Earlier today Grail Advisors, the sponsor of the RP Large Cap Growth ETF, and the RP Growth ETF, two actively-managed Exchange-Trade Funds, announced plans to sell the company to Columbia Management Investment Advisers. As a result of the sale, RiverPark Advisors will no longer act as sub-advisor on the two ETFs.
Commenting on the transaction, Morty Schaja, CEO and Managing Partner with RiverPark Advisors, said:
“Grail has been a pioneer in developing and marketing actively managed ETFs, and we are pleased to have had the opportunity to work with the company in making these funds available to investors. RiverPark remains committed to the active ETF market. With that in mind, we filed for our own exemptive relief approximately one year ago and plan to return to the ETF space in the future.”
RiverPark Open-End Mutual FundsSchaja noted that investors will be able to continue to invest with RiverPark and its sub-advisor partners through the RiverPark family of open-end mutual funds, two of which are managed in a style identical to that of the two Grail RiverPark ETFs. The RiverPark Large Growth Fund (tickers: RPXIX, institutional; RPXFX, retail), is managed identically to the RP Growth ETF (NYSE Arca: RPX), and seeks long-term capital appreciation by investing primarily in the equity securities of large capitalization companies. The RiverPark/ Wedgewood Fund (tickers: RWGIX, institutional; RWGFX, retail), is managed in style identical to the RP Focused Large Cap Growth ETF (NYSE Arca: RWG), and seeks long-term capital appreciation by investing in a focused portfolio of 20-30 large capitalization equities. The fund is sub-advised by the award-winning Wedgewood Partners, Inc. with approximately $1 billion in assets under management. The other members of the RiverPark mutual fund family are:
- RiverPark Small Cap Growth Fund (tickers: RPSZX, institutional; RPSFX, retail), which seeks long‐term capital appreciation by investing primarily in the securities of small capitalization companies and is managed internally by the team that left Baron Funds to found RiverPark;
- RiverPark/Gravity Long-Biased Fund (tickers: RGLZX, institutional; RGLBX, retail), managed by Adam Seessel, a former analyst for the Baron Funds and a portfolio manager at the Davis Funds. Gravity seeks to combine a patient value discipline with thoughtful management of market exposure, an approach that historically has been available only to investors within the alternative investment universe; and,
- RiverPark Short Term High Yield Fund (ticker: RPHIX, institutional; RPHYX, retail, sub-advised by Cohanzick Management, headed by David Sherman. The fund focuses on short-term high-yield securities with effective maturities of three years or less for which Cohanzick believes credit ratings do not accurately reflect a company's ability to meet their short-term credit obligations.