Credit Suisse Fund Appoints Ernst & Young as New Accountant By Investing.com

Credit Suisse Asset Management Income Fund, Inc. has announced the engagement of Ernst & Young LLP (EY) as its new independent registered public accounting firm. The appointment, effective as of Wednesday, took place after approval from the Fund’s Board of Directors and comes ahead of the fiscal year ending December 31, 2024.

The decision to engage EY was recommended by the Audit Committee of the Board and marks a significant change in the Fund’s financial oversight. Credit Suisse Asset Management Income Fund, which operates under the Central Index Key (CIK) number 0000810766, has not previously consulted with EY on any accounting principles or audit opinions, nor have there been any disagreements or reportable events between the parties in the two most recent fiscal years or the subsequent interim period.

This transition in certifying accountants is a routine corporate event that must be disclosed to investors and the public, ensuring transparency in the Fund’s financial management and reporting practices. The Fund, headquartered at Eleven Madison Avenue, New York, and trading on the NYSE American under the ticker CIK, is incorporated in Maryland and has a fiscal year-end of December 31.

InvestingPro Insights

In light of the Credit Suisse Asset Management Income Fund’s recent engagement of EY as its new independent auditor, investors may find the following data and tips from InvestingPro valuable. The Fund has demonstrated a sturdy revenue growth of 16.7% over the last twelve months as of Q4 2023, with a consistent quarterly increase of 10.39% in Q4 2023. Notably, its gross profit margin stands at a remarkable 100% for the same period. These figures underscore the Fund’s solid financial performance leading up to this new partnership.

Moreover, Credit Suisse Asset Management Income Fund has a commendable track record of maintaining dividend payments for 38 consecutive years, which is a testament to its commitment to shareholder returns. The Fund’s dividend yield is currently at a high 9.12%, and it’s worth noting that the ex-date for the last dividend is set for June 18, 2024. This aligns with the Fund’s reputation for providing significant dividends to its shareholders, as highlighted in one of the InvestingPro Tips.

However, potential investors should also be aware of certain challenges. The Fund’s short-term obligations surpass its liquid assets, which could present liquidity risks. Additionally, the valuation implies a poor free cash flow yield, which is another critical consideration for those looking at the long-term value of their investments. To gain a deeper understanding of these financial nuances, readers are encouraged to explore additional tips available on InvestingPro, including a total of four tips related to the Fund’s financial health and outlook. For those interested in a comprehensive analysis, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.