $765,198 | 0.05% |
| Global Agriculture II AIV (US) LLC | KSHFO, LLC | None | $707,487 | 0.17% |
- Additional note: Kenny owns 6.60% of KSHFO, LLC (the vehicle holding several affiliate‑advised investments) .
- Advisory relationships: The Adviser to these companies is indirectly commonly controlled by Nuveen’s Adviser, indicating potential related‑party exposure; percentages reflect amounts committed rather than current ownership percentages .
Governance Assessment
- Strengths: Independent status and high committee engagement across Executive, Investment, Compliance, Dividend, Closed‑End, and Nominating/Governance; attendance threshold met (≥75%) .
- Expertise: Significant fixed income portfolio leadership and CFA credential; governance experience at TIAA investment vehicles and Aflac’s finance oversight enhances board effectiveness in risk and performance monitoring .
- Oversight breadth: Investment and Compliance committee roles bolster coverage of performance and enterprise risk; participation in Closed‑End Fund Committee addresses discount/leverage dynamics and market actions (buybacks, leverage strategies) .
- Gap: Not on the Audit Committee; while Audit maintains strong independence and financial expertise, Kenny’s absence may modestly limit direct influence over valuation and financial reporting oversight .
- Ownership alignment: No share equivalents noted in the deferred plan table excerpt; minimal fund share alignment reported therein, though this table is limited to listed funds and may not capture all ownership forms .
- RED FLAG — Related‑party exposure: Material interests via KSHFO, LLC and trust in companies advised by entities under common control with the Funds’ Adviser; warrants monitoring for potential conflicts, recusal practices, and board procedures around affiliated transactions .
Overall, Kenny brings deep fixed‑income and governance expertise with broad committee participation and acceptable attendance. The principal governance risk is his affiliated investment interests via KSHFO and related vehicles, necessitating robust conflict management and transparency to protect shareholder confidence .