Lou Anne McInnis
About Lou Anne McInnis
Chief Legal Officer of Credit Suisse Asset Management Income Fund, Inc. (CIK) since 2015; currently Executive Director at UBS Asset Management (Americas) following the UBS/Credit Suisse asset management integration in 2024. Born 1959; prior legal roles include Counsel at DLA Piper US LLP (2011–Apr 2015) and senior tenure at Morgan Stanley Investment Management (1997–2010) . Recent fund performance in periods during her tenure: CIK delivered 9.35% NAV total return and 22.64% market total return in 1H 2023; sister fund DHY reported 9.80% NAV and 11.56% market total return in the six months ended Apr 30, 2023 .
| Fund Performance Snapshot | 11/01/2022–04/30/2023 | 01/01/2023–06/30/2023 |
|---|---|---|
| CIK Total Return (NAV) | — | 9.35% |
| CIK Total Return (Market) | — | 22.64% |
| DHY Total Return (NAV) | 9.80% | — |
| DHY Total Return (Market) | 11.56% | — |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Morgan Stanley Investment Management | Associated with MSIM | 1997–2010 | Not disclosed in proxies |
| DLA Piper US LLP | Counsel | 2011–Apr 2015 | Not disclosed in proxies |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Credit Suisse (Asset Management) | Director | Apr 2015–May 2024 | Officer across Credit Suisse Funds |
| UBS Asset Management (Americas) | Executive Director | Since May 2024 | Legal leadership at adviser to CIK |
Fixed Compensation
- Officers of the Fund (including the Chief Legal Officer) are employees of and compensated by UBS Asset Management (Americas); the Fund does not pay them and discloses no salary, bonus, or perquisites for officers .
- The Fund does not have a Compensation Committee; director retainers are disclosed but executive officer cash/equity pay is not provided at the fund level .
Performance Compensation
- No performance-based compensation metrics (e.g., TSR, revenue/EBITDA goals) are disclosed for the Fund’s officers; incentive design, weighting, vesting schedules, and payouts are not reported at the fund level .
Equity Ownership & Alignment
| Ownership Metric | Detail |
|---|---|
| Individual beneficial ownership (Lou Anne McInnis) | Initial Form 3 filed June 3, 2015 reported no securities beneficially owned as Chief Legal Officer at CIK and DHY . Current personal holdings are not disclosed in proxies. |
| Officers & Directors aggregate ownership | Less than 1% of CIK’s outstanding shares as of Feb 28, 2025 . |
| Shares pledged or hedged | No pledging/hedging policy disclosures specific to CIK’s officers found in the proxy; not disclosed . |
| Ownership guidelines | Not disclosed for officers at the fund level . |
| Major shareholders | First Trust Portfolios L.P. beneficially owned ~22.21% of common stock as of Jan 17, 2025 (Schedule 13G/A) . |
| Section 16 compliance | Section 16(a) reports filed on a timely basis for FY 2024 per proxy disclosure . |
Employment Terms
| Term/Provision | Status |
|---|---|
| Employment start date | Associated with Credit Suisse since April 2015; serving as Chief Legal Officer since 2015 . |
| Contract term/expiration | Not disclosed for officers at fund level . |
| Severance and change-of-control | Not disclosed; Fund does not report officer employment economics (multiples, triggers, accelerated vesting) . |
| Non-compete/non-solicit/garden leave | Not disclosed . |
| Post-termination consulting | Not disclosed . |
| Powers of attorney | Named attorney-in-fact on fund registration exhibits, demonstrating filing authority (CIK and DHY) . |
Board Governance (context for officer oversight)
| Body | Members | Chair | Meetings (FY 2024) | Notes |
|---|---|---|---|---|
| Board of Directors | 6 directors (5 non-interested; 1 interested) | Laura A. DeFelice (Chair) | 9 meetings; each director attended ≥75% | Oversees adviser and fund operations; independent counsel engaged . |
| Audit Committee | All directors except John Popp | Mahendra R. Gupta | 5 meetings | Accounting/audit oversight; EY engaged 2024 after PwC dismissal . |
| Nominating Committee | All directors except John Popp | Samantha Kappagoda | 4 meetings | Director nominations; charter referenced . |
| Compensation Committee | N/A | N/A | N/A | Fund does not have a compensation committee . |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed for Fund officers | — | — | — | — | — |
Investment Implications
- Alignment: Lack of disclosed personal share ownership beyond a 2015 Form 3 showing no holdings and aggregate insider ownership under 1% suggests limited “skin-in-the-game” at the fund level for officers, reducing equity-aligned incentives; the Fund does not report ownership guidelines or pledging/hedging policies for officers .
- Pay-for-performance visibility: Officer compensation is paid by the external adviser (UBS AM) and is not disclosed by the Fund; there are no fund-level targets tying legal officer pay to TSR or operating metrics, limiting investor ability to assess compensation alignment and potential insider selling pressure .
- Retention and continuity: Tenure since 2015 and continued role post-UBS integration in 2024 indicate stability in legal leadership; designation as attorney-in-fact on filings underscores institutional reliance on her for regulatory execution .
- Trading signals: With minimal disclosed insider equity and absence of reported option or RSU grants at the fund level, there is little evidence of near-term insider selling pressure; Section 16 compliance was timely for FY 2024 . Investors should instead monitor adviser-level disclosures and fund governance outcomes (e.g., audit transitions, director changes) for qualitative signals .
Data gaps are structural to closed-end fund proxies: fund officers are paid by the external adviser and do not have fund-level compensation tables; where items are not disclosed above, they are not present in the proxy filings cited.