RiverNorth Capital, an investment management firm specialising in quantitative and qualitative closed-end fund trading strategies, has formed a partnership with DoubleLine Capital through the registration of a new fund in the RiverNorth Funds.
RiverNorth Funds has filed a registration statement for the RiverNorth/DoubleLine Strategic Income Fund, a mutual fund which will combine RiverNorth’s investment capabilities in closed-end funds with DoubleLine’s management capabilities in fixed income.
The fund is expected to launch in late December 2010.
"We are very excited to partner with DoubleLine and its highly regarded management team led by Jeffrey Gundlach and Philip Barach," says Patrick Galley, RiverNorth’s chief investment officer. "DoubleLine brings a proven focus on its objective of delivering superior, risk-adjusted fixed income returns, and a depth of experience in investment management across a wide array of distinct strategies."
The fund’s investment objective is current income and overall total return. The fund’s portfolio managers are Galley; Stephen O’Neill, portfolio manager of RiverNorth; and Jeffrey Gundlach, chief executive and chief investment officer of DoubleLine.
"The DoubleLine investment team has managed fixed income portfolios for over two decades. We are proud to collaborate with RiverNorth, whose record of seeking long-term capital appreciation and income through closed-end fund investing represents a compelling match for our risk-adjusted return objectives," says Gundlach. "We look forward to combining our complementary approaches to investment management."