Nathaniel T. Jones
About Nathaniel T. Jones
Nathaniel T. Jones (born 1979) serves as Vice President and Treasurer of Nuveen Municipal Credit Income Fund (NZF) with service since 2016; he is a Senior Managing Director at Nuveen, currently Head of Public Product, and President (formerly Senior Managing Director) of Nuveen Fund Advisors, LLC; he is a Chartered Financial Analyst. The Fund’s proxy statements do not disclose officer compensation arrangements tied to performance (e.g., TSR, revenue, EBITDA), and officers receive no compensation from the Fund, so pay-for-performance metrics are not applicable at the fund level .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuveen | Senior Managing Director | Since 2021 | Senior leadership in asset management; progression from Managing Director and SVP indicates expanded responsibilities . |
| Nuveen | Managing Director | 2017–2021 | Leadership in investment oversight/operations prior to elevation to Senior Managing Director . |
| Nuveen | Senior Vice President | 2016–2017 | Senior operating role preceding promotion to Managing Director . |
| Nuveen Fund Advisors, LLC | Managing Director | Since 2015 | Senior management role at the adviser to Nuveen funds . |
| Nuveen | Senior Managing Director, Head of Public Product | By 2025 | Leads “Public Product” across Nuveen, indicating oversight of registered product strategy/platform . |
| Nuveen Fund Advisors, LLC | President (formerly Senior Managing Director) | By 2025 | Executive leadership of the adviser to the funds . |
| Nuveen Municipal Credit Income Fund (NZF) | Vice President and Treasurer | Since 2016 | Fund officer role with treasury and administration responsibilities; elected annually by Board . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| CFA Institute | Chartered Financial Analyst (credential) | Not disclosed | Professional investment credential supporting oversight responsibilities . |
Fixed Compensation
Officers receive no compensation from the Fund; compensation is not paid by NZF.
| Year | Fund-Reported Base Salary | Fund-Reported Bonus | Notes |
|---|---|---|---|
| 2022 | N/A | N/A | “Officers receive no compensation from the Funds.” . |
| 2023 | N/A | N/A | “The Funds have no employees… officers… serve without any compensation from the Funds.” . |
| 2024 | N/A | N/A | Officers elected annually; receive no compensation from the Funds . |
| 2025 | N/A | N/A | Officers receive no compensation from the Funds . |
The CCO’s compensation is paid by the Adviser and partially reimbursed by the Funds, highlighting that officer pay is determined at the adviser (Nuveen/TIAA) and not at the Fund level .
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not applicable (officers receive no compensation from NZF) | N/A | N/A | N/A | N/A | N/A . |
Equity Ownership & Alignment
| Item | 2022 | 2023 | 2024 | Notes |
|---|---|---|---|---|
| Officer individual NZF holdings | Not disclosed | Not disclosed | Not disclosed | Proxies provide group totals and board member ranges but do not disclose officer-specific NZF holdings . |
| Officers + Board Members group % ownership of each Fund | <1% | <1% | Not disclosed | “As of June 7, 2022… less than 1%.” “As of June 12, 2023… less than 1%.” . |
| Pledging/hedging | Not disclosed | Not disclosed | Not disclosed | No pledging/hedging disclosures for officers in the proxies . |
| Ownership guidelines | Board members expected to invest ≥1 year of board compensation in Nuveen funds | Same | Not stated for officers | Applies to Board Members; not to fund officers . |
| Deferred compensation | Board Members may defer fees into eligible funds | Same | Same | Deferred plan applies to Independent Board Members; not to officers . |
Employment Terms
| Item | Detail | Source |
|---|---|---|
| Position | Vice President and Treasurer | |
| Term of office | Indefinite; elected annually by Board; serve until successors are elected and qualified | |
| Length of service with NZF | Since 2016 | |
| Compensation from Fund | Officers receive no compensation from the Funds | |
| Change-in-control/severance | Not disclosed in Fund proxies for officers | |
| Employment agreement terms | Not disclosed in Fund proxies for officers |
Investment Implications
- Pay-for-performance alignment: With no fund-paid officer compensation or equity awards, there are no NZF-linked pay levers for Jones; his incentives reside at Nuveen/Nuveen Fund Advisors and are not disclosed in NZF filings, limiting direct alignment analysis at the fund level .
- Insider selling pressure: Absent fund-level stock/option grants, officer-related selling pressure from vesting/award cycles at NZF is minimal; individual officer NZF holdings are not disclosed, and group beneficial ownership was <1% in recent years, indicating limited “skin in the game” at the fund level .
- Retention risk: Role progression to Head of Public Product and President of Nuveen Fund Advisors signals increasing responsibility within Nuveen’s adviser structure, but retention drivers and severance/CIC economics are determined at the adviser and are not disclosed in NZF proxies—data gap for evaluating retention and exit risk .
- Governance/trading signals: 2023 board consolidation across the Nuveen/TIAA fund complex does not alter officer compensation at NZF; it may improve operating efficiency but offers no direct trading signal tied to Jones’s incentives or ownership .
Bottom line: NZF filings support Jones’s seniority and tenure but do not provide fund-level compensation, vesting, or ownership specifics for him. Any meaningful analysis of compensation alignment, equity incentives, and retention risk would require adviser-level disclosures (Nuveen/TIAA) or Section 16 filings specific to NZF officers, which are not present in the Fund’s proxies and 8-Ks cited here .