Brian J. Lockhart
About Brian J. Lockhart
Brian J. Lockhart (born 1974) serves as Vice President of Nuveen Municipal Credit Income Fund (NZF) with an indefinite term, having held officer roles in the Nuveen fund complex since 2019. He is Senior Managing Director and Head of Investment Oversight at Nuveen and Senior Managing Director at Nuveen Fund Advisors, LLC; he holds Chartered Financial Analyst (CFA) and Certified Financial Risk Manager (FRM) credentials . Fund officers receive no compensation directly from NZF (the fund has no employees), so pay-for-performance metrics such as TSR linkage, revenue or EBITDA growth targets are not disclosed at the fund level; Section 16 filings for officers were in compliance in the last fiscal year .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuveen Fund Advisors, LLC | Senior Managing Director | 2021–present | Oversees investment oversight across Nuveen funds, aligning performance/risk review with board committee governance . |
| Nuveen (parent) | Head of Investment Oversight | Sep 2017–present | Leads oversight of portfolio performance and risk; supports investment committee reporting to boards . |
| Nuveen | Managing Director | 2017–2021 | Scaled manager oversight, integrating fund complex alignment after board consolidation . |
| Nuveen | Vice President | 2010–2017 | Team Leader, Manager Oversight; established oversight processes preceding current role . |
External Roles
No external directorships or public company board roles are disclosed for Mr. Lockhart in NZF’s proxy or related filings .
Fixed Compensation
| Component | Status | Notes |
|---|---|---|
| Base Salary | Not disclosed by NZF | The fund has no employees; officers serve without compensation from the fund . |
| Target Bonus % | Not disclosed by NZF | Compensation, if any, is paid by Nuveen/TIAA, not by NZF; no fund-level bonus framework disclosed . |
| Perquisites | Not disclosed by NZF | No officer perquisites disclosed at NZF . |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not applicable at fund level | — | — | — | — | — |
- Officers are not compensated by NZF; therefore, NZF does not disclose performance-linked compensation metrics, vesting schedules, clawbacks, tax gross-ups, or deferred comp elections for officers .
Equity Ownership & Alignment
| Item | Value | Notes |
|---|---|---|
| Individual Ownership (NZF) | Not disclosed | NZF provides Board Members’ individual holdings and group totals; officer-level individual holdings are not enumerated . |
| Officers and Board as a Group (NZF) | 28,757 shares | Group beneficial ownership is less than 1% of outstanding shares for each fund . |
| Shares Outstanding (NZF Common) | 193,729,050 | Used to contextualize group ownership. |
| Group Ownership % (Calculated) | ~0.0149% | 28,757 / 193,729,050; derived from cited figures . |
| Pledging/Hedging | Not disclosed | No pledging/hedging disclosures for officers; Board Members have investment expectations, not officers . |
| Ownership Guidelines | Board Members expected to invest ≥ one year of compensation in Nuveen funds | No officer ownership guideline disclosed. |
Insider trading activity for Mr. Lockhart: third-party trackers show no reported Form 4 transactions in NZF over the past 18 months; recent NZF insider activity reflects board member purchases, not fund officers . Section 16(a) compliance was affirmed by NZF for officers/Board in the last fiscal year .
Employment Terms
| Term | Detail |
|---|---|
| Officer Title | Vice President (NZF) |
| Term Length | Indefinite; serving since 2019 in Nuveen fund complex |
| Employer of Record | Nuveen Fund Advisors, LLC / Nuveen (officer serves without fund compensation) |
| Contract/Severance | Not disclosed at NZF (fund has no employees; no officer employment contracts/severance terms at fund level) |
| Change-of-Control | Not disclosed for officers |
| Non-compete/Non-solicit/Garden Leave | Not disclosed for officers |
Performance & Track Record
- Role-based impact: As Head of Investment Oversight at Nuveen, Mr. Lockhart’s remit aligns with NZF’s board committee structure overseeing fund performance, investment risk, leverage and distributions via the Investment Committee and other committees .
- Stock performance during tenure: Not disclosed in NZF’s proxy materials; fund officers are not assessed on TSR at the fund level .
Compensation Committee Analysis (Fund Governance Context)
- Committees relevant to performance and risk oversight include Investment Committee, Audit Committee, Compliance, Risk Management and Regulatory Oversight Committee, and Closed-End Fund Committee; all are composed of Independent Board Members and guide fund performance/risk oversight. Officers (including Mr. Lockhart) support these processes but do not receive fund compensation .
Investment Implications
- Compensation alignment: No fund-level officer pay disclosed; alignment with NZF’s performance is indirect via Nuveen’s internal compensation processes, limiting direct pay-for-performance visibility at the fund .
- Selling pressure: Lack of reported Form 4 activity for Mr. Lockhart in NZF suggests minimal officer-driven trading pressure; group ownership is de minimis (<1%), reducing alignment signals from personal stakes .
- Retention risk: Employment terms are not disclosed at the fund; retention depends on Nuveen/TIAA policies. Governance stability is supported by a robust independent committee framework and confirmed Section 16 compliance .
- Trading signals: With no officer compensation or vesting cadence at NZF, and limited personal ownership, insider-driven signals are muted; focus should remain on board actions (distribution policy, leverage management) and Nuveen’s oversight processes for performance and risk .