Brian J. Lockhart
About Brian J. Lockhart
Brian J. Lockhart serves as Vice President of Nuveen Municipal Value Fund, Inc. (NUV), with an indefinite term and fund officer service since 2019; his year of birth is 1974 and he is based at 333 West Wacker Drive, Chicago . He is Senior Managing Director and Head of Investment Oversight at Nuveen, and Senior Managing Director of Nuveen Fund Advisors, LLC; his core credentials include Chartered Financial Analyst (CFA) and Certified Financial Risk Manager (FRM) . The fund’s filings do not disclose individual compensation metrics (TSR, revenue, EBITDA) linked to his role; officers serve without compensation from the Funds and are compensated by the Adviser, limiting fund-level pay-for-performance alignment data .
Past Roles
| Organization | Role | Years | Strategic Impact / Scope |
|---|---|---|---|
| Nuveen Fund Advisors, LLC | Managing Director (promoted to Senior Managing Director in 2021) | 2017–2021; Senior Managing Director since 2021 | Senior leadership within Nuveen’s adviser; oversight responsibilities tied to investment oversight framework . |
| Nuveen (corporate) | Head of Investment Oversight | Since Sep 2017 | Leads investment oversight for Nuveen funds; governance over manager oversight processes . |
| Nuveen (corporate) | Team Leader, Manager Oversight | 2015–2017 | Led manager oversight team (predecessor to investment oversight leadership) . |
| Nuveen (corporate) | Vice President | 2010–2017 | Progression into leadership; precursor to MD/SMD roles . |
| Nuveen Municipal Value Fund, Inc. (NUV) | Vice President (Fund Officer) | Since 2019 | Officer of the Fund; serves without compensation from the Fund . |
External Roles
No external directorships or outside board roles are disclosed for Lockhart in the NUV proxy biographies, which list Nuveen positions and credentials only .
Fixed Compensation
| Component | Disclosure | Notes |
|---|---|---|
| Base Salary | Not disclosed at fund level | Fund officers serve without compensation from the Funds; compensation is paid by the Adviser (Nuveen) . |
| Cash Retainer (Fund) | Not applicable | Officers receive no compensation from the Funds . |
| Pension/SERP/Deferred Comp (Fund) | Not applicable | Deferred compensation plan applies to Independent Board Members, not officers . |
Performance Compensation
| Metric/Plan | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Fund-based annual/long-term incentive tied to TSR, revenue, EBITDA | Not disclosed | — | — | — | — |
| Equity awards (RSUs/PSUs) at Fund level | Not disclosed | — | — | — | — |
| Options (strike, term, vesting) at Fund level | Not disclosed | — | — | — | — |
| Notes | Officers are compensated by the Adviser; the Funds disclose no officer-specific incentive plans, performance metrics, or vesting schedules |
Equity Ownership & Alignment
| Item | 2024 | 2025 | Notes |
|---|---|---|---|
| NUV shares beneficially owned (All Board Members/Nominees and Officers as a Group) | Municipal Value: 0 | Municipal Value: 0 | Fund filings provide group-level counts; individual officer holdings (including Lockhart) are not itemized . |
| Pledging/Hedging | Not disclosed | Not disclosed | No pledging or hedging disclosures for officers in reviewed filings . |
| Ownership Guidelines (Officer) | Not disclosed | Not disclosed | Stock ownership guidelines discussed for Independent Board Members via deferred comp context; no officer guidelines disclosed . |
Employment Terms
- Employment agreement/offer letter: Not disclosed in NUV filings; the relevant 8-K centers on board consolidation across the Fund Complex and does not provide officer contract terms .
- Severance/change-of-control provisions: Not disclosed for officers at the Fund level .
- Non-compete/non-solicit/garden leave: Not disclosed .
Investment Implications
- Compensation alignment: Because officers, including Lockhart, are not compensated by the Fund and no fund-level incentive metrics or equity awards are disclosed, traditional pay-for-performance levers (TSR/EBITDA targets, PSU payout curves, vesting/holding requirements) are not available to assess alignment at NUV; officer pay is at the Adviser, outside the Fund’s proxy disclosures .
- Insider selling pressure: Absence of fund-based equity awards and no itemized officer share ownership in NUV reduces near-term insider selling/vesting pressure signals at the Fund level; group ownership in NUV was 0 in both 2024 and 2025 .
- Retention risk: With compensation determined by the Adviser and not disclosed in the Fund’s filings, retention risk cannot be evaluated from fund documents; monitor Item 5.02 8-Ks for any future officer-related changes, noting the Oct 13, 2023 8-K discussed board consolidation rather than officer arrangements .
- Governance context: NUV’s filings emphasize board committee structure and compensation for Independent Board Members, while explicitly stating officers serve without compensation from the Funds, which limits fund-level incentives and reduces risk of equity overhang or option repricing at the Fund level .