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Rating:RiverNorth Inks Distribution Pacts with LPL, Raymond James and UBS Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, May 11, 2011

RiverNorth Inks Distribution Pacts with LPL, Raymond James and UBS

Reported by Armie Margaret Lee

RiverNorth Capital has gained broader distribution for its DoubleLine-subadvised mutual fund that launched in December. The RiverNorth/DoubleLine Strategic Income Fund landed on the platforms at LPL, Raymond James and UBS within the last couple of weeks, chief investment officer Patrick Galley told The MFWire.com.

The fund, which launched December 30, 2010, crossed the $100-million AUM mark as of Monday. Galley said RiverNorth might look at closing the fund to new investors when it reaches $1 billion.

"We think the combination of our firm and DoubleLine provides for a really compelling story and strategy," he said, of hitting the $100-million milestone.

RiverNorth does not have an in-house wholesaling team.

ALPS, whom RiverNorth hired last year as transfer agent, fund administrator and accountant, will help distribute the RiverNorth/DoubleLine Strategic Income Fund, Galley said.

RiverNorth offers one other mutual fund, Core Opportunity, which launched in December 2006. 

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