Marc Cardella
About Marc Cardella
Marc Cardella (born 1984) serves as Vice President and Controller (Principal Financial Officer) of Nuveen Minnesota Quality Municipal Income Fund (NMS), with an indefinite term and service since 2024. He is Senior Managing Director and Head of Public Investment Finance at Nuveen, and a Senior Managing Director at Teachers Advisors, LLC and TIAA‑CREF Investment Management, LLC; he also serves as Principal Financial Officer, Principal Accounting Officer, and Treasurer of TIAA Separate Account VA‑1 and the College Retirement Equities Fund (CREF) . Officers receive no compensation from the Funds; the CCO’s pay is handled by the Adviser, and thus no fund-level base/bonus or equity awards are disclosed for Cardella . As of February 18, 2025, Board Members and executive officers as a group beneficially owned less than 1% of each Fund’s outstanding shares, and the Funds report Section 16(a) compliance by officers in the last two fiscal years .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Nuveen | Senior Managing Director; Head of Public Investment Finance | Past 5 years (current) | Leads financing and public investment finance, supports fund complex financial oversight |
| Teachers Advisors, LLC | Senior Managing Director | Past 5 years (current) | Senior finance leadership across TIAA-affiliated asset managers |
| TIAA‑CREF Investment Management, LLC | Senior Managing Director | Past 5 years (current) | Senior manager overseeing investment management finance |
| TIAA Separate Account VA‑1; College Retirement Equities Fund (CREF) | Principal Financial Officer, Principal Accounting Officer, and Treasurer | Past 5 years (current) | Principal financial and accounting officer responsibilities for insurance separate account and mutual fund complex |
External Roles
No external public company board or non-profit directorships for Cardella are disclosed in the DEF 14A; only TIAA/Nuveen roles are listed .
Fixed Compensation
| Item | NMS fund-paid amount | Notes |
|---|---|---|
| Officers’ cash compensation | $0 | Officers of the Funds serve without any compensation from the Funds |
| CCO compensation | Paid by Adviser; Funds reimburse allocable portion of CCO incentive compensation | Applies to CCO, not other officers |
Performance Compensation
No officer performance bonus/equity awards are disclosed at the Fund level, as officers serve without compensation from the Funds; any Nuveen/TIAA compensation is not reported in NMS filings .
Equity Ownership & Alignment
| Metric | Value | As of |
|---|---|---|
| Group beneficial ownership (Board Members and officers) of NMS shares | Less than 1% of outstanding shares | Feb 18, 2025 |
| NMS Common Shares outstanding | 5,885,857 | Record date Feb 18, 2025 |
| NMS Preferred (AMTP Series 2028) shares outstanding | 498 | Record date Feb 18, 2025 |
- Officer-specific beneficial ownership for Cardella is not individually disclosed; only group data is provided .
- No pledging/hedging policy disclosures specific to officers or any pledges by Cardella are provided in NMS proxy materials .
Employment Terms
| Item | Details |
|---|---|
| Position | Vice President and Controller (Principal Financial Officer) |
| Term of office | Indefinite |
| Length of service | Since 2024 |
| Employment start date at NMS (officer) | 2024 |
| Contract term/expiration | Not disclosed |
| Severance and change-of-control terms | Not disclosed; no officer compensation from Funds |
| Non-compete / non-solicit / garden leave | Not disclosed in NMS filings |
Investment Implications
- Compensation alignment: At the Fund level, officers receive no compensation, which eliminates direct Fund-paid cash/equity incentives; any pay-for-performance analysis must rely on Nuveen/TIAA compensation structures that are not disclosed in NMS materials .
- Insider selling pressure and ownership: No individual Form 4 activity for Cardella was found in document search; group beneficial ownership is immaterial (<1%), limiting alignment via ownership at the Fund level and reducing potential selling pressure signals . Section 16 filings were reported compliant for officers, mitigating regulatory risk concerns .
- Retention and change-of-control: Employment and severance economics, vesting schedules, clawbacks, and ownership guidelines are not disclosed at the Fund level; retention risk and golden parachute exposure cannot be evaluated from NMS documents .
- Execution risk: Cardella’s credentials as Head of Public Investment Finance and PFO/PAO/Treasurer across TIAA vehicles indicate deep operational finance experience and cross-complex oversight, but specific performance metrics (e.g., TSR or investment outcomes during his tenure) are not provided in the proxy, limiting direct attribution of value creation to his role .