Brett Black
Vice President and Chief Compliance Officer at NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND
Executive
About Brett Black
Brett E. Black (born 1972) serves as Vice President and Chief Compliance Officer (CCO) for Nuveen Municipal High Income Opportunity Fund (NMZ); his term is indefinite and he has served since 2022. He is a Managing Director and Chief Compliance Officer of Nuveen; previously, he was Vice President (2014–2022), Chief Compliance Officer and Anti-Money Laundering Compliance Officer (2017–2022) at BMO Funds, Inc. Performance metrics such as TSR, revenue growth, or EBITDA growth linked to his compensation are not disclosed at the Fund level; officers receive no compensation from the Funds and the CCO’s compensation is paid by the Adviser with only a portion of incentive compensation reimbursed by the Funds .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuveen | Managing Director, Chief Compliance Officer | Since 2022 | Enterprise compliance leadership for Nuveen; Fund CCO role at NMZ . |
| BMO Funds, Inc. | Vice President; Chief Compliance Officer; Anti-Money Laundering Compliance Officer | 2014–2022; 2017–2022 | Led fund compliance and AML programs; prior experience informs Nuveen fund compliance oversight . |
External Roles
No external directorships or board roles are listed for Brett Black in the Fund’s filings covering the past five years; disclosures cite Nuveen and BMO roles only .
Fixed Compensation
| Component | Amount/Terms | Source/Notes |
|---|---|---|
| Base Salary | Not disclosed | Paid by Nuveen Fund Advisors (Adviser), not by the Funds . |
| Target Bonus % | Not disclosed | Not disclosed at Fund level; CCO compensation includes incentive component . |
| Actual Bonus Paid | Not disclosed | Funds reimburse the Adviser for an allocable portion of the CCO’s incentive compensation . |
| Fund-Level Officer Pay | Officers receive no compensation from the Funds | Officers are elected annually; serve without compensation from the Funds . |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed | Not disclosed | Not disclosed | Not disclosed | Incentive compensation exists but specifics are undisclosed; Funds reimburse a portion | Not disclosed . |
Equity Ownership & Alignment
| Item | Data | Evidence |
|---|---|---|
| Total beneficial ownership (NMZ shares) | 0 (as of initial Form 3) | “No securities are beneficially owned.” (Form 3 filed for Brett Black, Date of Event 06/01/2022) . |
| Ownership as % of shares outstanding | Not disclosed | Not disclosed in filings for officers; Form 3 indicates no holdings . |
| Vested vs. unvested shares | Not applicable | No NMZ securities reported . |
| Options (exercisable/unexercisable) | Not applicable | No NMZ derivative holdings reported . |
| Shares pledged as collateral | None indicated | No holdings; filings do not report pledging for officers . |
| Stock ownership guidelines | Not disclosed for officers | Board Members have an investment principle; no officer guidelines disclosed . |
| Section 16 compliance | In compliance | Fund states applicable persons complied with Section 16(a) filing requirements in last fiscal year and previous year . |
Employment Terms
| Term | Detail | Citation |
|---|---|---|
| Position | Vice President and Chief Compliance Officer | . |
| Start date marker | Date of event requiring Form 3 filing: 06/01/2022 | . |
| Term of office | Indefinite | . |
| Length of service | Since 2022 | . |
| Election/appointment | Officers are elected by the Board on an annual basis to serve until successors are elected and qualified | . |
| Employer | Compensation paid by Adviser (Nuveen Fund Advisors); officer serves Funds without compensation | . |
| Severance/change-of-control | Not disclosed at Fund level for officers | . |
| Non-compete/non-solicit/garden leave | Not disclosed | . |
| Reporting & oversight | CCO provides quarterly and annual reports to the Board; meets privately with Compliance Committee each quarter | . |
Investment Implications
- Pay-for-performance transparency is limited: the Fund discloses that the CCO’s compensation is paid by the Adviser with only a portion of incentive compensation reimbursed; no targets, metrics, or payout curves are provided, constraining analysis of compensation alignment to Fund performance .
- Insider selling pressure appears minimal: Brett Black reported zero beneficial ownership on his initial Form 3 and there is no indication of subsequent holdings, options, or pledged shares, reducing immediate trading-signal risk tied to personal stake in NMZ .
- Retention and change-of-control risk are tied to Nuveen/TIAA employment terms rather than the Fund: officers serve without Fund compensation; severance or change-of-control economics for the CCO are not disclosed at the Fund level, implying retention drivers sit within Adviser-level policies .
- Governance and execution risk in compliance is mitigated by structured oversight: the Compliance, Risk Management and Regulatory Oversight Committee receives quarterly and annual reports from the CCO and holds private sessions, indicating robust board-level engagement with compliance risk management .
- Alignment trade-off: absence of Fund equity ownership and Fund-level pay detail reduces direct “skin-in-the-game” alignment to NMZ’s market outcomes, but as a CCO the role’s performance is inherently tied to regulatory compliance and operational risk control rather than distribution yield or NAV performance .