Flaherty & Crumrine Preferred Income Fund Inc.: A Closed-End Equity Mutual Fund Investing in US Financials US-based investment management firm, Flaherty & Crumrine, is launching the Flaherty & Crumrine Preferred Income Fund Inc., a closed-end equity mutual fund that will primarily invest in preferred securities of US public equity markets. Managed by Flaherty & Crumrine, the fund will focus on the financials sector and will benchmark its performance against the Barclays Capital U.S. Aggregate Index and S&P 500 Index. The fund was formed on September 28, 1990, and is domiciled in the United States.