Saturday, 25 April 2015
Last updated 21 hours ago
Apr 3 2012 | 1:21pm ET
RiverPark Advisors has transformed one of its hedge funds into a mutual fund, while retaining its strategy.
The New York-based firm said yesterday that its two-and-a-half-year-old Long/Short Opportunity Fund is now available on three major mutual fund platforms, Charles Schwab, Fidelity and Pershing. RiverPark chief investment officer Mitch Rubin remains the fund's portfolio manager.
"Many individuals believe that managing volatility and protecting against downside risk should be an important component of a fund's investment objection," Rubin said. "At the same time, maintaining exposure to the equity markets is important for achieving longer-term financial goals. The RiverPark Long/Short Opportunity Fund is designed to help investors benefit from the potential upside of equities while providing some protection in a macro environment in which there remain many uncertainties."
The fund is U.S.-focused but can invest up to 15% of its assets in foreign companies. Like the hedge fund it used to be, RiverPark Long/Short can use leverage, swaps and options.
Unlike the hedge fund it used to be, it will charge a maximum fee of 1.85% for its institutional share class and 2% for its retail share class.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…