Marc Cardella
About Marc Cardella
Marc Cardella is Vice President and Controller (Principal Financial Officer) of Nuveen Virginia Quality Municipal Income Fund (NPV), serving since 2024 and born in 1984 . He is Senior Managing Director and Head of Public Investment Finance at Nuveen, and holds senior roles across TIAA affiliates, including Senior Managing Director of Teachers Advisors, LLC and TIAA‑CREF Investment Management, LLC; Managing Director of Teachers Insurance and Annuity Association of America and TIAA SMA Strategies LLC; and Principal Financial Officer, Principal Accounting Officer, and Treasurer of TIAA Separate Account VA‑1 and the College Retirement Equities Fund . The fund’s officers serve without compensation from the Funds, and the proxy does not provide individual compensation details for Cardella (compensation is handled by the Adviser) . Performance metrics such as TSR, revenue growth, or EBITDA growth are not disclosed for fund officers in the proxy .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuveen Virginia Quality Municipal Income Fund (NPV) | Vice President and Controller (Principal Financial Officer) | Since 2024 | Fund principal financial and accounting officer oversight |
| Nuveen (Public Investment Finance) | Senior Managing Director; Head of Public Investment Finance | Current (past 5 years) | Leadership of public investment finance function |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Teachers Advisors, LLC | Senior Managing Director | Current (past 5 years) | Senior leadership across TIAA asset management operations |
| TIAA‑CREF Investment Management, LLC | Senior Managing Director | Current (past 5 years) | Senior leadership across TIAA investment management functions |
| Teachers Insurance and Annuity Association of America (TIAA) | Managing Director | Current (past 5 years) | Management responsibilities within TIAA |
| TIAA SMA Strategies LLC | Managing Director | Current (past 5 years) | Management oversight of SMA strategies |
| TIAA Separate Account VA‑1 and College Retirement Equities Fund (CREF) | Principal Financial Officer, Principal Accounting Officer & Treasurer | Current (past 5 years) | Principal financial, accounting, and treasury oversight |
Fixed Compensation
- Officers of the Funds “serve without any compensation from the Funds”; the CCO’s pay is handled by the Adviser (Nuveen), and the Funds reimburse an allocable portion of the CCO’s incentive compensation .
Equity Ownership & Alignment
| Measure | NPV Detail |
|---|---|
| Individual officer beneficial ownership | Not individually disclosed; Board Members and executive officers as a group beneficially owned less than 1% of outstanding shares of each Fund as of February 18, 2025 . |
Form 3 disclosures across Nuveen closed‑end funds (as of December 2–3, 2024) report “No securities are beneficially owned” for Cardella:
- NPCT (Core Plus Impact)
- NMAI (Multi‑Asset Income)
- BXMX (S&P 500 BuyWrite Income)
- NXJ (NJ Quality Municipal Income)
- NPFD (Variable Rate Preferred & Income)
- NAC (CA Quality Municipal Income)
- NXN (NY Select Tax‑Free Income Portfolio)
- QQQX (NASDAQ 100 Dynamic Overwrite)
- JGH (Global High Income)
Employment Terms
| Attribute | Detail |
|---|---|
| Position | Vice President and Controller (Principal Financial Officer) |
| Term | Indefinite |
| Length of Service | Since 2024 |
| Employer (compensation) | Officers serve without compensation from the Funds; compensation handled by Adviser (Nuveen) |
| Section 16 compliance | Funds report Board Members and officers complied with Section 16(a) filing requirements in last and previous fiscal years |
Investment Implications
- Alignment and ownership: No fund‑paid compensation for officers and less than 1% group beneficial ownership at NPV suggests limited direct pay‑for‑performance alignment at the fund level; Cardella’s Form 3s across multiple Nuveen funds show no beneficial holdings, indicating minimal near‑term insider selling pressure .
- Retention risk: Indefinite term and broad senior responsibilities across Nuveen/TIAA imply continuity; no severance, change‑of‑control, or bonus/vesting data are disclosed for fund officers, so retention economics are not assessable from the proxy .
- Governance and compliance: Reported compliance with Section 16(a) reduces regulatory risk signals; as an officer (not Board Member), trading or compensation‑linked signals at the fund level are inherently limited—investors should focus on fund strategy, leverage, and discount/premium dynamics overseen by the unitary independent board rather than officer compensation structures .