Rivernorth Capital Management, LLC (Chicago)

Name: Rivernorth Capital Management, LLC
Address: 325 N Lasalle, Chicago, IL, 60654
Telephone: 312-832-1440

Rivernorth Capital Management, LLC is a large advisory firm based in Chicago. It manages $3.47 billion of regulatory assets for 17 client accounts. It has been registered with the SEC as an adviser since 2010 and has operated in the jurisdictions of Connecticut, Illinois, Pennsylvania, and Washington.

Rivernorth Capital Management provides portfolio management for investment companies, portfolio management for pooled investment vehicles, portfolio management for businesses and institutional clients, and model portfolio manager. It doesn't provide financial planning services to its clients. On top of advisory services, the firm doesn't engage in other business activities.

Rivernorth Capital Management: assets under management

The assets under management (AUM) of Rivernorth Capital Management, LLC is $3.47 billion. The firm's AUM has grown by 620% since the beginning of its operation, and $4.51 million of the total AUM is attributable to clients outside of the United States.

The firm manages $3.47 billion in discretionary accounts and $995.85 thousand in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $216.61 million each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $995.85 thousand.

Rivernorth Capital Management has custody of $616.91 million in cash and securities for 4 clients in total but doesn’t act as a qualified custodian.

Investments

The firm invests in investment and business development companies the most. They account for 78% of the total AUM. The second-largest asset type is exchange traded securities, which make up 20% of the firm’s portfolio. Investments in cash and cash equivalents form 2% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Rivernorth Capital Management, LLC for their services and products based on a percentage of assets under management and performance-based fees. Compensation based on assets under management promotes a long-term relationship between a client and the adviser and helps align mutual interests. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients Rivernorth Capital Management serves?

The firm provides services to investment companies, charitable organizations, other investment advisers, and pooled investment vehicles. The largest group of clients of Rivernorth Capital Management is investment companies with 11 clients and $2.82 billion of assets under management. Among the 9 most similar advisory firms, Rivernorth Capital Management has the highest percentage of investment companies out of all clients.

The amount of regulatory assets under management is $3.47 billion for 17 clients. None of the firm’s clients are foreign persons or businesses.

Rivernorth Capital Management also advises several private funds. Namely, three hedge funds and one other private fund. The minimum investment commitment required of non-related persons is $250,000 for each fund.

Careers at Rivernorth Capital Management, LLC

The company employs 23 people that are either part- or full-time employees. 35 percent of the employees work as investment advisers or researchers. 10 employees are registered as investment adviser representatives with the state securities authorities.

There isn’t anyone with the role of looking for and bringing in new clients on behalf of the firm. The firm compensates employees in addition to the salary for bringing in new clients. Employees don’t receive compensation from other entities for client referrals.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
Brian Harold Schmucker	President, manager	1 Aug 2000	Other	4581937
Patrick W Galley	Chief investment officer, manager	1 Oct 2004	Other	4869392
Patrick William Galley	Chief investment officer, manager	1 Oct 2004	Other	4869392
Jonathan Michael Mohrhardt	Chief operating officer, manager	1 Jan 2009	Other	3106914
Rivernorth Holding Co.	Member	1 Jan 2010	75% - 100%	27-1560617
Stephen Andrew O'neill	Portfolio manager	1 Jun 2011	Other	5987880
Marcus Lane Collins	General counsel and chief compliance officer	1 Jun 2012	Other	3075061
Rivernorth Financial Holdings Llc	Member	1 Dec 2014	75% - 100%	27-1560617

Indirect Owners

The SEC currently registers 4 indirect owners.

Name	Entity	Date acquired	Ownership	Employer ID
Brian Harold Schmucker	Shareholder	1 Jan 2010	25% - 50%	4581937
Patrick W Galley	Shareholder	1 Nov 2010	25% - 50%	4869392
Patrick William Galley	Shareholder	1 Nov 2010	25% - 50%	4869392
Rivernorth Holding Co.	Member	1 Dec 2014	75% - 100%	27-1560617

Based in Chicago

The principal office where Rivernorth Capital Management, LLC performs its advisory services is located at 325 N Lasalle, Chicago, IL 60654, which is also the mailing address of the firm. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 312-832-1440 or by fax 312-832-1461. The normal business hours are 8am-5pm on Monday - Friday. You can find more information about the New York firm at rivernorth.com.