ALPS, a DST company providing products and services to the financial services industry, has partnered with RiverNorth Capital Management to launch a new closed-end fund, called RiverNorth Opportunities Fund, on the New York Stock Exchange.
The fund aims to achieve its investment objective by following a tactical asset allocation strategy and investing in closed-end funds and exchange-traded funds.
The fund, which is a diversified, closed-end management investment company, has raised nearly $72.6m in its common stock offering.
ALPS said that the fund’s investment objective is total return comprising of capital appreciation and current income.
ALPS will act as the investment adviser for the fun, while RiverNorth acts as subadviser.
RiverNorth Capital Management chief investment officer Patrick Galley said: "The closed-end fund structure offers RiverNorth’s portfolio management team an advantage relative to other fund structures in implementing its opportunistic closed-end investment strategy."