Nathaniel T. Jones
About Nathaniel T. Jones
Vice President and Treasurer of Nuveen AMT‑Free Municipal Value Fund (NUW), serving since 2016. Born 1979, based in Chicago. He is Senior Managing Director and Head of Public Product at Nuveen; President (formerly Senior Managing Director) of Nuveen Fund Advisors, LLC; and a Chartered Financial Analyst. Officers receive no compensation from the Funds (they are compensated by the Adviser), and fund filings do not disclose executive‑specific performance metrics or compensation targets.
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Nuveen | Senior Managing Director, Head of Public Product | 2021–present | Oversees public product platform; senior leadership of Nuveen’s fund complex |
| Nuveen Fund Advisors, LLC | President (formerly Senior Managing Director) | Most recent per filing | Leadership of the adviser to the Nuveen closed‑end fund complex |
| Nuveen (corporate) | Managing Director; Senior Vice President | 2016–2021 | Progressive senior operating roles supporting fund complex administration and product oversight |
External Roles
- None disclosed in NUW fund filings for Mr. Jones.
Fixed Compensation
Officers serve without compensation from the Funds; compensation is paid by the Adviser (Nuveen). The proxy does not disclose Mr. Jones’ base salary, bonus targets, or other cash compensation.
| Item | Amount / Terms |
|---|---|
| Base salary | Not disclosed in fund filings; officers receive no compensation from the Funds |
| Target bonus % | Not disclosed |
| Actual bonus | Not disclosed |
| Perquisites | Not disclosed |
Performance Compensation
No performance-based compensation design (metrics, weightings, payout curves, vesting) is disclosed at the Fund level for officers; compensation is paid by the Adviser and not reported in NUW’s proxy.
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed | — | — | — | — | — |
| Note: Fund officers receive no compensation from the Funds; any incentive plans would be at Nuveen/TIAA and are not disclosed in NUW filings. |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership in NUW (individual) | Not disclosed for Mr. Jones in the proxy tables (Board Members’ holdings are disclosed; officers’ individual holdings are not) |
| Officers and Board as a group | Beneficially owned less than 1% of outstanding shares of each Fund as of June 20, 2025 |
| Ownership guidelines / pledging | Not disclosed in NUW filings for officers |
| Section 16 compliance | Fund states officers and Board complied with Section 16(a) filing requirements during the last fiscal year |
Insider trading activity by Mr. Jones in 2025 across Nuveen closed‑end funds (illustrative of alignment and potential selling pressure; no NUW trades identified in 2025 filings):
| Date | Fund | Ticker | Transaction | Shares | Price | Shares after |
|---|---|---|---|---|---|---|
| 2025‑05‑05 | Nuveen Municipal Credit Opportunities Fund | NMCO | Purchase | 1,000 | $10.1965 | 1,000 |
| 2025‑05‑05 | Nuveen Mortgage & Income Fund | JLS | Purchase | 800 | $18.1852 | 1,228 |
| 2025‑09‑10 | Nuveen AMT‑Free Quality Municipal Income Fund | NEA | Sale | 400 | $11.35 | 0 |
Observations: 2025 activity shows small, routine transactions; the single disclosed sale zeroed out a minor NEA position (de minimis selling pressure). No NUW‑specific insider trades in 2025 were identified in SEC Form 4 records reviewed.
Employment Terms
| Term | Disclosure |
|---|---|
| Officer titles | Vice President and Treasurer (NUW) |
| Term of office | Indefinite; elected annually by the Board |
| Length of service | Officer since 2016 |
| Employment agreement | Not disclosed in fund filings |
| Severance / change‑of‑control | Not disclosed at the Fund level |
| Non‑compete / non‑solicit | Not disclosed |
Investment Implications
- Pay-for-performance assessment is not possible from NUW filings: officers are paid by the Adviser, and the proxy discloses no executive‑specific cash or equity compensation, metrics, or vesting; fund officers receive no compensation from the Funds. This materially limits visibility into compensation alignment and change‑in‑control economics at the Fund level.
- Alignment via ownership appears modest: Board and officers as a group own <1% of each Fund; Mr. Jones’ 2025 insider activity across other Nuveen funds shows small purchases and a small sale (de minimis pressure). No NUW trades identified for 2025, and no pledging disclosures for officers.
- Retention risk appears low at the Fund level: role tenure since 2016; officer terms are indefinite and renewed annually by the Board; no departure‑related 8‑Ks were identified referencing Mr. Jones.
- Governance/process signals are positive: NUW reports timely Section 16(a) compliance for officers and Board in the last fiscal year.
Bottom line: For NUW, the Treasurer role is administrative rather than a direct performance driver; with no fund‑level executive compensation disclosure and minimal identifiable personal ownership signals, portfolio‑level drivers (portfolio management, leverage policy, discounts) matter more to investors than executive incentive design for this officer.