RiverPark Advisors has taken further steps to limit flows of new money to the RiverPark Short Term High Yield Fund.
As of the close of the market today, financial advisors with clients currently in the fund will no longer be allowed put new clients into the fund. Existing shareholders will retain the right to add to their positions.
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The RiverPark Short Term High Yield Fund had approximately US$872 million in assets under management as of November 29, 2013.
Morty Schaja, co-founder and CEO at RiverPark, said: "We have been delighted with the response to the RiverPark Short Term High Yield Fund, but we think at this point it’s in the best interest of our existing shareholders to close the fund to all new investors. This will allow portfolio manager David Sherman to keep the fund nimble, and to continue to take advantage of investment opportunities as they arise."
In October, RiverPark launched its second fixed income fund, the RiverPark Strategic Income Fund, which seeks to deliver high current income and capital appreciation, consistent with conservation of capital.
The RiverPark Strategic Income Fund, which takes a "go anywhere" approach, will also seek to remain nimble and because of its small size believes it can purchase securities with above market yields with limited risk if held to maturity.
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By GlobalDataIn its first two months, the fund has gathered US$88 million in assets through November 29, 2013, mostly from RiverPark Short Term High Yield fund shareholders. Both the Strategic Income and Short Term High Yield funds are managed by David Sherman of Cohanzick Management.
