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RiverNorth Closed-End Funds and RiverNorth Funds Announce Board Member Appointments and Retirement
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
management
Rhea-AI Summary
The RiverNorth Closed-End Funds have appointed Lisa Mougin as an independent director and Jerry Raio as a trustee, effective immediately. Mougin, previously President and COO of TIFIN, brings extensive experience from ALPS Fund Services. Raio has over 15 years in equity capital markets, serving as President and CEO of Arbor Lane Advisors. Additionally, John S. Oakes has retired after 12 years of service. RiverNorth, founded in 2000, manages $4.9 billion in assets and specializes in opportunistic investment strategies.
Positive
Appointment of Lisa Mougin as an independent director may bring fresh perspectives to RiverNorth's strategic management.
Jerry Raio's extensive experience in equity capital markets is likely to enhance the Funds' operational effectiveness.
Negative
Retirement of John S. Oakes may lead to concerns regarding continuity and experience within the Board.
WEST PALM BEACH, Fla.--(BUSINESS WIRE)--
The RiverNorth Closed-End Funds (each a “Fund” and collectively, the “Funds”)1 are pleased to announce that Lisa Mougin has been appointed to the Board of Directors of each Fund as an independent director, effective immediately. Ms. Mougin is an experienced senior executive with many years of investment management industry experience in sales, client relationship and operations. Ms. Mougin was most recently President and Chief Operating Officer of the TIFIN affiliated Positivly and Louise platforms. Prior to that Ms. Mougin was a member of the executive team that built ALPS Fund Services into a leader in the mutual fund and hedge fund industries. During the span of 20 years at ALPS, Lisa led the Sales and Relationship Management Teams to achieving significant growth of the firm’s client base and revenues.
Further, the RiverNorth Funds (each a “Fund” and collectively, the “Trust”)2 are pleased to announce that Jerry Raio has been appointed to the Board of Trustees as a trustee, effective immediately. Mr. Raio also serves as a director to the RiverNorth Closed-End Funds. Mr. Raio has many years of experience in the securities industry, including management roles in the banking and investment management industries. He has more than 15 years of experience in equity capital markets, having worked on the retail syndicate desks at both Citigroup and Morgan Stanley. Since 2018, he has served as President for and CEO of Arbor Lane Advisors, Inc. He served as the Managing Director and Head of Retail Origination for Wells Fargo Securities, LLC from 2005 to 2018. Prior to working at Wells Fargo, he served as Director and Head of Closed-End Funds for Citigroup Asset Management. He also serves on the Board of Directors of Qudos Technologies; and the Advisory Boards of Quantify Crypto, and FLX Distribution.
In addition, the RiverNorth Closed-End Funds and the RiverNorth Funds are announcing the retirement of director/trustee John S. Oakes. “John has been an invaluable member of our Boards for over 12 years,” said Patrick Galley, Chief Executive Officer and Chief Investment Officer of RiverNorth. “We want to thank him for his distinguished service to the Funds and Trust and wish him the very best in his retirement.“
About RiverNorth
RiverNorth Capital Management, LLC is an investment management firm founded in 2000. With $4.9 billion in assets under management3 as of September 30, 2022, RiverNorth specializes in opportunistic investment strategies in niche markets where the potential to exploit inefficiencies is greatest. RiverNorth is an institutional investment manager to registered funds, private funds and separately managed accounts.
RiverNorth Closed-End Funds: RiverNorth Opportunities Fund, Inc., RiverNorth Specialty Finance Corporation, RiverNorth/ DoubleLine Strategic Opportunity Fund, Inc., RiverNorth Opportunistic Municipal Income Fund, Inc., RiverNorth Managed Duration Municipal Income Fund, Inc., RiverNorth Flexible Municipal Income Fund, Inc., RiverNorth Flexible Municipal Income Fund II, Inc., and RiverNorth Managed Duration Municipal Income Fund II, Inc.
RiverNorth Funds: RiverNorth Core Opportunity Fund, RiverNorth/DoubleLine Strategic Income Fund and RiverNorth/Oaktree High Income Fund.
Firm AUM reflects Managed Assets which includes the effects of leverage and investments in affiliated funds.
An investment in the Funds involves risk, including loss of principal.
Investors should consider a Fund's investment objective, risks, charges and expenses carefully before investing. Each Fund’s prospectus and most recent periodic reports contain this and other important information about the respective Fund and may be obtained by visiting rivernorth.com/literature or by calling your financial professional or 888.848.7569(RiverNorth Funds) or 844.569.4750 (RiverNorth Closed-End Funds).
