8-K: Credit Suisse Asset Management Income Fund Changes Auditors and Investment Manager Following Merger

Credit Suisse Asset Management Income Fund has dismissed PricewaterhouseCoopers as its auditor and appointed UBS Asset Management (Americas) as its new investment manager following a merger.

Summary

• Credit Suisse Asset Management Income Fund dismissed PricewaterhouseCoopers (PwC) as its independent auditor on April 23, 2024, effective after April 30, 2024, due to PwC no longer being considered independent.
• The dismissal was recommended by the Audit Committee of the Board of Directors.
• PwC's reports on the fund's financial statements for the fiscal years ending December 31, 2023 and 2022 did not contain any adverse opinions, disclaimers, or qualifications.
• There were no disagreements between the Fund and PwC regarding accounting principles, financial disclosures, or auditing procedures.
• Credit Suisse Asset Management, LLC merged into UBS Asset Management (Americas) LLC on May 1, 2024, with UBS AM (Americas) becoming the new investment manager for the Fund.
• PwC has confirmed that they agree with the statements made by the Fund regarding their dismissal.

Sentiment

Score: 6

Explanation: The document reports significant changes, but there is no indication of negative financial impact. The loss of auditor independence is a slight concern, but the transition appears to be well-managed.

Positives

• The transition to a new investment manager appears to be smooth, with no indication of any issues.
• PwC's audit reports for the past two fiscal years were clean, with no adverse opinions or qualifications.
• There were no disagreements between the Fund and PwC on any accounting or auditing matters.

Negatives

• The dismissal of PwC as the auditor may raise questions about the reasons for their loss of independence, although no specific issues were cited.

Risks

• The change in investment manager could potentially lead to changes in investment strategy or performance.
• The loss of auditor independence could be a concern for investors, although the document states there were no disagreements or issues.

Future Outlook

The document does not provide specific forward-looking statements or guidance.

Management Comments

• The Board of Directors approved the dismissal of PwC based on the recommendation of the Audit Committee.
• The Fund has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Industry Context

The merger of Credit Suisse Asset Management into UBS Asset Management is part of a broader trend of consolidation in the financial services industry. This change impacts the investment management of the fund.

Comparison to Industry Standards

• The change of auditor is not uncommon, but the reason for the change, loss of independence, is unusual and may raise concerns.
• Mergers and acquisitions in the asset management industry are common, and the transition of investment management to UBS AM (Americas) is consistent with industry trends.

Stakeholder Impact

• Shareholders may be impacted by the change in investment manager, which could lead to changes in investment strategy and performance.
• The change in auditor may raise questions among stakeholders, although no specific issues were cited.

Key Dates

Keywords

auditor, investment manager, PricewaterhouseCoopers, UBS Asset Management, merger, accounting, financial statements, Credit Suisse Asset Management Income Fund