Flaherty & Crumrine Preferred Income Fund and Flaherty & Crumrine Preferred Income Opportunity Fund Announces Management Appointments
April 22, 2015 at 03:34 am IST
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The Boards of Directors of Flaherty & Crumrine Preferred Income Fund Incorporated and Flaherty & Crumrine Preferred Income Opportunity Fund Incorporated elected the following new officers of the funds: R. Eric Chadwick, Chief Executive Officer and President and Bradford S. Stone, Chief Financial Officer and Vice President. Mr. Chadwick replaces Donald F. Crumrine as the principal executive officer of each fund and Robert M. Ettinger as the President. Mr. Chadwick had previously served as Chief Financial Officer and Vice President of PFD and PFO since 2004.
Mr. Crumrine had served as principal executive officer since 2002. Mr. Crumrine will continue to serve as the Chairman of the Boards of Directors. Mr. Stone replaces Mr. Chadwick as the principal financial officer of each fund.
Mr. Stone had previously served as a Vice President and Assistant Treasurer of PFD and PFO since 2003.
Flaherty & Crumrine Preferred & Income Fund Inc. (the Fund) is a diversified, closed-end management investment company. The Fundâs investment objective is to provide its common shareholders with high current income consistent with the preservation of capital. The Fund's invests in a portfolio of preferred securities. Under normal market conditions, the Fund invests at least 80% of its managed assets in a portfolio of preferred and other income-producing securities. Preferred and other income-producing securities include traditional preferred stock, trust preferred securities, hybrid securities that have characteristics of both equity and debt securities, contingent capital securities (CoCos), subordinated debt and senior debt. The Fund invests at least 25% of its total assets in the financial sector, which comprises banks, financial services, consumer finance, and brokerage and real estate investment trust industries. Flaherty & Crumrine Incorporated is the Fund's investment advisor.