Marc Cardella
About Marc Cardella
Marc Cardella (born 1984) serves as Vice President and Controller (Principal Financial Officer) of Nuveen Municipal Credit Opportunities Fund (NMCO) with an indefinite term and service since 2024. His principal occupation is Senior Managing Director and Head of Public Investment Finance at Nuveen; he also holds roles across TIAA affiliates, including Senior Managing Director at Teachers Advisors, LLC and TIAA‑CREF Investment Management, LLC, and Managing Director at Teachers Insurance and Annuity Association of America and TIAA SMA Strategies LLC; additionally, he serves as Principal Financial Officer, Principal Accounting Officer, and Treasurer of TIAA Separate Account VA‑1 and the College Retirement Equities Fund (CREF) . NMCO has no employees and fund officers receive no compensation from the fund; the Board elects officers annually to serve until successors are elected and qualified .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuveen | Senior Managing Director; Head of Public Investment Finance | Not disclosed | Leads public investment finance across Nuveen’s funds complex |
| Teachers Advisors, LLC | Senior Managing Director | Not disclosed | Executive leadership for affiliated mutual fund operations |
| TIAA‑CREF Investment Management, LLC | Senior Managing Director | Not disclosed | Executive leadership for asset management operations |
| Teachers Insurance and Annuity Association of America (TIAA) | Managing Director | Not disclosed | Executive leadership for insurance and investment platforms |
| TIAA SMA Strategies LLC | Managing Director | Not disclosed | Executive leadership for separately managed account strategies |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| TIAA Separate Account VA‑1 | Principal Financial Officer, Principal Accounting Officer, Treasurer | Not disclosed | Financial stewardship and reporting oversight for variable annuity account |
| College Retirement Equities Fund (CREF) | Principal Financial Officer, Principal Accounting Officer, Treasurer | Not disclosed | Financial stewardship and reporting oversight for retirement fund complex |
Fixed Compensation
| Component | Amount | Source |
|---|---|---|
| Compensation from NMCO (Fund) | Not paid | Officers receive no compensation from the Funds |
| Employer compensation (Nuveen/TIAA affiliates) | Not disclosed | Paid by Adviser (Nuveen/TIAA affiliates); amounts not disclosed in NMCO proxy |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed for fund officers | — | — | — | — | — |
NMCO has no employees; officer incentive structures (if any) are paid by the Adviser and not disclosed in NMCO proxy materials .
Equity Ownership & Alignment
| Metric | Dec 31, 2023 | Feb 18, 2025 |
|---|---|---|
| Group beneficial ownership (Board Members/Nominees and Officers) in NMCO common shares | 0 | 0 |
| NMCO common shares outstanding | 54,801,890 | 54,801,890 |
| Group ownership % of NMCO common | 0.00% (derived from above) | 0.00% (derived from above) |
| Individual officer holdings (Cardella) | Not disclosed | Not disclosed |
| Pledging/Hedging of company stock | Not disclosed | Not disclosed |
| Section 16(a) compliance (last fiscal year) | Fund believes all Board Members, officers, Adviser and affiliates complied | Fund believes all complied |
Employment Terms
| Term | Details |
|---|---|
| NMCO role | Vice President and Controller (Principal Financial Officer) |
| Start of service in NMCO officer role | 2024 (indefinite term) |
| Officer election cadence | Officers are elected annually by the Board and serve until successors are elected and qualified |
| Fund employment status | The Funds have no employees; officers receive no compensation from the Funds |
| Contract term length, severance, change‑of‑control | Not disclosed in NMCO proxy materials |
| Non‑compete/non‑solicit/garden leave | Not disclosed in NMCO proxy materials |
| Clawbacks, tax gross‑ups | Not disclosed in NMCO proxy materials |
Investment Implications
- Pay-for-performance assessment is limited: NMCO does not compensate officers; compensation occurs at the Adviser level with no disclosure in the fund proxy, reducing visibility into Cardella’s cash/equity mix, targets, or vesting that could signal alignment or retention risk .
- Alignment via ownership appears minimal at the fund level: Board members and officers as a group reported zero NMCO common share ownership at both 12/31/2023 and 2/18/2025; no pledging or hedging is disclosed, and Section 16(a) compliance was affirmed—reducing governance red flags but offering limited “skin-in-the-game” signals at the fund entity .
- Role continuity and governance stability: Cardella’s appointment as PFO in 2024 aligns with Nuveen’s broader board/officer consolidation across the complex; officers are elected annually to serve until successors are elected, offering routine governance cadence without disclosed severance or change‑of‑control economics at the fund level .
Data gaps: No disclosure of base salary, bonus metrics, equity awards, vesting schedules, severance/change‑of‑control terms, or individual insider holdings for Cardella in NMCO filings—these items likely reside in the Adviser’s internal policies rather than fund proxy reports .