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Rating:$887 Million of AUM in 14 Months: A Gundlach-Subadvised Fund Heads for a Soft Close Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, February 23, 2012

$887 Million of AUM in 14 Months: A Gundlach-Subadvised Fund Heads for a Soft Close

Reported by Armie Margaret Lee

In just 14 months, the folks at RiverNorth Capital have seen their Jeffrey Gundlach-subadvised fund balloon to more than $800 million in AUM. Now, Chicago-based RiverNorth is planning to close the RiverNorth/DoubleLine Strategic Income Fund to new investors effective March 30.

"The fact that the RiverNorth/DoubleLine Strategic Income Fund has reached its capacity in just over one year is quite an accomplishment, especially in the current market environment," said RiverNorth chief investment officer Patrick Galley in a press release. "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."

The fund came into existence December 30, 2010. By May 2011, assets had crossed the $100-million mark. As of Tuesday this week, the fund's AUM was $887 million.  

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