RiverPark Advisors LLC, a New York-based investment advisory company, has launched the RiverPark Long/Short Opportunity Fund, an open-end mutual fund that was converted from an existing hedge fund launched in October 2009.

The new offering will be managed by Mitch Rubin, RiverPark's chief investment officer, and the portfolio manager of the hedge fund since its inception.

The fund bet primarily on the securities of U.S. companies, but may invest up to 15% of its asset in foreign issuers. It will invest in companies across the capitalization spectrum and may employ leverage. In addition, it will use swaps, options, and other financial instruments.

The RiverPark Long/Short Opportunity Fund is being offered in retail and institutional share classes, and its expense ratio will be capped at 2% and 1.85%, respectively. It will be available via Charles Schwab, Fidelity, and Pershing.

Hung Tran writes for Money Management Executive.