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RiverPark takes steps to limit flows to Short Term High Yield Fund
By Marisa Wong
Madison, Wis., Dec. 2 - RiverPark Advisors, LLC announced that it 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 Monday, financial advisers with clients currently in the fund will no longer be allowed put new clients into the fund, according to a news release.
Existing shareholders will retain the right to add to their positions.
The RiverPark Short Term High Yield Fund had about $872 million in assets under management as of Nov. 29.
"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," co-founder and chief executive officer Morty Schaja said in the release.
"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, the release said.
In its first two months, the fund gathered $88 million in assets through Nov. 29 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.
RiverPark is a New York-based investment advisory company and the sponsor of the RiverPark family of mutual funds.
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