TrueMark Investments, an Illinois-based asset manager and adviser to the TrueShares actively managed ETFs, has announced that RiverNorth Capital Management has acquired a minority stake in their firm.
The firm writes that the two firms will work jointly to develop a suite of ETFs under the RiverNorth brand, complementing its existing fund line-up which currently includes mutual funds, closed-end funds, private funds, SMAs, and soon to be ETFs.
TrueMark writes that its capabilities will serve as an expansion of RiverNorth’s existing strengths in delivering opportunistic investment strategies to investors through a variety of investment vehicles. TrueShares, the ETF product suite managed by TrueMark, launched in early 2020 and has seen sustained asset growth since inception, now representing 15 ETFs.
“We’re thrilled to be partnering with RiverNorth,” says Michael Loukas, Principal and CEO at TrueMark Investments. “We’ve long admired their innovative investment approach, leadership team and operational prowess, and it didn’t take long to identify the synergies between our firms. This partnership represents a tremendous opportunity for the continued expansion of the TrueShares line-up with the addition of industry leading investment strategies from RiverNorth.”
“TrueMark represents an ideal partner for us as we enter the ETF segment,” says Patrick Galley, CEO & CIO of RiverNorth. “They’ve built an extremely impressive operation and product offering in a short period of time and given the similarities in our industry outlooks and leadership philosophies, a strategic relationship made perfect sense. We’re very excited about the prospects of combining RiverNorth’s innovative investment product creation with TrueMark’s expertise in the fast-growing ETF market.”