DEF: Credit Suisse Income Fund Sets 2026 Director Election
Sentiment:
Proxy Statement
Credit Suisse Asset Management Income Fund, Inc. announces its Annual Meeting of Shareholders on April 21, 2026, primarily for the election of two Non-Interested Directors.
Summary
- The Annual Meeting of Shareholders for Credit Suisse Asset Management Income Fund, Inc. (NYSE American: CIK) is scheduled for April 21, 2026, at 2:00 p.m. Eastern Time.
- The primary agenda for the meeting is the election of two (2) Non-Interested Directors of the Fund.
- The Board of Directors unanimously recommends a vote FOR the proposal to elect the nominated directors.
- The record date for determining shareholders entitled to notice and to vote at the Meeting was March 12, 2026.
- Proxy materials were first mailed to shareholders on or about March 19, 2026.
- The Fund's Annual Report containing audited financial statements for the fiscal year ended December 31, 2025, has been previously furnished to all shareholders.
- As of the record date, March 12, 2026, there were 54,859,559 Shares outstanding.
- First Trust Portfolios L.P., along with First Trust Advisors L.P. and the Charger Corporation, beneficially owned 11,970,774 Shares, representing 21.83% of the common stock, as of February 28, 2026.
- Total remuneration paid by the Fund to all Non-Interested Trustees during the fiscal year ended December 31, 2025, was $228,844.
- Ernst & Young LLP (EY) was approved by the Audit Committee as the independent registered public accounting firm for the fiscal year ending December 31, 2026, with audit fees of $51,300 for both 2024 and 2025.
Sentiment
Score: 6
Explanation: StockSavvy.ai views this as a neutral-to-slightly positive filing, reflecting routine corporate governance and a stable board structure, without significant new financial or strategic disclosures.
Positives
- The Board of Directors unanimously recommends voting FOR the election of the nominated Non-Interested Directors, indicating board cohesion and a clear path for governance continuity.
- The Board's leadership structure, with a Non-Interested Director as Chair and the engagement of independent legal counsel, is deemed appropriate for exercising informed and independent judgment.
- All Directors demonstrated active engagement by attending at least 75% of the aggregate number of Board and committee meetings during their respective tenures.
- The Audit Committee has confirmed the independence of Ernst & Young LLP (EY) and discussed all required matters, ensuring robust financial oversight and adherence to regulatory standards.
- The Fund's Audit Committee and Nominating Committee are composed entirely of independent directors (excluding the Interested Director), enhancing governance independence.
Risks
- The Fund is subject to a number of risks, including investment, compliance, operational, and valuation risks.
- The Board recognizes that it is not possible to identify all potential risks that may affect the Fund or to develop processes and controls that can entirely eliminate or mitigate their occurrence or effects.
Future Outlook
The filing primarily focuses on past performance (FY2025 financial statements mentioned) and future corporate governance (2026 director elections). No specific forward-looking financial guidance or strategic outlook is provided beyond the election of directors and the continuation of the Fund's operations under the existing management structure.
Management Comments
- The Board of Directors of the Fund has determined that it is in the best interest of shareholders and the Fund to vote FOR the proposal.
- The Board believes that each Director's and nominee's experience, qualifications, attributes or skills on an individual basis and in combination with those of the other Directors lead to the conclusion that each Director and nominee should serve as a Director.
Industry Context
StockSavvy.ai notes that this DEF 14A filing is a standard corporate governance disclosure for a closed-end fund, focusing on the routine election of directors. The transition of Credit Suisse funds to UBS Asset Management (Americas) is implicitly reflected in the management and director affiliations, aligning with the broader industry consolidation following UBS's acquisition of Credit Suisse. The emphasis on Non-Interested Directors and robust audit committee oversight is consistent with best practices in the investment fund industry to ensure independent governance.
Comparison to Industry Standards
- The Fund's board structure, with six members, five of whom are Non-Interested Directors, aligns with or exceeds typical independent director requirements for investment companies, such as those mandated by the Investment Company Act of 1940.
- The annual retainer of $70,560 for Non-Interested Directors, with additional fees for committee chairs, is within the competitive range for closed-end fund boards of similar size and complexity, comparable to director compensation at funds managed by BlackRock or PIMCO.
- The Audit Committee's pre-approval of all audit and permissible non-audit services, and the zero fees for non-audit services from EY, demonstrates a strong commitment to auditor independence, a standard often highlighted by regulatory bodies like the PCAOB.
- The beneficial ownership of 21.83% by First Trust Portfolios L.P. indicates a significant institutional holder, which is common in closed-end funds and can influence governance matters, similar to large institutional stakes seen in funds like those managed by Nuveen or Eaton Vance.
Management Changes
| Role | Previous Person | New Person | Effective Date | Reason |
|---|---|---|---|---|
| Chief Executive Officer and President | John G. Popp (until 2024) | Omar Tariq (since 2024) | 2024 | Transition of roles; Popp moved to Chief Investment Officer. |
| Chief Investment Officer | N/A (Popp was CEO/President) | John G. Popp (since 2024) | 2024 | Transition from CEO/President role. |
| Chief Compliance Officer | N/A | Brandi Sinkovich | 2023 | Appointment. |
| Chief Financial Officer and Treasurer | Omar Tariq (until 2024) | Rose Ann Bubloski (since 2024) | 2024 | Transition of roles. |
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Director Nomination | Nomination of Samantha Kappagoda and Lee M. Shaiman as Class I Non-Interested Directors for a three-year term expiring at the 2029 Annual Meeting. | April 21, 2026 (if elected) | Ensures continuity and independent oversight on the Board, maintaining the three-class staggered board structure. |
| Board Leadership | Laura A. DeFelice, a Non-Interested Director, serves as Chair of the Board since November 2023. | November 2023 | Reinforces independent oversight by having a Non-Interested Director lead the Board, enhancing governance and shareholder confidence. |
| Audit Committee Composition | All Directors, except John G. Popp (Interested Director), constitute the Audit Committee, composed of independent directors. | Ongoing | Ensures strong independent oversight of financial reporting and auditing functions, adhering to NYSE American listing standards. |
| Nominating Committee Composition | All Directors, except John G. Popp, constitute the Nominating Committee, composed of independent directors. | Ongoing | Ensures independent selection and recommendation of director candidates, promoting board diversity and effectiveness. |
| Auditor Appointment | Audit Committee approved Ernst & Young LLP (EY) as the independent registered public accounting firm for the fiscal year ending December 31, 2026. | November 11, 2025 (approval date) | Maintains continuity and independence in external auditing, crucial for financial transparency and regulatory compliance. |
Related Party Transactions
- UBS Asset Management (Americas) LLC (UBS AM (Americas)) serves as the investment adviser to the Fund.
- Officers of the Fund are employees of and are compensated by UBS AM (Americas).
- John G. Popp is classified as an Interested Director due to his position as an officer of UBS AM (Americas).
- The Audit Committee is responsible for pre-approving permissible non-audit services provided by the independent registered public accounting firm to UBS AM (Americas) and certain affiliates if the engagement relates directly to the operations and financial reporting of the Fund.
Stakeholder Impact
- Shareholders are directly impacted by the election of directors, which influences corporate governance and oversight of the Fund's operations and strategy.
- Employees of UBS Asset Management (Americas) LLC serve as officers of the Fund, indicating their employment structure and the integrated nature of management.
- Directors' roles, compensation, and responsibilities are clearly defined, affecting their governance duties and commitment to the Fund.
- UBS Asset Management (Americas) LLC, as the investment adviser, maintains a central role in the Fund's operations and governance, with its officers holding key positions within the Fund.
Next Steps
- Shareholders are to vote on the election of two Non-Interested Directors at the Annual Meeting on April 21, 2026.
- The Board will consider electing the Fund's officers for an additional term at the Board of Directors meeting next following the Annual Meeting.
- Shareholders may submit proposals for the 2027 annual meeting by November 19, 2026 (for inclusion in proxy materials) or between October 20, 2026, and November 19, 2026 (under By-laws).
Key Dates
| Date | Description |
|---|---|
| 1977 | Mahendra R. Gupta became Partner at R.J. Mithaiwala (food manufacturing and retail, India) and F.F.B. Corporation (agriculture, India). |
| 1990 | Mahendra R. Gupta became Professor at Washington University in St. Louis. |
| 1994 | Rose Ann Bubloski associated with UBS. |
| 1997 | John G. Popp associated with UBS and Credit Suisse Asset Management, LLC. |
| 1997 | Lou Anne McInnis associated with Morgan Stanley Investment Management. |
| 2001 | Mahendra R. Gupta became Partner at RPMG Research Corporation. |
| December 2004 | Karen Regan associated with Credit Suisse and UBS AM (Americas). |
| January 2008 | Karen Regan became Vice President of Credit Suisse. |
| 2007 | Laura A. DeFelice founded Stonegate Advisors LLC. |
| 2008 | Laura A. DeFelice founded Acacia Properties LLC. |
| 2009 | Samantha Kappagoda co-founded Risk Economics, Inc. |
| 2010 | Karen Regan became Senior Vice President and Secretary of the Fund. |
| 2010 | Omar Tariq became Senior Manager of PricewaterhouseCoopers, LLP. |
| 2010 | John G. Popp served as Chief Executive Officer and President of Credit Suisse Fund Complex funds until 2024. |
| 2011 | Rose Ann Bubloski became Director and Senior Manager of UBS Asset Management (Americas) LLC. |
| 2011 | Samantha Kappagoda became Visiting Scholar, Courant Institute of Mathematical Sciences, New York University. |
| 2011 | Lou Anne McInnis became Counsel at DLA Piper US LLP. |
| 2012 | Samantha Kappagoda co-founded Numerati Partners LLC. |
| 2012 | Mahendra R. Gupta became Director of Caleres Inc. |
| 2013 | John G. Popp became a Director of the Fund. |
| 2014 | Samantha Kappagoda became Director of Girl Scouts of Greater New York (until 2025). |
| April 2015 | Lou Anne McInnis became Chief Legal Officer of the Fund and associated with Credit Suisse and UBS AM (Americas). |
| 2015 | Mahendra R. Gupta became Director of the Guardian Angels of St. Louis (until 2021). |
| 2016 | Charles W. Gerber became Consultant, Canadian Imperial Bank of Commerce and Senior Adviser, Stoneturn Group, LLP. |
| 2017 | Mahendra R. Gupta became Director of Consortium for Graduate Study in Management (until 2023). |
| 2017 | John G. Popp became trustee of all open-end funds in the Fund Complex. |
| 2018 | Laura A. DeFelice became a Director of the Fund. |
| 2018 | Mahendra R. Gupta became a Director of the Fund and Director of The Foundation for Barnes-Jewish Hospital. |
| 2018 | Lee M. Shaiman served as Executive Director and CEO of Loan Syndications and Trading Association until 2024. |
| March 2019 | Omar Tariq became Director of Credit Suisse. |
| 2019 | Mahendra R. Gupta became Chair of the Audit Committee. |
| 2019 | Lee M. Shaiman became Director of Investcorp Credit Management BDC, Inc. |
| 2019 | Brandi Sinkovich became Vice President and Compliance Officer, Neuberger Berman (until 2022). |
| 2019 | Omar Tariq became Chief Financial Officer and Treasurer of the Credit Suisse Funds (until 2024). |
| 2021 | Laura A. DeFelice became Director of the Lyric Opera of Chicago. |
| 2022 | Brandi Sinkovich became Vice President and Regulatory Counsel, Exos Financial (until 2023). |
| 2022 | Mahendra R. Gupta became Director of The Oasis Institute. |
| January 2023 | Brandi Sinkovich became Director of Credit Suisse and associated with Credit Suisse and UBS AM (Americas). |
| 2023 | Samantha Kappagoda became Director of the Fund and Chair of the Nominating Committee. |
| 2023 | Samantha Kappagoda became Affiliate of Analysis Group Inc. |
| 2023 | Brandi Sinkovich became Chief Compliance Officer of the Fund. |
| 2023 | Laura A. DeFelice became Chair of the Board. |
| 2023 | Charles W. Gerber became Director, MA Holdings, Inc. |
| 2023 | Mahendra R. Gupta became Director of First Bank and ENDI Corporation. |
| 2024 | Lee M. Shaiman became a Director of the Fund. |
| 2024 | Charles W. Gerber became a Director of the Fund. |
| 2024 | Mahendra R. Gupta became Board Chair at The Foundation for Barnes-Jewish Hospital. |
| 2024 | John G. Popp became Chief Investment Officer of the Fund. |
| May 2024 | Omar Tariq became Chief Executive Officer and President of the Fund and Executive Director of UBS AM (Americas). |
| May 2024 | Brandi Sinkovich became Executive Director of UBS AM (Americas). |
| May 2024 | Lou Anne McInnis became Executive Director of UBS AM Americas. |
| May 2024 | Karen Regan became Director of UBS AM (Americas). |
| 2024 | Rose Ann Bubloski became Chief Financial Officer and Treasurer of the Fund. |
| June 19, 2024 | EY became the Fund's independent registered public accounting firm. |
| October 22, 2025 | Schedule 13G/A filed by First Trust Portfolios L.P. regarding beneficial ownership. |
| November 11, 2025 | Audit Committee approved EY as the independent registered public accounting firm for fiscal year ending December 31, 2026. |
| December 31, 2025 | End of fiscal year for which audited financial statements were provided. |
| February 10, 2026 | Nominating Committee recommended Samantha Kappagoda and Lee M. Shaiman for three-year terms. |
| February 28, 2026 | Date for beneficial ownership information and equity securities holdings of directors/nominees. |
| March 12, 2026 | Record date for shareholders entitled to notice of and vote at the Annual Meeting. |
| March 19, 2026 | Proxy Statement and accompanying Proxy expected to be mailed to shareholders. |
| April 21, 2026 | Annual Meeting of Shareholders to be held at 2:00 p.m. Eastern Time. |
| November 19, 2026 | Deadline for shareholder proposals for 2027 annual meeting to be considered for inclusion in proxy materials under Rule 14a-8. |
| October 20, 2026 | Earliest date for shareholder proposals for 2027 annual meeting not included in proxy materials, in accordance with By-laws. |
| November 19, 2026 | Latest date for shareholder proposals for 2027 annual meeting not included in proxy materials, in accordance with By-laws (assuming 2027 meeting within 30 days of April 21, 2027). |
| 2027 | Term of Class II Directors Mahendra R. Gupta and John G. Popp expires at the Annual Meeting of Shareholders. |
| 2028 | Term of Class III Directors Laura A. DeFelice and Charles W. Gerber expires at the Annual Meeting of Shareholders. |
| 2029 | Proposed term expiration for Class I Directors Samantha Kappagoda and Lee M. Shaiman if elected. |
Recommendation
holdThis filing is a routine proxy statement for an annual meeting, primarily focused on the election of directors and corporate governance matters. It does not contain any new financial results, strategic shifts, or material events that would significantly alter the investment thesis or warrant a change in stock recommendation. The information provided suggests stable, ongoing operations and adherence to governance best practices.
Keywords
Credit Suisse Asset Management Income Fund, CIK, Proxy Statement, Annual Meeting, Director Election, Corporate Governance, Non-Interested Directors, UBS Asset Management, SEC Filing, Investment Fund
Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.