RiverNorth Capital Management has launched the RiverNorth/Manning & Napier Dividend Income Fund (RNDIX, RNMNX). The fund will be sub-advised by Manning & Napier Advisors.

The fund will employ two strategies: a tactical closed-end fund equity strategy, which will primarily invest in equity closed-end funds, and a dividend-focus strategy, which will primarily invest in dividend-paying common stocks of mid-to-large cap companies (generally companies with market caps of more than $2 billion). It is managed by Patrick Galley.

"This fund focuses on investing in financially sound companies trading at attractive prices,” stated Patrick Cunningham, chief executive officer, Manning & Napier.

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