Brett Black
About Brett Black
Brett E. Black serves as Vice President and Chief Compliance Officer (CCO) of NPCT, with an indefinite term and service since 2022; year of birth 1972. His current principal occupation is Managing Director, Chief Compliance Officer of Nuveen; previously Vice President (2014–2022), and Chief Compliance Officer and Anti-Money Laundering Compliance Officer (2017–2022) of BMO Funds, Inc. Officers receive no compensation from the Funds; CCO compensation comprises base salary and incentive compensation paid by the Adviser (Nuveen), with the Funds reimbursing an allocable portion of the Adviser’s cost of the CCO’s incentive compensation. As of February 18, 2025, executive officers and Board Members as a group beneficially owned less than 1% of the outstanding shares of each Fund; individual officer ownership detail for Black is not separately disclosed.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| BMO Funds, Inc. | Vice President | 2014–2022 | Oversaw fund compliance framework and operations. |
| BMO Funds, Inc. | Chief Compliance Officer; AML Compliance Officer | 2017–2022 | Led regulatory compliance and AML program for mutual funds. |
External Roles
No external directorships or board roles for Brett Black are disclosed in NPCT’s proxy materials.
Fixed Compensation
- Officers receive no compensation from the Funds; compensation for the CCO is paid by the Adviser (Nuveen).
- CCO compensation structure: base salary and incentive compensation; the Funds reimburse the Adviser for an allocable portion of the Adviser’s cost of the CCO’s incentive compensation. Specific amounts, target bonus %, and payouts are not disclosed in Fund materials.
Performance Compensation
No performance metric weighting (e.g., revenue/EBITDA/TSR), targets, actuals, payout formulas, or vesting schedules are disclosed for the CCO in NPCT’s proxy materials.
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Individual beneficial ownership (Brett Black) | Not separately disclosed in NPCT proxy tables. |
| Group beneficial ownership | Board Members and executive officers as a group beneficially owned less than 1% of outstanding shares of each Fund as of Feb 18, 2025. |
| Shares pledged/hedged | No pledging or hedging disclosures for officers are provided in proxy materials. |
| Stock ownership guidelines | Governance principle for Board Members (not officers) to invest at least the equivalent of one year of compensation in the Fund Complex; not applicable to officers. |
Employment Terms
| Term | Disclosure |
|---|---|
| Position | Vice President and Chief Compliance Officer. |
| Term of office | Indefinite. |
| Length of service | Since 2022. |
| Employer/Compensation payer | Adviser (Nuveen); Funds reimburse portion of CCO incentive cost. |
| Contract details (severance, change-of-control) | Not disclosed in NPCT materials. |
| Clawbacks, non-compete, non-solicit | Not disclosed in NPCT materials. |
Investment Implications
- Alignment: Fund-level officer compensation is not directly paid by NPCT; it is paid by the Adviser, which can reduce transparency into pay-for-performance alignment with Fund outcomes for investors. Group-level ownership by Board Members and executive officers is under 1%, and individual officer holdings (including Black’s) are not separately disclosed, limiting “skin-in-the-game” visibility.
- Selling pressure: With no individual Form 4 or ownership detail disclosed for Black and officers compensated by the Adviser, there is insufficient evidence of insider selling pressure tied to NPCT.
- Retention risk: Indefinite officer term and a senior compliance role signal organizational continuity; however, absence of disclosed severance or change-of-control economics prevents assessment of retention incentives under stress scenarios.
- Data gaps: Lack of disclosed base salary, bonus targets, performance metrics, vesting schedules, ownership details, and contractual protections materially constrains evaluation of compensation alignment and signal extraction. Investors should monitor future 8-K Item 5.02 events or adviser-level disclosures for updates.