Kevin McCarthy
About Kevin McCarthy
Kevin J. McCarthy (born 1966) serves as Vice President and Assistant Secretary of Nuveen Municipal Credit Opportunities Fund (NMCO), with an indefinite term and service since 2007. He is Executive Vice President, Secretary and General Counsel of Nuveen Investments, Inc., and holds officer roles across Nuveen/TIAA affiliates including Nuveen Securities, Nuveen Fund Advisors, Nuveen Asset Management, Teachers Advisors, and TIAA‑CREF Investment Management; he previously held Vice President and Secretary roles at NWQ Investment Management Company, Santa Barbara Asset Management, and Winslow Capital Management. The Funds have no employees and officers receive no compensation from the Funds; compensation for the Chief Compliance Officer (CCO) is paid by the Adviser (Nuveen) with partial reimbursement of incentive compensation by the Funds.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuveen Investments, Inc. | Executive Vice President, Secretary & General Counsel | Not disclosed | Legal, governance, and corporate secretary leadership across Nuveen fund complex |
| Nuveen Securities, LLC | Executive Vice President & Assistant Secretary | Not disclosed | Legal/secretarial oversight for distribution entity |
| Nuveen Fund Advisors, LLC | Executive Vice President & Assistant Secretary | Not disclosed | Governance and fund administration support |
| Nuveen Asset Management, LLC | Executive Vice President & Secretary | Not disclosed | Legal/secretarial functions for asset management affiliate |
| Teachers Advisors, LLC | Executive Vice President, General Counsel & Secretary | Not disclosed | Legal leadership within TIAA fund advisory affiliate |
| TIAA‑CREF Investment Management, LLC | Executive Vice President, General Counsel & Secretary | Not disclosed | Legal and governance functions within TIAA IM |
| NWQ Investment Management Company, LLC | Vice President (2007–2021); Secretary (2016–2021) | 2007–2021; 2016–2021 | Affiliate governance; corporate secretary responsibilities |
| Santa Barbara Asset Management, LLC | Vice President (2007–2021); Secretary (2016–2021) | 2007–2021; 2016–2021 | Affiliate governance; corporate secretary responsibilities |
| Winslow Capital Management, LLC | Vice President & Secretary | Not disclosed | Affiliate governance; corporate secretary responsibilities |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| TIAA‑CREF Funds & TIAA‑CREF Life Funds | Executive Vice President, Associate General Counsel & Assistant Secretary | Not disclosed | Legal and governance support for registered fund complexes |
| TIAA Separate Account VA‑1 and CREF | Officer (Associate General Counsel/Assistant Secretary capacities noted) | Not disclosed | Legal/secretarial support in variable annuity and pension funds |
Fixed Compensation
| Component | Amount | Period | Source |
|---|---|---|---|
| Compensation from NMCO (Fund) to Officers | $0 | Current policy | Officers serve without any compensation from the Funds |
| CCO Compensation Handling (reference policy) | Paid by Adviser; Funds reimburse allocable portion of incentive compensation | Current policy | Structure disclosed; illustrates officer pay not Fund‑linked |
Performance Compensation
- No Fund‑linked incentive plans or performance metrics are disclosed for Fund officers; officers receive no compensation from the Funds.
Equity Ownership & Alignment
| Metric | Date | Value | Notes |
|---|---|---|---|
| Common shares outstanding (NMCO) | Record date Feb 18, 2025 | 54,801,890 | Reference denominator for ownership alignment |
| Preferred shares outstanding (NMCO) | Record date Feb 18, 2025 | MFP Series A: 1,000; MFP Series B: 2,050; MFP Series C: 1,100 | For governance voting context |
| Officers & Board as a group – NMCO shares owned | Dec 31, 2024 | 0 | Group beneficial ownership in NMCO reported as zero |
| Officers & Board – % ownership in each Fund | Record date Feb 18, 2025 | <1% | Each Board Member’s individual holdings, and officers as a group, were <1% of outstanding shares for each Fund |
Pledging/hedging, ownership guidelines for officers, and individual officer holdings are not disclosed; Board Members are expected to invest at least the equivalent of one year of compensation in the Fund Complex (a governance principle for trustees, not officers).
Employment Terms
| Term Item | Disclosure | Source |
|---|---|---|
| Fund Officer Title | Vice President and Assistant Secretary | |
| Birth Year | 1966 | |
| Length of Service | Since 2007 | |
| Term | Indefinite | |
| Election/Appointment | Officers elected annually by the Board; serve until successors are elected and qualified | |
| Proxy Authority | Named proxy holder for shareholder meetings (with John M. McCann and Mark L. Winget) | |
| Contracts/Severance/Change‑of‑Control | Not disclosed for officers at the Fund level |
Investment Implications
- Compensation alignment and trading signals: As Fund officers receive no compensation from the Funds and own 0 NMCO shares as a group, traditional pay‑for‑performance and insider selling pressure signals are not applicable at the Fund level; any compensation or retention considerations would be tied to Nuveen/TIAA employment rather than NMCO economics.
- Governance stability: McCarthy’s long tenure (since 2007) and ongoing proxy authority reflect continuity in legal/secretarial oversight for NMCO; board governance in the Nuveen complex is highly structured with active committee work and robust meeting cadence, which supports operational discipline rather than executive performance incentives.
- Retention and execution risk: Given the absence of Fund‑linked compensation and undisclosed employment contract terms at the Fund level, retention risk is anchored in corporate policies at Nuveen/TIAA; no red flags (e.g., Section 16 delinquency, investigations) are disclosed, mitigating governance risk signals from filings.