RiverNorth Capital Management, LLC is an investment management company that offers discretionary investment management services to registered investment companies, private investment companies, private separately managed accounts, and institutional clients.
The firm was founded in 2000 and is a wholly-owned subsidiary of RiverNorth Financial Holdings, LLC, which is majority-owned by RiverNorth Holding Co. Brian H. Schmucker and Patrick W. Galley each own more than 25% of the voting securities of RiverNorth Holding Co. and control the firm.
RiverNorth Capital Management saw several changes from March 2022 to April 2023, as indicated in their 13F filing. The firm's total assets under management (AUM) declined from $6.48B to around $5.99B, representing a 7.55% decrease. Moreover, the number of managed accounts increased from 19 to 23. In terms of personnel, the employee count rose slightly from 17 to 18 over the one-year period.
The firm also disclosed modifications for the following 4 private funds.
RIVERNORTH CAPITAL PARTNERS, L.P.:
- Gross Asset Value increased from $62.85M to $83.22M
- The number of Beneficial Owners increased from 92 to 96
- Beneficially owned by related persons decreased from 4% to 1%
- Beneficially owned by non-US persons decreased from 2% to 1%
- Changes in Administrators: Removal of ALPS, INC., A DST COMPANY, and SS&C ALPS ALTERNATIVE INVESTMENT SERVICES. Addition of SS&C GLOBALOP
- Changes in Custodians: Removal of CANTOR FITZGERALD & CO. Addition of WELLS FARGO SECURITIES, LLC
- Changes in Prime Brokers: Removal of CANTOR FITZGERALD & CO.
RIVERNORTH INSTITUTIONAL PARTNERS L.P.:
- Gross Asset Value decreased from $615.41M to $591.06M
- The number of Beneficial Owners increased from 294 to 325
- Beneficially owned by non-US persons decreased from 9% to 1%
- Changes in Administrators: Removal of ALPS INC., A DST COMPANY and SS&C ALPS ALTERNATIVE INVESTMENT SERVICES. Addition of SS&C GLOBALOP
- Changes in Custodians: Removal of CANTOR FITZGERALD & CO. Addition of WELLS FARGO SECURITIES, LLC
- Changes in Prime Brokers: Removal of CANTOR FITZGERALD & CO.
RIVERNORTH INSTITUTIONAL PARTNERS OFFSHORE LTD.:
- The number of Beneficial Owners increased from 16 to 39
- Gross Asset Value decreased from $53.54M to $49.81M
- Changes in Administrators: Removal of ALPS INC., A DST COMPANY and SS&C ALPS ALTERNATIVE INVESTMENT SERVICES. Addition of SS&C GLOBALOP
- Changes in Custodians: Addition of WELLS FARGO SECURITIES, LLC
RIVERNORTH SPAC ARBITRAGE FUND, LP:
- The number of Beneficial Owners increased from 16 to 39.
- Gross Asset Value decreased from $53.54M to $49.81M.
- Administrators were modified: ALPS INC., A DST COMPANY and SS&C ALPS ALTERNATIVE INVESTMENT SERVICES were removed and SS&C GLOBALOP was added.
- Custodians were modified: WELLS FARGO SECURITIES, LLC was added.