Brett Black
About Brett Black
Brett E. Black (born 1972) serves as Vice President and Chief Compliance Officer of Nuveen New York Municipal Value Fund (NNY), with an indefinite term and fund officer service since 2022. He is Managing Director and Chief Compliance Officer of Nuveen; previously Vice President (2014–2022), Chief Compliance Officer and Anti-Money Laundering Compliance Officer (2017–2022) of BMO Funds, Inc. . Officers receive no compensation from the Funds; the Funds’ CCO compensation is paid by the adviser (Nuveen Fund Advisors, LLC), with the Funds reimbursing an allocable portion of the adviser’s cost of the CCO’s incentive compensation . The Board’s Compliance, Risk Management and Regulatory Oversight Committee receives written and oral reports from the Funds’ CCO and meets privately with the CCO quarterly .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuveen | Managing Director, Chief Compliance Officer | Since 2022 | Enterprise compliance leadership; liaison to Board Compliance Committee on fund compliance and risk oversight . |
| BMO Funds, Inc. | Vice President; Chief Compliance Officer; Anti-Money Laundering Compliance Officer | 2014–2022 (AML CO 2017–2022) | Built/ran fund compliance and AML programs; regulatory oversight and controls . |
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Base salary | Not disclosed | Officers receive no compensation from the Funds; CCO compensation paid by adviser . |
| Target bonus % | Not disclosed | Adviser-funded; Funds reimburse allocable portion of CCO incentive compensation . |
| Actual bonus paid | Not disclosed | No Fund-level amounts disclosed . |
| Perquisites | Not disclosed | No officer perquisite disclosure for NNY . |
| Pension/SERP | None at Fund level | “The Funds do not have retirement or pension plans” . |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed | — | — | — | — | — |
- The Funds describe only that the CCO’s compensation includes base and incentive paid by the adviser; specific performance metrics, weights, or vesting schedules for the CCO are not disclosed at the Fund level .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership (NNY) | Form 3 initial filing shows “No securities are beneficially owned” (filed 06/08/2022; event 06/01/2022) . |
| Ownership as % of shares outstanding | 0% (per Form 3; subsequent proxies state Board Members’ individual holdings <1% and Board Members and executive officers as a group <1% across funds) . |
| Vested vs. unvested shares | Not applicable (no holdings) . |
| Options (exercisable/unexercisable) | None disclosed for officers of the Fund . |
| Shares pledged as collateral | No pledging disclosed for officers . |
| Ownership guidelines | Governance principle applies to Board Members (invest at least one year of compensation in Nuveen funds); no officer ownership guideline disclosed . |
| Hedging/pledging policy | Not specifically disclosed for officers; oversight of risks (including hedging techniques) sits with Board committees . |
Employment Terms
| Term | Disclosure |
|---|---|
| Title | Vice President and Chief Compliance Officer . |
| Term length | Indefinite; officers elected annually by the Board . |
| Start date | Service since 2022 within the Nuveen fund complex . |
| Employment agreement | Not disclosed for Brett Black at the Fund level . |
| Severance/change-of-control | Not disclosed for officers . |
| Non-compete / non-solicit | Not disclosed for officers . |
| Garden leave / consulting | Not disclosed for officers . |
Investment Implications
- Pay-for-performance alignment at the Fund level is limited: officers receive no compensation directly from NNY, and the CCO’s compensation is determined and paid by the adviser; no Fund-disclosed performance metrics or vesting schedules apply to Brett Black’s compensation .
- Insider selling pressure appears minimal given the Form 3 showing zero beneficial ownership at appointment and proxies indicating de minimis group holdings; no pledging disclosed, limiting alignment risks tied to collateralized positions .
- Retention risk hinges on adviser-level terms rather than Fund-level contracts; the officer role is indefinite and elected annually, with continuity reinforced through structured Board compliance oversight and quarterly CCO engagement with the Compliance Committee .
- Trading signals: absence of insider equity ownership or option grants at the Fund reduces insider-driven signals; governance focus is on compliance oversight rather than incentive-linked execution metrics for fund officers .