RiverNorth Capital Management said its RiverNorth/DoubleLine Strategic Income Fund will be closed to new investors as of March 30.
Current investors and advisors can still purchase shares after that date.
The fund, which marked its one-year anniversary on December 30, 2011, combines RiverNorth’s experience in trading closed-end funds with the fixed-income strategies of bond manager Jeffrey Gundlach, chief executive of DoubleLine, one of the fund’s portfolio managers.
During its first year of operation, the fund raised $675 million and is now managing $887 million, as of February 21.
““We are committed to ensuring that our fund’s assets don’t exceed a level where they would alter or impact the fund’s investment strategy, which was our primary driver in deciding to soft-close the fund,’’ stated Patrick Galley, chief investment officer of RiverNorth.
Prior to joining RiverNorth in 2004, Galley was a vice president at Bank of America in the Global Investment Bank’s Portfolio Management group.
At Bank of America, he specialized in analyzing and structuring corporate transactions for investment management firms in addition to closed-end and open-end funds, hedge funds, fund of funds, structured investment vehicles and insurance/reinsurance companies.
Hung Tran writes for Money Management Executive.